Thousands of endowment mortgage holders may eventually have to fall under the Financial Services Compensation Scheme, as the Scotsman reports a mortgage brokering firm has gone into liquidation which may have mis-sold these products.
KPMG is said to be contacting clients of the Mortgage Advisory Centre in Edinburgh's Walker street as the firm, has gone into liquidation after setting aside hundreds of thousands of pounds in compensation for customers sold endowment policies, but it may not be enough to pay compensation. The FSA is said to be in discussions about how over 700 compensation claims – 59 of which have been settled but no money found to pay them – can be paid, particularly as the number of cases are expected to rise over the coming weeks. Blair Nimmo, of KPMG, is quoted as saying: "We are currently liais...
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