Written question asked by Vincent Cable (Liberal Democrat) on Thursday, 6 July 2000, in the House of Commons. It was due for an answer on Thursday, 20 July 2000. It was answered by Stephen Timms (Labour) on Thursday, 20 July 2000 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, If he will make a statement on the Financial Services Authority's role in respect of the mis-selling of endowment mortgages. (Failed OPQ)

Answer: Dr. Cable: To ask the Chancellor of the Exchequer if he will make a statement on the Financial Services Authority's role in respect of the mis-selling of endowment mortgages. [130143] Mr. Timms: Where mortgage borrowers have been mis-sold an endowment, the regulators have powers to take disciplinary action which can result in firms being directed to make compensation. Lower inflation has meant that the proceeds of an endowment may be lower than initially hoped for, but that does not necessarily mean that there has been mis-selling. The borrower will also of course have benefited from lower mortgage interest payments.

Secondary information

Type: Written question
Reference: 354 c307W; 130143
Session: 1999-00
Question not reached: Yes
Subjects: Financial services Financial Services Authority Mortgages Misrepresentation
Link: View this Written question on www.publications.parliament.uk