The Consumers Association has criticised the industry regulator, the Financial Services Authority for not taking enough action on endowments. A document has been forwarded to the FSA setting out their action plan of what should be done to tackle the subject.
Despite the criticism the FSA is not rushing for a full scale investigation of endowment mis-selling, due to the huge costs that would be involved. The Consumers Association said that the FSA should produce information to help policyholders check whether or not they have a case for complaint.
A press officer at the FSA said that they had not had time to respond to the Consumers Association action plan document. She also said "we recognise there are cases of mis-selling but a review would be hugely costly".