Under current rules, people who think they have been mis-sold an endowment mortgage have three years to seek compensation, after receiving the first re-projection letter. The CA said a large number of homeowners will face this deadline in early 2003, and it claims the Financial Services Authority has failed to publicise this. The CA now wants the financial watchdog to extend the deadline by 12 months.
"The clock has already started ticking," said Sheila McKechnie, director of the Consumers' Association. "If you were are unsure about whether you were mis-sold an endowment, you must act now because this could be your last chance to complain."