The new push, which also includes national advertising, will target those consumers who face a shortfall in their policy but who haven’t so far taken any action.
Anna Bradley, FSA’s Director of Consumer Division, said: “The vast majority of people are aware of the concerns regarding mortgage endowments. Most have either taken action or have decided that they need not worry. There are however a small but significant number of people who have yet to face up to the fact that a shortfall now could lead to financial difficulties later.
“Concerns regarding endowments have dominated the mainstream media so we decided to find some more unusual channels to try and get our message across to these policyholders.
As well as the GP surgery distribution network and advertising, posters will be sent to libraries, citizen advice bureaux and local authority offices, as well as targeting regional press and radio. The message urges policyholders, who have yet to do so, to take the first step and ‘find out where you stand’.
This latest publicity forms part of a long running awareness-raising exercise by the FSA to ensure consumers are fully informed about mortgage endowments concerns and the options open to them. The factsheet accompanying the initiative is ‘Your endowment mortgage – have you acted yet?’ Other initiatives include FSA factsheets being sent to every household with a mortgage endowment policy and access to the FSA helpline on 0845 606 1234 and website information www.fsa.gov.uk/endowments.
The publicity will coincide with the current mailing being carried out by insurance companies updating consumers as to whether the money saved in their endowment policy is on track to repay their mortgage. So far everyone with a mortgage endowment (around six million people) has received at least one such letter from their insurance company advising them as to whether their endowment is on track to cover the cost of their mortgage.
