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An endowment mortgage is a mortgage loan arranged on an interest-only ... UK banks and insurance providers have paid out approximately £2.2 billion in compensation. [4]
However there does have to be some causal connection between the breach of trust and the loss to the trust estate for which compensation is recoverable viz. the fact that the loss would not have occurred but for the breach: see also In re Miller's Deed Trusts (1978) 75 L.S.G. 454; Nestle v National Westminster Bank Plc [1993] 1 WLR 1260.
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. [1] [2] These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits.
The projected endowment returns used in selling these types of products was often in excess of 10%pa. As these levels of return have not been achieved over recent years, many endowments are currently maturing (or are projected to mature) with a significant shortfall. This has led to endowment misselling compensation claims being made in the UK.
EMCAS was a Financial Claims Management Company based in Torquay, United Kingdom, with offices in Exeter, Paignton and Taunton.Established in 2003, EMCAS was one of the largest Claims Management Companies in the UK, employing over 350 staff [1] to help consumers claim back money lost from mis-sold financial products including savings and investments, endowment mortgages, pensions and payment ...
It was not the only company fined by the FSA, and at the time this was only the fifth-largest fine for offences related to endowment complaint mismanagement. Friends Provident had been fined £625,000 in November 2003, and five other firms had previously been fined a total of £5.2 million for their mismanagement of such complaints.
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The law had settled in Lloyds Bank plc v Rosset [184] as requiring saying that (1) if an agreement had been made for both to share in the property, then a constructive trust would be imposed in favour of the person who was not registered, or (2) they had nevertheless made direct contributions to the purchase of the home or mortgage repayments ...
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