47,000 endowment policies face shortfalls
The Financial Services Ombudsman, Joe Meade, warned such customers yesterday they are unlikely to succeed in seeking compensation from financial institutions for mis-selling the product or for the failure of the policy to reach its projected maturity value.
However, he said policy holders could have some redress if financial institutions had failed to provide them with regular statements on the performance of their policy as they were legally obliged since 1995.
