HC Deb 20 July 2000 vol 354 c307W
16. Dr. Cable

To ask the Chancellor of the Exchequer if he will make a statement on the Financial Services Authority's role in respect of the mis-selling of endowment mortgages. [130143]

Mr. Timms

Where mortgage borrowers have been mis-sold an endowment, the regulators have powers to take disciplinary action which can result in firms being directed to make compensation. Lower inflation has meant that the proceeds of an endowment may be lower than initially hoped for, but that does not necessarily mean that there has been mis-selling. The borrower will also of course have benefited from lower mortgage interest payments.

22. Mr. Flynn

To ask the Chancellor of the Exchequer what proposals he has to reduce the mis-selling of financial products. [130150]

Miss Melanie Johnson

The Financial Services and Markets Act puts in place a single regulator, with statutory objectives to maintain market confidence, protect customers, promote consumer awareness and reduce financial crime.