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Treasury select committee chairman John McFall launched a blistering attack on the savings industry last week with the publication of a report examining the extent of mortgage endowment misselling.

The report claims a potential shortfall in endowment mortgages of nearly pound 40bn and says around 80 per cent of the 8.5 million endowment mortgage policies in force are unlikely to pay off the mortgage they were originally taken out to fund.

It suggests that 50-60 per cent of...