(something which worked against interest only mortgages). The fact that endowment mortgages were later found to have been systematically mis-sold probably explains this disjunction. Regulation of investment advice and a growing awareness of the potential for regulatory action against the insurers lead to a reduction in anticipated growth rates down to 7.5% and eventually as low as 4% per annum. By 2001 the sale of endowments to repay a mortgage was virtually seen as taboo. Shortfalls Financial regulations introduced compulsory re-projection letters to show existing endowment holders what the likely maturity value of their endowment would be assuming standard growth rates. This, in turn, led to a dramatic rise in complaints of mis-selling and spawned a secondary industry that 'handles' complaints on behalf of consumers for a fee, even though they can pursue it themselves for free. In many cases, because risk warnings were not made as clearly as they are in today's investment market, courts have found against the insurer or broker responsible for the original advice and have required them to restore their customers to the financial position they would have been in had they taken out a repayment mortgage instead. As of July 2006, UK banks and insurance providers have paid out approximately £2.2 billion in compensation. References External links Information from the Financial Ombudsman Service FSA Endowment Mortgage Complaints Mortgage