£30bn home loan swindle

A major new report is to lay bare the full £30billion scandal of the mis-selling of millions of home loans.

Company bosses will be lambasted for failing in their "duty of care" towards policyholders who were wrongly sold discredited endowment policies in the Eighties and early Nineties.

Millions have been left facing the prospect of shortfalls averaging £5,500 on their mortgages when their policies end, usually after 25 years.

The report follows an unprecedented public grilling of insurance company chiefs in January, during which MPs accused them of blundering in the selling of policies and of ignoring the needs of customers.

The Evening Standard has learned that the report by the all-party Treasury select committee, expected to be published on Thursday, will go even further in its criticism of the insurance industry.

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