Fine Gael's Spokesman on Finance, Richard Bruton, has called for Life Assurance companies to establish a voluntary fund to assist those who are experiencing difficulties over endowment mortgages.
Many endowment mortgage holders have been told that their policies will have shortfalls.
Mr Bruton accused Life companies of hiding behind 'weasel legal advice' and doing the least possible to help.
However, the Chief Executive of the Irish Insurance Federation said the industry would not stand over or condone the mis-selling of endowment mortgages.
He said it was far too soon to consider a voluntary compensation fund.
