help im confused

mollymania

i need some advice i have an endowment policy but it not mortgage linked. we took out a junior bond 4 yrs ago for our daughter its a unit linked endowment policy i was wondering if this could be a mis sold policy and should i cash it in and move it elsewhere?

poppy_f1

why do you think it was mis sold

mollymania

sorry just replying , i ve been told a few times that this was not a good policy to sell for a child? just wanted to know what best whether should cut losses or wait and c if it comes goo d

dunstonh

i ve been told a few times that this was not a good policy to sell for a child?

Its not the best option but the clue in the name does indicate that it was marketed for children.

You can only complain if you sought advice and the product was sold as part of the recommendation and the advice given was bad. If the adviser was a tied rep then they only have to sell you the best option in their product range. If it was an IFA then they have to justify the advice against the other potential alternatives which may be at least equally as good if not better. If you didnt seek advice then you cannot complain about advice as you didnt get any.

Are you sure its an endowment policy? It may be a unit linked investment plan in life funds but that doesnt make it a low cost endowment. Even if it is a complaint that you should have been sold a repayment mortgage instead of a childrens savings plan would result in failure.