compensation for a mis-sold endowment policy

urmiladattani

We were mis-sold an endowment policy from Legal and General for which we were to complain in writing in order to get compensation, now we had passed the date by which we were supposed to do this and are in receipt of a letter suggesting that we need a good reason or exceptional circumstance to justify not complaining in the time given. My brother whose name is on the policy has language and understanding problems so it took him longer than expected to make any sort of complaint. I would like to know if anyone has experienced similar problems and have any advice that would be helpful to our situation.

dunstonh

You have three years from being notified of the high risk of shortfall potential. So, to get the FOS to overturn that you have to show good reasons why it took over three years to make a complaint.

I dont think your reasons are strong enough. If one party is incapable of understanding then that may qualify on a single life/single owner policy but on a joint owner policy then that is not good enough as the other policyholder could understand it. Even if it is posted to your brother, you would also have to question what happens to the post when it arrives. Who looks at the bills and deals with those for example?