Advice needed - sold endowment investment before mortgage

dalasc_2

Hi, When 19 my husband was sold a low start endowment investment before he even considered getting a mortgage. We complained to the Pru that it was missold but they said as the policy is on target with no shortfall, he is not entitled to compensation. We feel it was mis sold as the risks were not explained, the salesman sold it on the promise of a large lump sum onto of the guaranteed sum. Should we try again with the Pru or write to the ombusdmen?

dunstonh

You dont get a second bite of the cherry.

It wouldnt have mattered if the complaint had been upheld either as they work out your potential loss at that point. if there is no loss then you get no redress. Your endowment was above track and you were not worse off so you get nothing. Knowing the risks existed at that point and continuing with it was your choice and no advice was given. So, if it goes into a shortfall later, then that is your own fault and no-one elses. As it happens, Pru endowments do have a 100% success rate of hitting target (not including Scot Am).

dalasc_2

thanks for your helpful reply.