NU agree endowment mis-selling but...

knuckledragger

I have had a very prompt reply from Norwich Union stating that they believe I was mis-sold my endowment in 1990 (25 year for £57K). The policy is still being used as a repayment vehicle for the mortgage.
However they also state that they will now identify whether I have incurred a financial loss as a result of their advice.
This worries me slightly. Are they saying that I might not have suffered a loss as a result of their advice?
Has anyone else had their mis-selling complaint upheld but received no compensation?

dunstonh

This worries me slightly. Are they saying that I might not have suffered a loss as a result of their advice?

Correct.

At various times, the endowment and interest only mortgage would have had lower monthly repayments than a capital & repayment mortgage with life policy. This is taken into account.

Not all endowments are bad. The value of the plan may be sufficient to put you in a like for like situation with repayment mortgage. Dont worry about that too much as its unlikely. You would need a target growth rate endowment of around 4-5% which do exist but you wouldnt be complaining if you had one of those. Well, some people are because they see bad press and assume their good endowment is bad.

Has anyone else had their mis-selling complaint upheld but received no compensation?

I believe that there has been cases like this. There are more cases of the compensation just being in the hundreds.

knuckledragger

Thanks DD. I'll await the next letter with trepidation...