Act now on mis-sold endowments: new article

kevlv15

Hello all.
My 25year endowment morgage was taken out in 1986 with the Halifax for £16,150.
The with profits policy arranged with Standard Life is showing a shortfall of
£4 500.
The Halifax has offered me £950 compensation.
Is this brilliant?
I have had letters from Standard warning about this shortfall, would it be wise to also complain to them, though I expect I have allowed it to drag on to long.
Just a little advice required please.
I might add that my success so far has all been down to this site.
Many thanks.

dunstonh

The Halifax has offered me £950 compensation.
Is this brilliant?

It will be the correct amount so you wont be any worse off.

I have had letters from Standard warning about this shortfall, would it be wise to also complain to them, though I expect I have allowed it to drag on to long.

You cannot complain to standard life as they have no liaiblity for the advice you were given.

mayb_2

dunstonh how do you know that Standard Life didn't advise kevlv 15? https://www.which.co.uk/reports_and_campaigns/money/campaigns/endowment_mortgages/index.jsp
Have you tried the above link for advice on how and if you can complain. Also the missold endowment? link at the top of this page gives some good advice from Martin.

kevlv15

mayb wrote: »

dunstonh how do you know that Standard Life didn't advise kevlv 15? https://www.which.co.uk/reports_and_campaigns/money/campaigns/endowment_mortgages/index.jsp
Have you tried the above link for advice on how and if you can complain. Also the missold endowment? link at the top of this page gives some good advice from Martin.

Thanks mayb,
I never spoke to Standard it was all done through an Halifax rep.
I was just thinking it was their policy that appears not to have lived up to expectation, and the compensation offered has fallen short by several thousand of that recieved by a friend at work, who dealt just with an insurance company.
I simply wondered wether I have missed a part of the compensation package.
thanks.

dunstonh

mayb wrote: »

dunstonh how do you know that Standard Life didn't advise kevlv 15?

Because kelv15 has already said that Halifax sold the product. Not Standard life. Halifax were the reps and they have the liability.

Have you tried the above link for advice on how and if you can complain. Also the missold endowment? link at the top of this page gives some good advice from Martin

The complaint has been upheld and redress offered. Thats it end of the road with a result. Case won.

I was just thinking it was their policy that appears not to have lived up to expectation, and the compensation offered has fallen short by several thousand of that recieved by a friend at work, who dealt just with an insurance company.
I simply wondered wether I have missed a part of the compensation package.

There is no compensation payable on endowments complaints. The requirement on upheld complaints is to put you back in the position you would have been had you gone with a repayment mortgage.

So, if you surrender the endowment and put that value plus the redress you are being paid into your mortgage and switch to a repayment mortgage, then you will be in position you would have been had you done a repayment mortgage from the start.

Standard Life endowments are not too bad. Their projections tend to understate the real position and paint a worse picture than is likely. Usually this is because they dont include any final bonus accrued to date and any mortgage promise values. I have seen standard life projections show a shortfall at lowest projection rate but have a current value higher than the required amount.

Your friend could have had a bad endowment or one with a higher surrender penalty and that is why they got more. Or, they did it a few years ago when the redress payments were higher as the stockmarket recovery hadnt had a chance to impact. Or their mortgage term and amounts were very different to yours. Or a combination of all these.

At the end of the day, the calculation is defined and as long as the figures input are correct, the output will be correct as well.

kevlv15

Thanks very much, for your time and patience.
It is as you say, "a result" lets hope the next few years are kind.
Cheers.

gill5blue

Hi All
Not sure if i have missed the redress boat, but I was informed a while ago that my endowment will fall short to pay off the mortgage, I don't have the letters. I was not happy with them and decided to change to Repayment Mortgage.
Started endowment in 1987, cashed in 2003. My mortgage started at 33000, then we moved in 1991 and upped it to 46000, in 1996 we upped it to 60000 ~(house improvements), it was to mature in 2012, I cashed it in 2003 and got 14000. I was missold this policy, would I be able to still claim and anybody got any ideas what it should have been worth? It was with Allied Dunbar, who are now Zurich.
A second policy I had was for 10000 for 25 years with Sun Alliance and I started this in 1991 and cashed this in for 1700 in 2003- Im certain I did not receive any letters saying it will be short on maturing in this case
Can anyone help or comment please
Cheers

gill5blue

I am enquirin now because have been receiving phone calls from an agency saying they can claim for me?

dunstonh

Not sure if i have missed the redress boat

You have three years of being notified of a high risk of shortfall.

defender_of_the_weak

If it was dunbar then they were fairly thorough with shortfall letters same for sun alliance. Cold calling is not allowed and this company is operating illegally against the Claims Management Regulations.

I assume they will want an up front fee, as the only companies I know off that operate this way all run the same way. Trying to get it back when the claim fails is another matter entirely. For clarity, I run a financial services claim company. Please feel free to pm me the name of the company and I will report them to the regulator