Act now on mis-sold endowments: new article

dunstonh

I did try to claim fo the endowment being mis-sold but because my husband at the time was the financial adviser I could not claim.

ROFL. On what basis was the complaint?

I was not told at the time that there was any risk of a shortfall and wondered if I might have a claim for that reason.

None at all. Mis-sell relates to the sale. Not things that happen later.

It is past the date I should have claimed by now but surely Standard Life should have informed me of this

They did in each and every statement in the years leading up to the timebar.

or the financial adviser who arranged the transfer to my name.

Who wouldnt know when the timebar is.

The timebar issue is irrelevant though. This has no hope of success as a financial adviser cannot complain about a policy they set up for themselves.

stewaj4

Help and advice please

My husband had an endowment policy going back a good few number of years(roughly 20 years) hd has no paperwork, no idea who it was with and who sold it to him. What are the chances of him being able to claim on mis selling? We have no idea where to start! Thanks Jo

magpiecottage

stewaj4 wrote: »

Help and advice please
My husband had an endowment policy going back a good few number of years(roughly 20 years) hd has no paperwork, no idea who it was with and who sold it to him.

That is going to make things difficult.

What are the chances of him being able to claim on mis selling?

The optimistic answer - slim.

The pessimistic answer - fat.

We have no idea where to start!

Quite!

dunstonh

What are the chances of him being able to claim on mis selling?

If he cant remember who it was with and who sold it then how does he remember being mis-sold?

Lars1

Sorry if I've put this in the wrong place, this is my first post and I could only see a reply box and wasn't sure where to put a new question.

I'm wondering if I have cause to make a complaint for compensation. Could anyone point me to some info about these circumstances or make any suggestions? My endowment policy has just paid out at the amount of the mortgage so there is no shortfall. I was told that it would pay a vast sum on top and paid high premiums for that. It had a minimum death benefit or maturity value at the mortgage amount so I'm not in the difficult situation others have found themselves in. So I suppose I'm wondering if I have a claim for the high levels of premiums paid over all these years which were meant to generate an extra lump sum.

Any thoughts gratefully received.

dunstonh

I was told that it would pay a vast sum on top and paid high premiums for that. It had a minimum death benefit or maturity value at the mortgage amount so I'm not in the difficult situation others have found themselves in. So I suppose I'm wondering if I have a claim for the high levels of premiums paid over all these years which were meant to generate an extra lump sum.

Bottom line. No.

Endowment premiums were set on the basis of a target growth rate. So, lets say the target growth rate was 7% then you would pay lower premiums than one with a target growth rate of 4%. However, that meant less was going into the investments with the 7% option. So, you would get back less at the end.

Investment returns are not something the FSA allow complaints about as they are always unknown. In your case, you got more money than you would have got had you selected a higher target growth rate with lower premium.

Clipstrip_Bargains

Not sure if this is the right place.
we have an endowment policy dating back to 1992.
Standard life have flagged the shortfall as required & I have taken steps to ensure we will not have the shortfall as predicted.
Yesterday I had a company telling me I could claim if the amount paid into the policy will be more than the amount we will get on maturity.
I told them I would look into this further & to ring back, any advice would be greatly appriciated

dunstonh

Yesterday I had a company telling me I could claim if the amount paid into the policy will be more than the amount we will get on maturity.

That is wrong. There is no such ruling.

There are plenty of cold calling scams out there that work on the basis of advance fee fraud. They entice you with compensation amounts that appeal to your greed. However, they then hit you with a smaller up front payment to achieve it. The fraud works as you are enticed with the payoff and dont mind paying a small amount. The company then takes the up front money and then after a year or so when you havent heard anything, you chase it up to find the company has gone into administration and has taken your up front payment with it.

Clipstrip_Bargains

dunstonh wrote: »

That is wrong. There is no such ruling.

There are plenty of cold calling scams out there that work on the basis of advance fee fraud. They entice you with compensation amounts that appeal to your greed. However, they then hit you with a smaller up front payment to achieve it. The fraud works as you are enticed with the payoff and dont mind paying a small amount. The company then takes the up front money and then after a year or so when you havent heard anything, you chase it up to find the company has gone into administration and has taken your up front payment with it.

Thanks - just as I thought - I looked into compensation for the missold endowment - but had left it to late - Standard Life sent me the necessary warnings...... you live & learn

florencethenursey

Hi
I must be one the few people who did not claim for miss-selling of their endowment. We did not claim as I thought (when my sister did 8-6 years ago) that you needed all the old paperwork available. My sister did anyway so never bothered as I had thrown all of ours away. Today I had a phone call from a company asking me whether they wanted us to represent them to claim compensation for miss selling the endowment. We have an endowment with Standard Life which will mature in 2013. He says its no win no fee. Anybody think we have a chance of getting anything at all ? We have had warning letters and have adjusted our interest/repayment on the mortgage. I realistically think the chances are 0 but this bloke thinks its worth a go.:j