Act now on mis-sold endowments: new article

debt_free_hope

Thanks very much for your help and such a quick reply .

Ewbanks84

Can you make a complaint against a pay out of an endowment policy?

My mother has been contacted by a third party saying, she is entitled to more money than what she got when she cashed her policy in with Irish life. This company, wishing to act on her behalf are looking a colossal 42% of anything they manage to recover. Can I recover this myself by making a complaint and how do I do this?

Any help would be greatly appreciated as I will not allow her to pay some one a 42% fee.

dunstonh

Can you make a complaint against a pay out of an endowment policy?

No. The figure is based on investment returns. You get whatever it will be.

My mother has been contacted by a third party saying, she is entitled to more money than what she got when she cashed her policy in with Irish life.

Cold calling scam

Ewbanks84

dunstonh wrote: »

No. The figure is based on investment returns. You get whatever it will be.


Cold calling scam

The caller is stating that the policy was under preforming and she should have received more money than what she received, they are quite persistent and call 3-4 times a week as they asked her to get details of her policy, surely they wouldn't go to such lengths if there was nothing in it to gain.

dunstonh

The caller is stating that the policy was under preforming and she should have received more money than what she received

There is no such complaint reason that covers that.

they are quite persistent and call 3-4 times a week as they asked her to get details of her policy, surely they wouldn't go to such lengths if there was nothing in it to gain.

The cold caller is paid to get referrals.

Ask her if the caller is from EMACs. If so, avoid like the plague.

chachiluz

Hi
I had a cold call from emac about endowments as I had 2 endowments taken in May 1986 & may 88 I let them talk some more. When we first got our mortgage via Halifax bs we were advised that an endowment would the best for us because it will pay the amount and a cash lump sum. We though it would be great and that's why when we moved in 88 we also agreed on another endowment . It was not until 1995 when we move again that Halifax told us that it was important that we started a repayment , we had also heard by then of problems with endowments.

Both endowments matured and both were short, we had feedback yearly on the performance and unfortunately we had green and orange warnings about performance so it was difficult to ascertain the best action to follow. We are still paying the difference.

I rung once Halifax to complaint about the miss sold endowment and I was told that because it was sold by an agent attached to Halifax branch they will not pay.

Is there anything I can do? Many thanks for your advice
Chachiluz

magpiecottage

chachiluz wrote: »

Hi
I had a cold call from emac about endowments as I had 2 endowments taken in May 1986

That predates regulation of endowments. Since it was apparently not sold by Halifax your complaint about that policy will fail at that point.

may 88 I let them talk some more.

Endowments were regulated from 29 April 1988. However, it is the advice that you complain about, not when it started. If have recently seen two cases where the endowment was applied for in the week before 29 April 1988 and started afterwards. In both cases FOS refused to investigate because the advice predated its jurisdiction.

On a brighter note, the main reason for the shortfall is that interest rates have been significantly lower than anticipated - so you have been better off in the interim.

dunstonh

had a cold call from emac about endowments as I had 2 endowments taken in May 1986 & may 88 I let them talk some more.

They are one of only a handful left still cold calling on endowments. Based one what other posters have said and what complaints handlers have received from them, what they say is a load of BS.

I rung once Halifax to complaint about the miss sold endowment and I was told that because it was sold by an agent attached to Halifax branch they will not pay.

That is correct. The seller has the liability. Not the lender (unless the lender was the seller). As these are pre-regulation, the seller does not have to consider any complaint you make.

chachiluz

magpiecottage and dunstonh
Many thanks for your advice. So this means is that there is no point to pursue my claim. Well it is a shame but such is life.

I know that we bought the endowments via the Halifax branch where we were doing the mortgage. The advise we receive was in the branch. That branch has been closed for many years.

dunstonh

I know that we bought the endowments via the Halifax branch where we were doing the mortgage. The advise we receive was in the branch. That branch has been closed for many years.

Like many building societies, they would often use local companies to provide the services they could not offer in branch. It was quite common for these third parties to use the branch offices. That used to go on until the mid 90s. I remember sitting in a branch of a building society giving advice despite not being employed by that building society. More innocent and friendly days back then. It wouldnt happen now.