Act now on mis-sold endowments: new article

marto

i have just had my miss-selling complaint upheld they told me they will look at if the fund underperformed they will compensate me .i cashed it in 2years ago .so complain even if you have surrendered it or not .question can you complain for miss-selling even if the policey has matured????????

defender_of_the_weak

If it failed to cover the mortgage amount borrowed, then yes you can complain. You cannot complain about not receiving the boat, car, cruise, holiday you were expecting as that is purely a performance issue

efkay

Hello everyone - this is my inaugural visit and posting and hoping someone can give me some definitive advice.

I have been aware of the miss-selling endowment scenario for several years but have been lead to believe that my own, former mortgage, would be exempt from claiming due to it having been a 'pension' mortgage, as opposed to an 'endowment' one.

I had an interest-only mortage and paid into a policy that was supposed to produce sufficient monies at the end of the term to (a) pay back the capital borrowed and (b) provide a pension.

Am I right in thinking I would have been excluded from attempting to make a claim because of this subtle difference? If not, would I be too late to claim now?

sirboz

I still have 2 endowments that are going to underperform, I havent bothered trying to claim any compensations as I knew the risks of endowments, although at the time 11 years ago it was unheard of. However surely everyone knew of the risks ? now i read people having succesful claims and Im thinking it may be worth it ? ? ?

dunstonh

Am I right in thinking I would have been excluded from attempting to make a claim because of this subtle difference? If not, would I be too late to claim now?

If you think it was mis-sold then you can complain about anything. What would your grounds for complaint be?

For a higher rate tax payer in a suitable unit linked pension contract and matching timescale, a pension backed mortgage could still do very nicely indeed. It is an area which does need good disclosure of the pros and cons and nowadays you wouldnt find many doing a direct link. However, that doesnt mean what you have is bad.

I still have 2 endowments that are going to underperform, I havent bothered trying to claim any compensations as I knew the risks of endowments, although at the time 11 years ago it was unheard of. However surely everyone knew of the risks ? now i read people having succesful claims and Im thinking it may be worth it ? ? ?

If you want to try a fraudulent claim, you can.

sirboz

no nothing fraudelent thats why I havent claimed, but are the people claiming saying they didnt know what an endowment policy was when they bought it ? ? .......... guess they must be ! !

dunstonh

sirboz wrote:

no nothing fraudelent thats why I havent claimed, but are the people claiming saying they didnt know what an endowment policy was when they bought it ? ? .......... guess they must be ! !

Yes there are loads doing it.

sirboz

so what do people say, I invested in a 25 year monthly payment , running into thousands & thousands of pounds, but I didnt know what it was ?

i know that sounds funny but its not meant to be ! !, but surely whoever decides the outcome of the case wouldnt be wrong in just saying .. your an idiot then ? ! ?

dunstonh

i know that sounds funny but its not meant to be ! !, but surely whoever decides the outcome of the case wouldnt be wrong in just saying .. your an idiot then ? ! ?

Its a sore issue. Consumers say they werent told. Advisors say they were. Obviously some were mis-sold. However they werent all mis-sold. Generally, those with good paperwork havent had to worry about any payouts whereas those with no or bad paperwork have suffered.

There was an even a financial advisor who put a mis-sale claim in to see if he could get away with it.

sirboz

There was an even a financial advisor who put a mis-sale claim in to see if he could get away with it.
:rotfl: