Endowment shortfall and the advisor no longer trades...........

jan59

We took out two endowment policies in 1991 when we moved house. A local financial advisor, affiliated to Legal and General, was recommended to us and we took his advice, which was an endowment would be best for us as we would get a lump sum back in addition to paying off the mortgage.....

The Financial Advisor became a personal friend and we made several other financial decisons based on his advice.

We got the first warning letter in 2001. I contacted our friend who said that the quote (at 6% growth) was the level at which companies had to quote and in fact our own fund had grown that year by 12% - not to worry. So we didn't.

Next letter came and again, we contacted him - similar story.

Now we have moved house to another part of the country and we decided to get advice from another advisor. We are concerned to learn that the story is worse than we feared. An unfortunate part of this story is that our (advisor) friend died last year and of course the business closed.

My query is - who do I complain to? The letter on the Which website addresses to the Advisor's company.

dunstonh

As he was a legal and general rep and not independent, you put the complaint to L&G.

jan59

Thanks, wasn't sure as he went independent. The letter will be in the post today.