Compo connundrum

Victoria63

I purchased my endowment with Standard Life in 1987 and for the last 2 years I've had the usual letters indicating that it won't pay out sufficiently. When I approached the sellers they said they had no records back that far. So I applied with full history to the Fin. Ombudsman. His reply was that as the endowment wasn't purchased form an IFA (did they even exist in 1987?) but from an insurance brokerage, he was unable to assist. Can anyone confirm this is so. Do I have any other options? I'm forced to continue working after retirement age to service this mortgage until I'm 67! Anybody have any helpful advice? Any would be appreciated.
Victoria 63

Forever_Red

I think that the selling of endowments was not regulated until April 1988 and therefore I think that the company who sold it do not have to look into your claim (unless they voluntarily agreed to let the FOS look at any complaints - not many signed up to this). If you have tried to claim through the company that sold it and they refused to look at it, you wouldn't be able to take it to the Ombudsman.
http://www.thisismoney.co.uk/ask-an-expert/mortgages/article.html?in_article_id=411252&in_page_id=109

Someone please correct me if this is wrong (for your sake, I hope I am wrong).

Good luck.

"Consumers can check if the firm they are complaining about signed up to the voluntary arrangements by phoning the Financial Ombudsman Service on 0845 080 1800"

dunstonh

His reply was that as the endowment wasn't purchased form an IFA (did they even exist in 1987?

IFAs started in 1988 with regulation. Prior to that they were agents/brokers.

but from an insurance brokerage, he was unable to assist. Can anyone confirm this is so. Do I have any other options?

And thats the problem. Its pre-regulation and as Forever Red says above, you cannot complain about brokers/agents if you signed the application before 29th April 1988 unless the firm voluntarily agrees to do so. Most insurance companies/banks did but most brokers/agents didnt.

Victoria63

Thanks for your help - looks like I'm in a no-win situation as usual - very unfair as there was little option but an endowment for single women at that time. Anybody else in this situation? Any suggestions?

maninthestreet

Victoria63 wrote: »

Thanks for your help - looks like I'm in a no-win situation as usual - very unfair as there was little option but an endowment for single women at that time. Anybody else in this situation? Any suggestions?

So single women weren't alllowed to take out a repayment mortgage in 1987?

opinions4u

maninthestreet wrote: »

So single women weren't alllowed to take out a repayment mortgage in 1987?

They could do, but only if the salesman failed.

Those sat in front of me usually walked out with a policy.

Sorry folks

silvercar

You could approach standard life directly. If their own records odon't go back to 1987 they may well accept responsibility for the sale as it could have been sold to you by one of their agents. I had a similar situation with L&G; neither I or they knew whether the salesman was a direct employee or an agent. They accepted the sale but calculated that I was not entitled to compensation.

Do bear in mind that the calculation is only to put you in the situation you would have been had you taken out a repayment mortgage, it is not to compensate you for the shortfall on the endowment policy.

Victoria63

Thanks all for your comments - probably nothing I can do by the sound of it apart from appealing directly to Standard Life, which I will try.

All your info much appreciated.
Victoria63

Robert_Sterling_3

Any Endowment is a gamble.