Can we claim?

madabouttheplot

Our endowment is with Standard Life, it will finish in August. We have had it since August 1987 so it was sold to us before they were regulated. I have tried to read through all the relavant threads, but am still unsure if we can claim. Had phone call from company in the endowment compensation business and although he said he couldn't help as we were pre 1988 he thought we should still claim. The policy was sold to us via the estate agent and we were definately led to believe that we would be quids in when it matured. At no time were we told that it would not cover the mortgage and we were told that it would give us a lump sum as well. We have been having red warning letters for the last three years I think. We are lucky as we have paid off our mortgage with some inheritance, but we will have lost at least £10,000 through the shortfall. I had assumed that we had no chance but this man who rang has opened up the debate again. I thought we were past the deadline but this man said not to take any notice as they were to put people off claiming Any ideas as to what we should do?

aloiseb

Have a look at the "Mis-sold Endowments" section on the "Reclaim 1000's" tab on this site - it's very good. We got quite a lot back when we followed the instructions. The sample letters (designed by Which? I think) were particularly useful.

Your Man sounds as if he's working for a compensation claim company - so he'll probably write the letters for you and take part of your compensation as his fee. Nothing wrong with that but it really isn't that hard to do it yourself. You will probably have to find all the paperwork from way back anyway, even if he does it, so why not do the letters bit too and get it all?

madabouttheplot

Thanks aloiseb, my man already said he couldnt do anything as pre 1988. As I am new to this I have no idea what Reclaim 1000's tab is-sorry, but thanks anyway

madabouttheplot

Ok, have now found the tab, thanks again. Will look properly soon. Really dont hold out much hope because of time limits. Oh well

dunstonh

If it was sold by a Standard Life representative or employee then Std Life will consider pre-regulation complaints. If it was sold by an unattached agent then they will not consider the complaint.

You are also probably time barred as well as it been pre-regulation. You have three years from first being notified of a high risk of a shortfall. Most of these kicked in between 2002-2005 and expired in 2007-2008. You should check your statements to see if a time bar date is mentioned. It may not be if its pre 1988 and not required.

I thought we were past the deadline but this man said not to take any notice as they were to put people off claiming

Because the endowments issue has more or less come to a close now, some claims companies are running out of income and getting desperate. A lot of their cold calling sales agents earn on referrals so will tell you anything to get you to complain.

madabouttheplot

Ok, think that answers my questions. It was sold to us by the Estate agents own financial adviser and not a Standard Life agent. This I think means we should be more liable to compensation as we were sold these things by someone who knew even less about the product than the Standard Life employee would have done, but you can't claim from the Estate agent so there is nowhere to go now.
Think cold calling man was genuinely just trying to be helpful, as he said he could not help us himself.

dunstonh

It was sold to us by the Estate agents own financial adviser and not a Standard Life agent. This I think means we should be more liable to compensation as we were sold these things by someone who knew even less about the product than the Standard Life employee would have done

If it wasnt a Std Life agent then you have no-one to complain to and its end of the road. Std Life will only consider complaints by their agents. The FOS wont look at pre 29th April 1988 complaints unless the seller agrees to it. Seller doesnt exist any more and the FSCS protection to cover you for firms that have gone didnt come in until August 1988 and only applies to business after that date.

foreversummer

I had two Standard Life policies pre-1988 sold to me by a Building Society.

I claimed successfully several years ago via the Ombudsman. Although they were sold to me in 1984 and 1985 respectively and therefore were not regulated, the ombudsman found in my favour because the Building Society had a "duty of care" and they did not tell us that the endowments might not cover the mortgage.

I can't comment on the time-barring issue.

Foreversummer

dunstonh

the ombudsman found in my favour because the Building Society had a "duty of care" and they did not tell us that the endowments might not cover the mortgage.

Thats not the reason the FOS looked at it though (or upheld it as that is not a upheld reason). The building society would have been an agent for Standard Life and they agreed to look at pre regulation complaints. A few societies used to use local contacts before they did it themselves and in those cases, neither the insurer or the society have the liability.

Only if the seller of the plans agrees to look at pre-regulated cases can the FOS get involved. Agents of the insurer almost all agreed for pre-regulated cases to be considered (bet they wished they hadnt now). There are no known firms that were not agents of the insurer that have agreed to review pre regulation cases.