Endowment Misselling Complaints Deadline

MSE_Martin Posts: 8,273
First Post First Anniversary Combo Breaker
Money Saving Expert
Endowment Misselling Complaints Deadline:

If you think your endowment was missold (which means not just it will underperform, but that you weren’t told it MAY not pay off your home or were incorrectly advised) then it's possible your time left to make a complaint, and get compensation may soon be about to end.

This is the rule (im trying to keep it simple, so treat this as a rough guideline). If you got a 'red letter' which is a warning of a substantial shortfall (it may not actually say 'red letter') - you have three years from receiving the first one to complain or six months from receiving the second one - whichever is later. Many people may be about to receive their second letter - this means the clock is ticking.

This site isn't really focused on endowment misselling. The best website to read about it in detail is the Consumers Association's https://www.endowmentaction.co.uk

However please feel free to discuss endowments in this thread.

– most people are about to get another statement from their endowment advisor. The rules on the deadling are confusing – I’ve explained it in more detail if you click here – which is also a place to discuss endowment misselling. However the best website for endowment misselling is the Consumer Associations https://www.endowmentaction.co.uk, well worth checking out.
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000


  • Lady_K
    Lady_K Posts: 4,429
    First Anniversary Combo Breaker
    Can anyone tell me am I too late to even put a claim in? I think I got a letter about 2 years ago but it was so confusing at the time I left it. I thought I'd look into it before what they told me was a 2 year deadline in which I could claim and then typically it got forgotten about till now. I'm not quite clear on the fact that has this deadline been extended? I wondered if I should have put the claim in before 2 years but the extended time is to cover if it has to go to ombudsman...

    It said in my letter there was a high risk it wouldnt cover the plan I had... I hope I'm not too late

    Also, who do I complain to the Halifax Building Society where I brought the house and mortgage or the Standard Life that the endowent is with? it's a bit confusing

  • PeteM
    PeteM Posts: 520 Forumite
    Lady K,

    I received a letter from "Friends" (!) Provident this morning, and I have been told that I've left it too long.

    They mentioned that I could refer to the following link for information on time limits: http://www.fsa.gov.uk/pubs/cp/158/

    So it looks like two years isn't too long.
  • System
    System Posts: 178,068
    Photogenic Name Dropper First Post
    Community Admin
    If you are told there is a dead line, like we were ,ie 15 years, well Sorry there is NO such law for Financial people,
    So Calm NOW and if no luck back , go to the ombudsman, .
    We have Two , Woolwich have componsated us, NO problems, Winsor Life ,say its to late, ie 15 years is up.But in the Mail newspaper, there was a two page article saying that there is NO such Law.And that the companys have been told to look At still and componsate if needed.
    So DONT take NO for an answer.TRY again with the Ombudsman and the Company.DO IT NOW........
    Good Luck.Regards IMAGINE32.
  • We have 2 endowments on our mortgage. We had no idea how to go about complaining until I found the endowmentaction web address on mse. It really made it all so simple. We complained and were compensated by both companies. I really didn't think I could do it. I also thought we'd missed the deadline but that was never a problem. Apart from a lot of form filling we had no problems at all. My advice is give it a go.
    Thanks MSE ~ again!
    Biggest win: £10,000 from Pepsi
    Favourite win: Handmade jewellery worth £1000
    ITV Winners Club Member #1
    Check out the ITV Winners Club in IWIWIW
    I shall write in ever decreasing circles until I have nothing left to say
  • System
    System Posts: 178,068
    Photogenic Name Dropper First Post
    Community Admin
    :-/ I have passed all my details to a company called " Endowment Claims ". Have no idea if I have done the right thing. They take 25% of any settlement.

    Has anyone else used them successfully.
  • lisyloo
    lisyloo Posts: 29,502
    Name Dropper First Anniversary First Post
    That sounds like an awful lot to pay for something that you can easily do yourself with a little research.
  • Lady_K
    Lady_K Posts: 4,429
    First Anniversary Combo Breaker

    Thanx very much for your advise and I'm sorry it seems to be too late for you but is it really too late as theres the ombudsman you could try couldnt you? I'm a bit confused about the time I got the first letter but I dont have any coloured ones anyway but I'll just complain before it gets any later and hope it's ok :)


    Oh Thankyou, so looks like we all have some hope then :) I have just used the WHICH site to start my complaint. I had to ring the Standard Life though to ask for my Endowment File as it suggested on the WHICH site to do that. They didn't know what I was talking about but anyway someone is supposed to be ringing me back but it gets requested in that complaint letter on the site too so it should be ok :) I will post it tomorrow and hope for the best coz my shortfall makes it at half of what the actual mortgage is but I just have to try proving they mis-sold me which they surely did :(

    I'll keep people informed of my experience anyway

    Thanx Lady_K

  • Not sure about this endowment thing. We got our May 1987. Its definately underperforming and have been told I'll be £8000 down when it matures in 4 years. I think I've got a case for misselling.
    Is anyone else outwith the statutary time to complain to the ombudsman but is still going to do it?

    Advise would be very welcome.
  • bambam_2
    bambam_2 Posts: 163 Forumite
    Our endowment was definately mis-sold but it was in 1985 which I am told is too early for complaints procedure ??? It performed really well until last year when suddenly they started forecasting quite substantial shortfall. We now only have 6 years till mortgage ends and will have to use savings earmarked for retirement. Is there no comeback for us?
  • System
    System Posts: 178,068
    Photogenic Name Dropper First Post
    Community Admin

    My parents were sold an endowment policy with their mortgage over 20yrs ago. They have a 25 yr mortgage and have been informed that the policy will not cover their mortgage. What sort of questions should they be asking themselves. The solicitor that sold them the policy is long dead. Can they claim?

    Thanks a lot to anyone who answers!

This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.4K Life & Family
  • 246.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards