Endowment Misselling Complaints Deadline

Gaz_2-2

I took out my endowment in 1996 but I cant remember if I was told that it would definately pay off the mortgage or not and also is my Endowment too early to be due compensation.

lisyloo

It's not too early.
The date was 1988.

You do however need to come up with a case for mis-selling and put forward your reasons.

Gaz_2-2

Thanks for the quick reply.
I have been looking through some of my old endowment documents that I still have and found my original Confidential Financial Review and in it has a section with three boxes which describes your investment attitude "Prudent, Balanced and Oppurtunist" We are in the prudent section. do you think we have a case with this.

lisyloo

It is a very useful piece of evidence.

It demonstrates that you were averse to taking investment risk.

Do you feel that the risks of an endowment were properly explained to you at the time? e.g. that it might not pay off the mortgage.
If you don't, then you could certainly base your claim on the fact that the risks were not properly explained and you would not have taken out the endowment had the risks been pointed out given your "prudent" attitude to risk.

Gaz_2-2

Thanks Lisyloo
Im gonna give it a go.


Im an MSE member of course Im a Prudent Investor ;D

Crisp_3

Hi guys. Be gentle with this newbie

I have been reading this topic with some interest, and it has galvanised me into action on my own endowment. So I have duly complained to the company that sold the policy. But I need some advice/thoughts about the reply I have received. Any help appreciated.

1. The company has treated my claim as an "allegation of professional negligence" against it, and has referred the issue to their insurer. Is this correct procedure?

2. I am also now a little concerned since they are primarily a company of solicitors who used to provide financial advice, and may well pursue this 'allegation of professional negligence' as libel/whatever against me if the finding is not in my favour.

3. Regarding the documents held by the company pertaining to the policy and the associated discussions, they are refusing to release them to me since the original consultations were in joint names, and I need the authority of the other person. Can they do this?

Any help gratefully received!

Chris

System

I was sold an endowment on the basis that it came with a 'guarantee' to at least pay my mortgage off at the end of the term. I now find that this 'guarantee' is only valid if I increase my payments in line with the company's advice. I have been advised that there is a shortfall in my mortage but it will be reviewed next year. I believe I was mis-sold this policy as I relied on the guarantee when I took out the policy. Any advice?

Leothecat

Hi,
I'm here on behalf of my parents and hope someone can give a bit of advice. I have read the above posts but am still a bit confused as to whether they can or cannot claim.
They have 2 policies - one due to mature in 2005 & one in 2007. One for £20000 and other for £15000. Projected shortfalls are £2000 on each.
They are both retired and are sure that they were not asked about how they could pay once retired or that the policies could not perform. Were also told that there would be lump sums at the end of term.
Problem is that they know that the policies are with Norwich Union and Legal & General but have no idea who the broker was or where the policies even came from. My dad thinks that the NU policy was possibily set up through their solicitor (which makes me think that they must have given financial advise thru that office - they do not now).
Can I send their complaint letters directly to NU and L&G or must they go through the broker/company that sold them the policies?
Thanks for any advice.

payless

Phone the insurance companies- they will be able to advise the selling agents details

Leothecat

Thanks Payless. I'll do it today.