Endowment missold

Patchthedog

My mum and dad were sold an endowment policy by an IFA in 1991 in connection with a house purchase. This is due to mature in 2016, four months before my dad's 70th birthday and four months before my mum's 69th birthday.

The premium is quite high, over £100 a month and I think they were missold it. .

Needless to say the endowment is performing poorly.

Does anyone have any comments or advice to offer. I am wanting to make a complaint on my parents' behalf.

Thank you

Berkshiregirl

On what grounds do you think it was missold?

Patchthedog

Because this is well past retirement age for most people (and certainly for them).

EdInvestor

Have they received a red letter warning of a shortfall from the provider?If so, when?

Patchthedog

Almost certainly. But my father became seriously disabled in 1998 and they split up. Red letters would have been sent to him and he does not have the will (or the ability/strength) to deal with difficult paperwork and administrative matters.

dunstonh

Because this is well past retirement age for most people (and certainly for them).

That is not grounds for complaint. If it is documented that it is going past retirement but is on grounds of affordability and that it will still be affordable in retirement age then its fine.

EdInvestor

Patchthedog wrote: »

Almost certainly. But my father became seriously disabled in 1998 and they split up. Red letters would have been sent to him and he does not have the will (or the ability/strength) to deal with difficult paperwork and administrative matters.

From the receipt of a red shortfall letter, you have 3 years to complain.After that it is out of time.You could make a complaint and see what the response is, but don't be surprised if it's dismissed on those grounds. Excuses for failure to respond in the period need to be stronger than what you have mentioned.