Endowment Savings Policy Mis-Selling

rogertaboyle

My wife took out a small savings vehicle with the Royal National Pension Fund for Nurses in 1984
It was some sort of Endowment Saving with Annual & Terminal bonuses.
The 25 years are up and she is to get 1/2 the promised amount by the Financial Advisor
The organisation has been taken over by Liverpool Victoria. Dose this constitute an Endowment mis-selling? (it is't linked to a mortgage)
Any advice welcome

opinions4u

It was taken out before the implementation of the Financial Service Act 1988.

While you could make a complaint the company is not required to investigate it and you cannot escalate it to the Ombudsman.

Sorry.

dunstonh

Dose this constitute an Endowment mis-selling?

If you have it in writing that you were promised double the amount then you may have a case, if the company chooses to review your complaint (as per above comments by O4U). However, if you have no evidence to support your case then you have nothing to complain about.

Back in the 80s maturities were often 4 or 5 times more what people paid in. In the 90s you got 2, 3 or even 4 times more than paid in. Now its closer to 2 times. Shorter term ones are lucky if they break even as the last 10 years have been pretty awful for basic/low quality investments.