missold endowment

sabinestephens

my exhusband took out an endowment policy in april 1987, whilst being stationed in germany, with the forces.
The policy was written over to me as a divorce settlement, there will be a big shortfall with this policy.
Axa says it can't help me because the policy was set up by a broker in germany and that i should get in touch with the broker. I have no idea how to find that broker who might not even be there any more.:(
Axa is sill taking my monthly payments though and has been for the last 22 years.
Is this correct?
This is my first thread so i would be very grateful for some help.
Thanks:eek:

opinions4u

It was sold before 1988, so isn't covered by the Financial Services Act.

The seller and the life assurance company are under no obligation to compensate for a mis-sale.

You've almost certainly got nowhere to turn on compensation. The question now becomes how to deal with the impact of the policy performance.

Is your mortgage still reliant on this policy? If so:

- how much do you owe?
- when does the mortgage end?
- what rate are you paying on the mortgage?
- what is the projected maturity value of the policy?
- what is the current surrender value of the policy?

dunstonh

You have multiple issues that prevent you from complaining.

1 - It was not sold to you. You have no right to claim mis-sale
2 - It was pre-regulation (29th April 1988) so no consumer protection
3 - It was sold outside of the UK (Armed forces bases are not considered UK for FSA protection). So, NO FOS, FSA or FSCS protection
4 - shortfall is not grounds for complaint
5 - AXA have no liability as they just got an application in the post. They did not advice on the suitability.

opinions4u

dunstonh wrote: »

You have multiple issues that prevent you from complaining.

1 - It was not sold to you. You have no right to claim mis-sale
2 - It was pre-regulation (29th April 1988) so no consumer protection
3 - It was sold outside of the UK (Armed forces bases are not considered UK for FSA protection). So, NO FOS, FSA or FSCS protection
4 - shortfall is not grounds for complaint
5 - AXA have no liability as they just got an application in the post. They did not advice on the suitability.

But apart from that?