Friends Provident have paid out! Endowment compensation!

Financial_Savvy

Hi all,

My Mum and Dad have an endowment mortgage (you wouldn't get me on an endowment mortgage if wild horses dragged me!), and it has under performed big time. They weren't going to complain, so I said that I would do it for them if they give me half of any compensation.

We wrote to FP but they said that they where no worse off. So we wrote to the FOS, and they told FP to re-calculate using the agreed FOS process and equation (not the one the FP had made up). They have awarded £3k and half is mine....... Moral of the story, always go to the FOS.

If you have an endowment, and you haven't complained, then you are missing out big time. My message to you all, if you do complain, and the company say you are no worse off, then go to the FOS anyway. If we hadn't of done this then we wouldn't have got the £3k.

I am buying 2 new mountain bikes and of course filling my ISA allowance up
(5.2% A+L)

See Martin's article here

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1138020285,19271

Also, has anybody tried to record the amount of compensation paid out for mis sold endowment mortgages? I would like to try and measure this. Any ideas of how to start?