endowment reclaim

wantok_2

Hello, I have had my claim for mis-sold endowments rejected because the endowments were taken out prior to Financial Services Authority being set up in 1988. Does anyone know if there is anything else I can do?.
Thanks

dunstonh

Does anyone know if there is anything else I can do?.

end of the road.

Regulation came in during 1988. Any case sold before 29th April 88 cannot be complained about unless the firm voluntarily agrees to review it. Even if it does choose to review it, it will be reviewed based on the rules in place at that time. Not rules and requirements that are in place today.

You could choose to take your case to the courts but very few do due to lack of evidence and the low chance of success (meaning you just incur costs). Most solicitors would put you off from doing it.

dimbo61

Have you checked how it is performing ? any terminal bonus
Could you sell it and pay a lump sum off the mortgage and then use the monthly endowment premium to pay extra off the mortgage each month and change the mortgage to repayment.

Annisele

Who rejected your complaint? Was your complaint rejected by the firm that sold it, by the Financial Ombudsman Service (FOS), by the Financial Services Compensation Scheme (FSCS), or by somebody else?

If your complaint was rejected by the firm that sold your endowment, you *might* still be able to take your complaint to FOS. Did the rejection letter tell you that you had six months to take your case to FOS?

If you've wound up making a complaint to FSCS (which you would only have done if the firm that sold your endowment is no longer trading) then unfortunately they don't deal with pre August 1988 cases so there's nowhere you can go.

I think you would struggle to take a case to court. Your policy was sold more that 15 years ago, so you are probably out of time for any court action (quite apart from any problems you would have regarding the merits - as dunsonh says you'd likely have a problem with lack of evidence).

dunstonh

If your complaint was rejected by the firm that sold your endowment, you *might* still be able to take your complaint to FOS. Did the rejection letter tell you that you had six months to take your case to FOS?

The FOS will only look at cases that were signed after 29th April 1988. They will only look at cases before that if the firm agrees to look at them first. If the firm rejects it as being pre-regulation then the FOS wont look at it.