Report Endowment Misselling Compensation SUCCESSES

Mike_J

£20,000 mortagage with halifax. I have just got my cheque for £1400. Result!!

Mike_J

£20,000 mortagage with halifax. I have just got my cheque for £1400. Result!!

Alitigger

Bank/Provider: Scottish Amicable
Compensation: ZERO !!
The story:
Endowment taken out via intermediary before Financial Services Act came into force
Intermediary company gone out of business ...
Scot-Am (now Prudential) only refer back to original company ...
FSCS don't want to know ...
Ombudsman doesn't want to know ...

so it's not always successful ...

angela110660

Provider : Standard Life
Arranged via Halifax in 1993
Amount of cover £60K
Amount compensated: £5200
Very happy that all sorted but has taken since October 2006 to finalise.

mayb_2

http://www.fsa.gov.uk/pubs/public/endowment_compensation.pdf

Knowing whether or not you are offered a decent settlement figure is complicated for us folk, so I have copied this link here again as it is not so easy to find on the new look FSA website. On page two there is an example of how recompense is worked out, that may be useful when trying to see if the amount you are offered is in the ball park.

mayb_2

we had an low start homemaker endowment policy with norwich union and put in a claim they have written back stating we said w were prepared to take a small risk with capital to improve the potential return stating our attitude to risk was conpatible to an investment in a homemaker endowment policy that is invested with profits we have been advised if we require to take this further with the financial ombudsman service

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santashelper do you agree that this was the case when you bought your endowment policy? If so you have said that you understood there was a risk involved in having an endowment policy. If you knew what an endowment was you cannot then complain that your endowment hasn't performed in the way you expected.

If you are claiming that you did not say you were prepared to take a risk then ask the company for a copy of the Fact Find they should have made when selling you this. It is not enough for them to produce a leaflet with something in small writing telling you that endowments can go up as well as down etc.

Misselling is all about the failure to tell you of the risks involved when taking out an Endowment mortgage and to an extent everything hinges on whether they can show that they did tell you and that you understood the implications. They are claiming that you did and presumably they can prove that in some way - so ask them for the proof that they have. If you believe that there is none, and you didn't know, then you should consider taking it to the Ombudsman for a decision.

steviebooth

Hi,A huge thanks to Martins advice. I complained about a mis sold endowment policy and have just had confirmation that ive to be compensated to the tune of £3039. I was prompted by this artical and found out that had I left things alone for another 6 months that I would have missed the banks deadline to claim

swnllyd

Bank: Barclays
Amount of cover: 70K (July 1992)
Compensation: £3,800

Many thanks for the original advice. Accepted above offer in Nov and did not wish to surrender policy. Received cheque for 26K(!!) in Jan., bank paid up the policy as I had not signed in a little box to confirm I wished to retain policy. Spoke to them on the phone and returned cheque. Bank have returned cheque to me today stating that it was my error. The form was far from clear. Where do I stand on this? Any similar experiences?

hornets_2

It was agreed that i had been mis sold endowment. Was awarded £256 which was the difference in amount i had paid and the amount i would have paid on a repayment.
It would sem because i had had the forethought of revising my circumstances that i was 'punished' for it. I even sent all the docs to FSA who backed the endowment company RSA.
Anyway i have no mortgage now but have 2 endowments as saving policies both maturing on 2011 and 2015 whic should pay out £3500 more than i paid in.

kizzymont

Through reading Martins rantings on this subject I decided to take on Legal & General not an easy task. I had 3 endowment policies and had been advised by one of their representatives to cash one in about 15 years ago when I moved house. I know now that was not the best option for me but heh I was young and stupid what did I know about mortgages. Firstly they came back to me and said I was not entitled to anything but I went right back at them and they have now come up with an offer. A total of £10,000 compensation to retain my existing policy which has around 5 years to maturity, or if I am willing to cash in the policy they will award me £23,000. I have a £12,000 shortfall in my mortgage and am now lost - cant decide whether to take the £23,000 and plough it back into the mortgage or take the £10,000 reduce the mortgage and convert the £12,000 shortfall into a repayment mortgage - this way I would be guaranteed to pay off the mortgage and may just get a wee bit extra at the end of the term. But feel really pleased about having taken on the big boys and come up with a result. Thanks Martin