Report Endowment Misselling Compensation SUCCESSES

Fivenations

Provider : Standard Life
Arranged via B&B in 1985
Amount of cover £16K
Amount offered: £928

Just got this in the post today - still trying to work out how they calculated it.

I had also claimed for a another endowment we took out in 1984 - we moved after a year - for which they will not offer any compensation as they say we have not lost out.

How do I know if tthese judgement are fair? Thank

mayb_2

Sarahhe

I found that link on the Which site and it does say there is a fee to use it.

We've heard of many offers of compensation being wrongly calculated. If you are unsure whether your offer of compensation is correct, you can now check this using an external online calculator. The calculator has been produced by the same company that supplies the redress calculation package to the Financial Ombudsman Service, The Financial Services Compensation Scheme, the Law Society and over 95 per cent of the industry. A fee of £52.50 applies.

I had mine checked by an IFA and the normal fee for this person was £160 per hour! I didn't have to pay because of a link with the people I work for allowed me half hour free consultation with this person.

It may be better to contact the FOS and see if they will do it for you for free! It is amazing that you should have to pay to see if the amount offered is correct - if it isn't can you ask them to pay you back the fee I wonder? Somehow I think not1

Sandy_Harrup

Yorkshire Building Society
2 Endowments £5192.68!
Thank you!:j
Hi,
Just thought I would say 'thank you' for the endowment info.
Yorkshire BS were great and very prompt!
Has anyone been asked to surrender their policy if they accept compensation? A friend of mine has been offered just under £3000 for one of his policy as long as he surrenders it, or £500 if he doesn't. Seems a bit unfair.
Sandy

dunstonh

Has anyone been asked to surrender their policy if they accept compensation? A friend of mine has been offered just under £3000 for one of his policy as long as he surrenders it, or £500 if he doesn't. Seems a bit unfair.

Its a defined calculation so you cant ask for more.

Your friend only got £500 redress. This probably means the endowments are actually better than repayment as the surrender penalty is probably more than £500.

If he chooses not to surrender it, why should he get paid more? He still has the value, its just in the endowment.

Does your £5192 include the surrender value or is it just the redress payment?

rosco65

Have i got the record for the smallest offer. I have an £18,000 endowment with Scottish Amicable(Prudential) bought through the Bradford and Bingley in 1988. Just got an offer through the post at the weekend for £111.48!!
This is the figure they calculate as the shortfall compared to a repayment mortgage. Doesn't seem worth all the hassle of filling out forms and answering about 4 or 5 calls from them direct.
Does anyone think this figure is unreallistic or not?
Thanks

polka_dot_5

Thanks Martyn,

With the use of the template letter and forms to fill out from Legal & General, a few phone calls to clarify information. Legal & General agreed I was missold the endowment with UCB mortgage and sent me a cheque for £7817.41:j :j

Normally I hate doing paperwork, balancing my accounts and budgeting but with a result like that I am now eager to reform and learn from the ever "Wise" Martyn.

ANNIEHAHA

Company ; zurich
Compensation ; £4,798.15

I read the related articles and decided to give it a shot.My husband had a endowment that he surrendered in 2003 and had thrown the paperwork away.
Both my husband and mother in law said I was wasting my time ,but I thought I would give it a go for the price of a stamp!

If your reading this and are unsure wether to do it , I would say what have you got to lose, I had to write the letters by hand as I don't have a printer ,and felt like I didn't know what I was doing and I was out of my depth but it paid off

I would like to thank Martin ,this site and all the people who helped me when I posted for advice concerning the endowment


:beer: :T :T :T :T :T :T :beer:

dunstonh

rosco65 wrote: »

Have i got the record for the smallest offer. I have an £18,000 endowment with Scottish Amicable(Prudential) bought through the Bradford and Bingley in 1988. Just got an offer through the post at the weekend for £111.48!!
This is the figure they calculate as the shortfall compared to a repayment mortgage. Doesn't seem worth all the hassle of filling out forms and answering about 4 or 5 calls from them direct.
Does anyone think this figure is unreallistic or not?
Thanks

The smallest payouts are nil. Many are getting zero now. Although the "funniest" small payment I am aware of is 96p. Even funnier is that the person used a claims company and they are chasing her for £800 odd quid now.

Scot Am policies are quite good. 95% paid a surplus in 2005 and 96% in 2006. Not all endowments are bad and in your case, a payment of £111.48 suggests the endowment has been cheaper than a repayment mortgage (due to surrender penalty being almost certainly higher than £111.48).

endownmentuser

Can anyone give me any information regarding their sucessful claims as I have had my turned down by the Financial Ombudsman as they claim I was given a booklet stating that our endowment may not pay off the mortgage, though we did not receive this and we were only told we would pay off the mortgage and receive a lump sum.

dunstonh

endownmentuser wrote: »

Can anyone give me any information regarding their sucessful claims as I have had my turned down by the Financial Ombudsman as they claim I was given a booklet stating that our endowment may not pay off the mortgage, though we did not receive this and we were only told we would pay off the mortgage and receive a lump sum.

You can appeal the adjudicator's decision and get it referred to an ombudsman. This will take around 1-2 years. Most cases do not get overturned.

The key feature documents and illustrations do not carry much weight with the FOS usually. They rely far more heavily on the reason why letter (now called suitability letter) and the factfind. If the warnings are on the reason why letter, then you wont win your case. That and the factfind are the most important documents.