Report Endowment Misselling Compensation SUCCESSES

Nick63

Bank/Provider: Halifax/Clerical Medical
Compensation: >£3400

I did this last year before i found this site but i have no doubt that the advice i received from a friend originally came from here.

It really did not take long to do.

The endowment i had was taken out in 1989. I moved house in 2001 and i mitigated my endowment exposure by changing to a full repayment mortgage. So i completed the forms on that basis.

When my calculation came through from HBOS offering £1700 i checked the calculation and realised they had effectively stopped the calculation at the time i mitigated. I rechecked my records and realised that i had not in fact moved to a full repayment mortgage until a year later, in 2002. I phoned a very nice lady at HBOS and said that i had completed got it wrong. Before i could explain that i was only wrong by a year she said she could recalculate based on the endowment still being connected. This immediately doubled the repayment. I asked if she needed to see any proof and she said no, she would send a cheque for the additional amount. Job done!

I also had a further endowment that i had to go through FSCS to get compensation. This took much longer but a few weeks ago i received a cheque for over £1700. So overall i got back more than 10% of the endowments value and most of the projected shortfall.

Gardening_Girl

Provider Norwich Union
Compensation £4000

I had actually cashed in my endowment about three years ago. When I first read these posts I thought I wouldn't qualify. Then I saw that someone else had got compensation after cashing theirs in so i thought I would pursue it.

The endowment was only for 23K so I didn't expect much even if I won. When they offered me £4,000 I nearly fainted. I wouldn't have even bothered if it hadn't been for this forum.
Thank you to Martin and everyone who got this going. Anyone who is reading this and hasn't done it. I just want to say its really easy. Norwich Ubion dealt with my claim from start to cheque in the bank in under 6 weeks. It costs nothing and the letter templates are easy to follow. You've nothing to lose but a stamp.

I'm after my bank charges back next.

wc33

Alitigger wrote: »

Bank/Provider: Scottish Amicable
Compensation: ZERO !!
The story:
Endowment taken out via intermediary before Financial Services Act came into force
so it's not always successful ...

Bank/Provider: Friends Prov through a broker
Compensation: zero
The story: taken out in 1989, target £41,000, current value £14,000, likely sum £26,000, shortfall £15,000

Complained in 2005 and Broker provided a copy of form I had signed that said I was made aware of relative merits of endowments and said that quotations given at the time would have shown the likely returns and at the lower rates the target sum would not have been met. I have not been supplied with copies of quotes though.

Think I'm going to have another go, following reading some of the stories on here because I clearly remember discussing what we could spend the excess from the with profits amount. They say that I also asked for endowment because I had another that was doing okay, taken out in 1984 for £20k that now is only just underperforming, possible £800 shortfall. Have since remortgaged to make up shortfall but left endowments running.

Looking at letter from broker again it says I have to complain to FOS within 6 months, so is it worth complaining further or did they cover themselves? Is it worth complaing to FOS?

dunstonh

Think I'm going to have another go

You cannot unless you have strong new evidence. You have to take it to the FOS within 6 months of the complaint being rejected otherwise you lose your right to do so.

sarahe

Hello
I have posted on a different thread - but I suppose you could call it a success.
Provider -Friend's Provident through a broker ( my xemployer -head teacher I'm a teacher )
Redress £1,890
But they want me to surrender the policy for £13,151

Endowment took out 1993 for £38,000
Guaranteed to pay out £22,000 in 2018

Upheld on
not suitable for me
other options not fully discussed
didn't explain it was a long term policy
didn't explain there was an element of risk
sale did not follow the rules
no fact finding or full knowledge of my financial situation
NOT UPHELD on
guaranteeing to pay off the mortgage and procide a lump sum.

Hope this may help someone else.
As the other thread says - I'm now not sure what to do.
Thanks
I'm just pleased I gave it a go - rather than leaving it too late.
Sarah

mayb_2

Hi sarahhe - I know what you mean whatever they say sometimes it just doesn't feel like a success does it! Probably best to cash in and pay the money off your mortgage - at least you know for certain that a repayment mortgage will repay by the end of the term and the money going into the endowment will go towards the repayments - or put that bit into an ISA may be?

nickj_2

i've just had my reply from the financial ombudsman and they have rejected my claim as they suggest i was was aware of the risks involved , even tho the ifa told me that it would pay off mortgage early or lump sum ,

dunstonh

even tho the ifa told me that it would pay off mortgage early or lump sum ,

would or could. Could isnt a problem. Would is. All these years on can you really remember if it was would or could?

nickj_2

dunstonh wrote: »

would or could. Could isnt a problem. Would is. All these years on can you really remember if it was would or could?

i'm reasonably certain that it was would , i was also never told that there was a chance that it wouldn't ,

honellejai

Please can you confirm for me. Once the ombudsman has stated that I am not eligible for compensation. IS THIS DECISION FINAL (I have had this happen to me and I am still not happy with the decision)