Report Endowment Misselling Compensation SUCCESSES

SG03TY

It is all due to Martin and his website. So thanks again.

Julie1965

Wondered if anyone could give me some advise, I took out an endowment policy to cover a mortgage I had back in 1990. I was told of a shortfall in 2005. I then wrote to The Royal London who I took the policy out with and they didn't see that I have reason for complaint I also wrote to the Ombudsman again without luck. I no longer have a mortgage. However, I still pay the premium on the policy which is due to end in 3 years. I never increased the premium and have paid the same amount of money for the last 22 years. Do you think I have any grounds to seek compensation? If so, what is the best way to go about it. Thank you!

dunstonh

I then wrote to The Royal London who I took the policy out with and they didn't see that I have reason for complaint I also wrote to the Ombudsman again without luck.

leading to...

Do you think I have any grounds to seek compensation?

None whatsoever. You complained and the firm said they found no grounds for complaint. You then referred it to the FOS who are independent from the firm and you and they found no grounds for complaint.

That is game over.

SMB1976

We have had a call from Aviva today; they have confirmed that our complaint needs to go through the company who originally sold the policy. No reply from them yet - we sent the questionnaire back mid July so hopefully we will hear back soon.

dunstonh

SMB1976 wrote: »

We have had a call from Aviva today; they have confirmed that our complaint needs to go through the company who originally sold the policy. No reply from them yet - we sent the questionnaire back mid July so hopefully we will hear back soon.

Do you know if the Aviva policy is timebarred? Most are by now.

SMB1976

dunstonh wrote: »

Do you know if the Aviva policy is timebarred? Most are by now.

No, it is definitely not time barred - we have until July 2013 according to the paper work from Aviva.

magpiecottage

SMB1976 wrote: »

My husband (with my help) is complaining about an endowment sold to him in 1998. He was told the policy would cover his original mortage; £130,000, and provide a lump sum. Repayment mortgages were not discussed and he was not advised about the risks involved.

Although you say this, from my position, I have some doubts. First of all, you were not there, so you cannot know for certain what was and was not said.

I was not there either. However, in 1998 an adviser would have provided a personal illustration which showed annual returns on the underlying investment at 10% (which would have produced a surplus), the rate needed to exactly clear the loan (probably 7.5%) and 5%.

The 5% projection would have shown less than the mortgage amount. It would also have made clear that this was not a minimum amount.

He would also have been provided with a Key Features document which had a prominent "Risk Factors" section near the beginning one of which would have been the possibility that it might not pay the loan off in full.

He would also have received a "Reason Why" letter. These typically DID confirm that repayment mortgages were discussed.

So it is possible that your husband's recollections are flawed.

ian1969uk

We bought an endowment policy in 1994 to cover a mortgage of £30,000. Monthly payments of £45.00. Current value of policy is about £14,500 and projected shortfall around £10,000. Financial adviser that sold it to us has gone out of business, but the umbrella company he worked for still exists.

We complained to them and they have upheld our complaint. They are now working out their offer, any idea what we can expect if anything at all?

Thanks.

dunstonh

We complained to them and they have upheld our complaint. They are now working out their offer, any idea what we can expect if anything at all

There have been many complaints upheld where no money has been paid because of no financial loss. Funniest one i have been made aware of was 1p. However, where we are economically at this time and market valuations and the time you took it out then I would expect you to get something.

ian1969uk

Thanks, guess it's just a wait and see scenario. Still, even if they say we get nothing, we are no worse off.