Report Endowment Misselling Compensation SUCCESSES

dunstonh

Am I able to go back to sunlife of Canada and the FSA to relook at this as Sun life has admitted the investment fund is different to what was assumed when the rates were fixed.Which is what the FSA used for compensation.
Thanks

The FCA set the maximum rates for example projections. However, companies are free to use lower rates in their examples projections. Example projections have absolutely nothing to do with the performance of the plan or the returns. They are just examples.

Emily_Calvin

This is good information. I am glad to read such a nice post. Keep sharing more. Good luck.

Windsorcastle

Endowment Policy with: Nationwide Life
Compensation: £2,900

I had an endowment policy on a mortgage with my ex-partner, which I only held from late 1999 to late 2001 when we split up and I transferred the equity on the property. I had surrendered the policy in 2005 to help towards a new purchase.

Lodged an online claim with Nationwide, and their response I must say was swift and excellent. They sent me a claim form quickly, including my policy number (I had kept no paperwork about the endowment so didn't even have the policy number or premium amounts to hand.)

Used the guidelines from MSE and stated my grounds for complaint. Had to answer 'don't know' to quite a few questions, so didn't hold out much hope. Received a letter 4 weeks later saying they were still investigating my claim. Received a Final Response letter yesterday offering £2900. Couldn't believe it! Was hoping for a couple of hundred at best.

Thanks to MSE for your brilliant work in helping people reclaim these charges. I'd urge anyone else to do the same - my claim took about 2 hours of my time in my total, and after tax I'll end up with £2500. So I make that £1250 per hour's work I earnt there, not bad!!! :T

manewby

can i ask a question here?
took out our first mortgage with local building society in 1989/1990 at the time advised to go for an endowment, paid re-payments plus £46 life cover per month to black horse, after about 10 years, switched lenders and swapped to repayment mortgage. we just stopped the policy and iv`e begun to think about the money,have we lost it, any ideas? don`t know where to start

dunstonh

can i ask a question here?

The thread isnt really meant for questions but if its a quick one then not a problem.

took out our first mortgage with local building society in 1989/1990 at the time advised to go for an endowment, paid re-payments plus £46 life cover per month to black horse, after about 10 years, switched lenders and swapped to repayment mortgage. we just stopped the policy and iv`e begun to think about the money,have we lost it, any ideas? don`t know where to start

Its a bit late to think about it now. You have three years from being reasonably aware of an issue or 6 years from the start date, whichever is later. As you took yours out 1989/90, then 10 years was still before endowments started falling short. Plus, your decision to switch to repayment was over 3 years ago. So, you can be timebarred from any complaint.

manewby

just so i know, where/how do i ask a question?

kingstreet

manewby wrote: »

just so i know, where/how do i ask a question?

Start a thread of your own. There's a blue "new thread" button at the top left of the title page of the Mortgage & Endowment forum you're in.

System

£7,000 from Barclays and bought a car !!!

Jon

magpiecottage

Deleted_User wrote: »

£7,000 from Barclays and bought a car !!!

Jon

So how do you now plan to pay off your shortfall?

m1ke_p

Scottish Amicable (now Pru) endowment sold by John Charcol (now Bradford & Bingley) in 1998.
Compensation: £10,500
The story:

Mrs P had been on to me for a while to make a claim (she's had one success and one failure), but I thought it unlikely to go anywhere at this late juncture. But the Pru sent me a red letter with my annual statement last year saying I had 3 years from that date to complain. So I thought what the hell and used the MSE draft letter, tailored to my situation and focused on the fact that I didn't require the life assurance component of the policy as I already had life cover at work. It took a while to trace the company responsible (the Charcol of today is not the same as the one that sold me the policy), but from start to end the process took 3 letters, 1 (lengthy!) form and about 6 weeks.


Still not too late to make a claim! And thankyou MSE!!