Report Endowment Misselling Compensation SUCCESSES

kingstreet

Christabelle wrote: »

Yes please re the blank letters as only just looking into this!

Last here May 2016, so don't don't your breath.

ClaimYourEnergy

Dear Martin,

I have often heard about mis-sold PPI on your TV shows, but do not recall hearing about mis-sold endowments. However, I was reading an article about pensions on your site and followed a couple of links that led me to the "bad word endowment". This enlightened me to the problem I had had with my own endowment, and more importantly, highlighted that I *could* complain about it. As soon as I was aware I could complain about being "mis-sold" the endowment, I contacted Aviva straight away (the endowment was with Norwich Union in 1992), and after a few phonecalls and explaining our case in an email, we were awarded just over £7500. (Our position did come under "exceptional circumstances", but it is possible others may also be in the same position.)

PLEASE can you highlight the point about mis-sold endowments from this time frame (on your TV shows), as there maybe others who, like my wife and I, were unaware that we could even make an "official complaint". NOTE: I am now aware that some NU customers would have been sent "warning letters", but we never received one. This may be the same for others because (like my wife and I), they may have taken matters into their own hands to resolve the "problem" before being "officially updated" by the provider. i.e. In the case of my wife and I, after noticing a problem with the "value" myself in 1999, we decided to save and pay off our mortgage in 2004. Therefore, we never received any "warning letters" and knew nothing more about it until I read on your article on your web site.

dunstonh

I have often heard about mis-sold PPI on your TV shows, but do not recall hearing about mis-sold endowments.

The endowment issue is largely considered closed now. Very few endowments are still running and over 3/4 of those are timebarred from complaint. Plus, the uphold rate on endowment complaints was only around 25-35% range. It was a big issue a few decades ago but pales in comparison with PPI.

Martin has little time and a lot to say. So, he has to use his time wisely. There is little point mentioning endowment now. The latest FOS stats show that endowments accounted for under 1% of complaints. Motor insurance gets 8%. Mortgages 7%. Savings accounts get 1.5%. In volume terms endowments had 1511 complaints. SSAS has 1574. Yet most people wouldnt know what a SSAS is. More people complained about money transfers, travel insurance and buildings insurance amongst other things.

The complaint uphold rate on those endowment complaints was just 14%. So, very little success.
So, his time is best suited on issues which affect the most people. And that isnt endowments.

NOTE: I am now aware that some NU customers would have been sent "warning letters", but we never received one.

The warnings were contained within the annual statements.

I'm surprised to hear of a recent Aviva complaint success as they could apply the timebar to most of their endowments and most of those became barred over 10 years ago. You mention exceptional circumstances. Maybe that is why yours was considered.

Treble44

I take it this is dead and buried now, my 25 year endowment finishes in feb this year £31000 amount but will pay out only £18000 I probably should of complained years ago but never did ,so just wondering if there’s anything I can still do cheers

dunstonh

Treble44 wrote: »

I take it this is dead and buried now, my 25 year endowment finishes in feb this year £31000 amount but will pay out only £18000 I probably should of complained years ago but never did ,so just wondering if there’s anything I can still do cheers

Most endowments, but not all, were timebarred by around 2009.

The criteria to allow a timebar was 6 years from the commencement of the policy AND 3 years from being reasonably aware of an issue. The three year clock was allowed to start ticking from the point the first mid rate projection on the annual statement showed a shortfall. Most of them started around 2001-2003.

There is still the odd endowment complaint made but that is only from the ones that are not time-barred (which ironically tends to be the better endowments as they never got into shortfall on the mid rate projection but only the low rate one). You dont say who your provider is but most of the big guns have used the timebar.

AnotherJoe

Treble44 wrote: »

I take it this is dead and buried now, my 25 year endowment finishes in feb this year £31000 amount but will pay out only £18000 I probably should of complained years ago but never did ,so just wondering if there’s anything I can still do cheers

The reason it didnt pay out as much as expected is essentially because you werent putting enough in. I had a similar policy, even at the time i thought there was no way that it would return enough at the paltry amount per month i was paying in, and sure enough it didnt. But it did allow me to buy my house at a lower overall monthly payment and long term i paid the mortgage off anyway and the endowment just became a mediocre savings scheme.

Had you complained within the limits odds are the remedy would have been to pay more (not into the endowment, just pay more money off the mortgage) because you didnt really lose out you were just dissapointed. You even see whinges here (i call them that deliberately not complaints) from people who've had the cheek to say they were missold one when without it they could never have bought a house and therefore gained from the massive rise in house prices, theyd have been renting instead.

Susie119

I contacted standard life they say I can not claim anything from standard life endowment 1985 to 2008 but can try the building society involved

dunstonh

Susie119 wrote: »

I contacted standard life they say I can not claim anything from standard life endowment 1985 to 2008 but can try the building society involved

There are multiple issues here.

1 - Std Life didnt sell you the policy. So, they have no liability for the complaint.
2 - It is pre-regulation. In 1985, not all the building societies had yet prepared for the 1988 rules and were still using local agencies. So, the building society may not have any liability for the sale
3 - Standard Life operate the timebar. Most, if not all, of their endowments should be successfully barred from complaint now.
4 - A 2008 maturity is more than 3 years ago. So, a timebar on the 3 and 6 year rule can be applied as you have three years to raise a complaint from being reasonably aware of an issue.

So, unless the society was already attached to Standard Life is their tied provider and the building society volunteers to waive the Std Life timebar and to waive the 3/6 year timebar, this is dead in the water. Stranger things have happened but odds are low on this one.

Susie119

I contacted standard life they say I can not claim anything from standard life endowment 1985 to 2008 but can try the building society involved so l will do that tomorrow

Susie119

So you went to yorkshire first not the endowment company, what did you ask.please?