Standard Life Endowment

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:mad: My mother held a mortgage endowment with Standard Life bought through an IFA in 1993.

After the endowments saga, I enquired on her behalf, of the value of the endowment in 2000 and they advised her that there is a possibility that there will be a shortfall. The only action I made her take was to change her mortgage from interest only to a repayment.

Last year, I lodged a formal complaint with the IFA and Standard Life and they responded by saying that they made us aware in 2000 (6 years ago) and so she had ample to time to do something about it.

They are saying it is clear that she knew there was a shortfall so she could do something. She did. She changed her mortgage BUT she was not aware that she could demand compensation for being missold an endowment.

They also say that no complaint has been raised for more than 5 years now so they decline to consider the details.
The reason for this is that my mother does not speak and understand english well enough to deal with this herself and it was me who was doing it on her behalf.

Any advice? What should the course of action now be?
Or is it worth pursuing this with an endowment complaints company?

Thanks for your help in advance.:huh: :sad:

EdInvestor

After the endowments saga, I enquired on her behalf, of the value of the endowment in 2000 and they advised her that there is a possibility that there will be a shortfall.

This was only a possibility, not a definite loss, and after that she would have received no further letters, including a "red" one. The 3 year timebar clock starts clicking from that point. Thus it would appear she isn;t time barred as she was never formally advised of a definite loss.

Have you put in a formal misselling complaint?If so, what is it based on?

https://www.endowmentaction.co.uk explains the basis for a complaint.

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EdInvestor wrote:

This was only a possibility, not a definite loss, and after that she would have received no further letters, including a "red" one. The 3 year timebar clock starts clicking from that point. Thus it would appear she isn;t time barred as she was never formally advised of a definite loss.

Have you put in a formal misselling complaint?If so, what is it based on?

https://www.endowmentaction.co.uk explains the basis for a complaint.

The letter I wrote for my mother last year was a formal misselling complaint to the IFA and Standard Life. Is that the form it should take? Or is there a particular procedure to follow?

Are you saying that since they only advised of a shortfall possibility and to make other arrangements in 2000 they are excused from payiing my mother compensation?

Also, the link does not work. Is it worth using an agent for this case?

EdInvestor

Last year, I lodged a formal complaint with the IFA and Standard Life and they responded by saying that they made us aware in 2000 (6 years ago) and so she had ample to time to do something about it.

So the IFA rejected your complaint, which you don't accept.You have six monthe to refer it to the Ombudsman, so better hurry.

https://www.financial-ombudsman.org.uk