Can we claim Missold Endowment from a Financial Advisor

Bughead11

My Wife and I purchased a Mortgage Endowment policy via recommendations from a Financial Advisor. Although I was not keen to go down the Endowment route, he convinced us all would be well as he had calculated our monthly payments based on the poorest projected growth percentage. We would therefore be overpaying from day one and therefore we would reach the required target no matter how the policy performed. As the mortgage and endowment were set up by the Financial Advisor (Who it would seem mostly always recommended the same mortgage provider). Do we put a claim in against the advisor or the endowment/mortgage provider, and are both processes the same.
Any information on this would be most helpful.

dunstonh

As the mortgage and endowment were set up by the Financial Advisor (Who it would seem mostly always recommended the same mortgage provider).

That would be the case if you saw a tied sales rep rather than an independent financial adviser.

Do we put a claim in against the advisor or the endowment/mortgage provider, and are both processes the same.

You are leaving it a bit late now. Over 3/4 of endowments are now timebarred from complaint. You get three years from first being notified of a high risk of a shortfall. As you saw a tied sales rep, you should complain to the insurance company. However, be prepared to be rejected as out of time. You may wish to contact the insurer before putting in a complaint and ask them if you are time barred. If they say yes then you save yourself a letter. If they say no then you know they would consider your complaint.

It should be noted that investment returns are not grounds for complaint and nor is a shortfall. So, dont use those as your reason.