Can anyone advise me please?

NDR_2

I have three Legal and General endowment policies. The first one was taken out in July 88, the others in 91 and 92.

I have been receiving notification of shortfalls (who hassn't) and have acted by increasing my repayment side of the mortgage to cover.

I was sold these products by a financial advisor back then.

I have received another letter today warning of more shortfalls.

Question:

What can i do to try claim compensation?
Who do i approach?
Have i left it too late?
What are my chances?

Can anyone please advise as to the best way for me to proceed from here?

Many thanks to all.

dunstonh

You cannot complain because the policy has a shorfall. You can only complain if the policies were missold. Often this can be your word against the advisor. Usually, if the documentation issued at that time doesnt support the advisor, then the complaint will favour the policyholder.

You should complain to the company that provided the advice.

Another thing to be aware of is that if successful, the shortfall will not be covered. The amount paid out will be the correction in the cost difference between an endowment mortgage and repayment mortgage (with life cover) over the term. In the late 80s and early 90s, endowment mortgages were often cheaper than repayment mortgages.

NDR_2

Thanks for that..

Unfortunately the company who sold the policies does no longer exist.

Oh !!!!!!!!!

dunstonh

Then you need to complain to the FSCS. They will look at the 1991 and 92 endowments but may not consider the 1988 one depending on what month it was taken out.

The FSCS is a scheme with advisors today pay into to cover the bas***** that mis-sold policies and then buggered off. Personally, i hate the fact i have to pay £2k a year to cover mis-selling of products that i have not been involved in and have never had a complaint myself on. However, from your point of view, you may see that as your best course of action.