standard life refund?

eyewash

I have been told by an IFA that Standard life have offered to pay upto £350 per policy for financial advice that has been taken regarding endowment policies. Does anyone else know about this? I can't find any reference to it on the paperwork I have received.

shrek101

We got miss sold an endowment policy in the late 80s.

We got a settlement at the end of 2003. They also stated that they would pay for us to get advice through a financial broker, cant remember the exact sum of money but wasn't a lot couple of hundred

Having seen a broker who kindly felt sorry for us and thus didnt bill us, he told Standards life offer was a fair on and that we should go for a repayment policy. So in the end we never got the money for advice.

Part of the offer was to pay for advice (it should have said this in letters you got it did with us) Anyhow we went on his advice to went for a repayment morgage.

We didnt gain by what was on offer just the difference between what teh policy would have been worth compared with an edowmnet policy.

The onus was on Standard life and the building society to prove otherwise.

We did get some life assurnace though on the house in case one of us dies before the morgage ends which decreases each year by how much you paid off, so bare that in mind.

dunstonh

Yes, some insurers will be for independent financial advice from a current authorised IFA. You need to make them aware of this in your claim.

Most IFAs helping out in these areas will bill you so you have a paper copy but will not collect the payment until the settlement arrives. I like other IFAs I know have also not collected the full amount and sometimes none of the amount depending on the work spent and the relationship with the client. Therefore enhancing the compensation to the client.

So, it is worth doing if you have an IFA or want to build up a business relationship with one.