Is it too late to Claim Mis Sold Endowment?

Annisele

Sorry, but I agree with Dunstonh - if she got a letter in 2003/4 saying there was a "high risk", and she changed to a repayment and stopped paying the endowment, I don't think there's any way she would still be in time to make a complaint.

If "exceptional circumstances" applied, people can complain more than three years after a red letter. I appreciate that you've said there was a "family crisis", but she'd have to explain how it was that she was capable of rearranging her mortgage but not capable of ringing the firm to complain - and I suspect that is impossible.

KD27

Greetings,

I have received of letter from Sun Life Financial of Canada today telling me.
“ A recent review has identified that the charges deducted from your policy were, at times, higher than they should have been”.
They want on to say,
“ we have calculated the value of excess charges and would like to make a redress payment to you, as the owner of the policy.

We have worked out the payment due, taking into account the delay in sending this payment £159.61p. We will settle any tax liability which may arise as a result of this payment”.

On phoning them, I asked some questions:
When was this policy taken out: 1988 until 2005

How much was I paying: £36p/m over 23 yrs!!!!
If you could see me, my mouth was open. In the envelope was an: OOF – lump sum payment form, “ please pay the amount owed to me to the following bank acc”

I find this strange that they found my policy and want to send me under £200 for investing in there company for 23 years.
Is this normal or are they hiding something from me? Like a bigger pay out can you help.
I would appreciate if you could put me mind at ease.
Regards

KD27

holly_hobby

Isn't the £200 in respect of a refund of charges, which the provider has advised were at times "higher than they should have been " ?

Apparently the policy had a 23 yr term and matured in 2005, although it appears you were not aware of this or how much you were paying until you say you "phoned and asked some questions".


I don't quite understand your point on this, it is established that :-

• the returns on the investment in the policy/provider were vested to you in 2005
• the provider has recently advised you that they are to make a refund payment to you of £200, in respect of a recently discovered error in the charging structure of the policy whilst it was in force. (albeit it matured 6 yrs ago)

I am v puzzled ... as to why do you think there should be a bigger pay out ? What do you think they are hiding from you ?

If your post is really in respect of checking that the amount of overcharing they have admitted to is correct, and you wanted to check their figures, you could ask for a complete break down of their calculations ...

Holly

dunstonh

I find this strange that they found my policy and want to send me under £200 for investing in there company for 23 years.

I dont. If they found an error then they are duty bound to correct it for everyone. They wouldnt be specifically looking at yours individually but all people that held that type of policy during a certain period.

Is this normal or are they hiding something from me? Like a bigger pay out can you help.

I think it is unlikely they are committing fraud but if you doubt it you could always ask them if they are committing fraud.

kingstreet

1988 to 2005?

23 years?

Care to explain?

Was this policy surrendered after 17 years and you've already had the payment?