Endowment

littlegreenfingers

Can anyone tell me the status I am in with my endowment. It was mis sold and have been contesting this for 10years now. I want to sever any ties with the company and am getting no where. I wrote to the FSA years ago and followed their advice but still have this policy. I have not paid any contributions to the policy since 1998. It is not connected with the mortgage I have now.

dunstonh

It was mis sold and have been contesting this for 10years now.

How have you been contesting it?

I have not paid any contributions to the policy since 1998.

So on that basis, even if it was mis-sold, you were probably financially better off at that point. This would indicate you have a paid up policy now then.

I wrote to the FSA years ago and followed their advice but still have this policy.

What did you write to the FSA about as they generally do not get involved in the day to day affairs of the consumer.

I want to sever any ties with the company and am getting no where.

Have you asked them to surrender the policy? If so, what reason have they given as to why it cannot be surrendered?

littlegreenfingers

No, the policy is not paid up. Only had the endowment 6yrs and was mis sold it as I had insisted on a repayment mortgage but was informed that endowment was the better option.
I contacted the FSA as I had been trying to surrender the endowment but had insisted all the funds contributed were refunded as at the same time I was mis sold pensions too. Yes I was dumb but when you are young you put your trust in people, now I am experienced I realised it was to line the financial adviser's pocket not my nest egg.
I sent all documentation to the FSA and they advised me what to write to the company. I have on every occasion written and stating I want this policy surrendered and require every penny contributed and the policy was mis sold.
They have replied that the policy was not mis sold and have not mentioned the surrender of the policy.

dunstonh

No, the policy is not paid up.

Its either going to be lapsed without value or paid up if you are not paying premiums. (or voided if its a mis-sale complaint of a certain type).

was mis sold it as I had insisted on a repayment mortgage but was informed that endowment was the better option.

That doesnt make it a mis-sale. You still had the opportunity to say no.

I sent all documentation to the FSA and they advised me what to write to the company.

That is correct as the FSA do not review consumer complaints. The FSA complaints procedure is to contact the company in question and if you are not satisfied you then get 6 months to refer it to the FOS. After that you become timebarred from future complaint on the same area.

I have on every occasion written and stating I want this policy surrendered and require every penny contributed and the policy was mis sold.

From what you say, it now appears it is not paid up as there is no value. So, lapsed without value is the other option. Possible with just 6 years life although you would expect a small amount at that point.

They have replied that the policy was not mis sold and have not mentioned the surrender of the policy.

If the company have said it was not mis-sold, you then have 6 months from that point to refer your case to the FOS. If you let it go past 6 months, you get timebarred. Was that response in the last 6 months? Did you refer it to the FOS?

Yes I was dumb but when you are young you put your trust in people, now I am experienced I realised it was to line the financial adviser's pocket not my nest egg.

Given your timeline, it would indicate is was 1992. The fact you seem to be complaining to an insurer suggests it wasnt really a financial adviser you saw but an insurance company agent. The standards in 1992 for insurance agents cannot really be considered financial advice.