Phoenix Endowment

dempsey325

Hi new to site forum, would appreciate some help and advice.
I have 3 endowment polices which I took out with Britannic assurance between 1989 – 1992.
I have never been contacted since the mid 90s regards the performance of the policies.
Last month I found out that these policies are now with Phoenix Group.
Having contacted them, I asked why I had never been informed as to the policies performance; they told me they had no postal address for me.
(Have lived-in my property for the last 18yrs)
I have just received the projected policies payout and its shows a big shortfall.
I know it’s my responsibility to meet my mortgage repayment , I have 4 yrs to left and this I will do.
Do I have any grounds for mis- management?
Regards
Dempsey325

opinions4u

Do I have any grounds for mis- management?

Not if you mean poor investment performance. Possibly if you mean poor administration over your address (but it does appear ot have taken you a long time to notice, so they could argue that you never gave them the chance to correct that problem). If you can show that the policies were mis-sold (i.e. not appropriate for your needs at the time of sale) you may have grounds for a complaint.

Usually such complaints would be time-barred, but as there have been no communications with you for an extended period there may be an opportunity here for you.

I'd suggest having a read of this thread and seeing what one or two of the better qualified posters on here come up with for your specific cicrumstances.

Can you think of any reason why the sale of the policies may have been inappropriate (poor investment returns doesn't count)?

dunstonh

Do I have any grounds for mis- management?

No. You didnt employ someone to do a review (like an IFA). You didnt do a review. So, the investment funds used would have remained the same as when you set them up. No mismanagement has occurred as you haven't asked anyone to manage it or haven't done so yourself.

The only potential you have is mis-sale if you were mis-sold at the start but the fact you know its investment linked suggest you understood the risk element but are just disappointed with the returns.