friends provident endowment

alan452

hi all

i was wondering if anyone could give me any advice..

i took out an endowment policy with friends provident when i bought a house in 1993, i sold the house in 2001 and decided to cash in the endowment, i recieved a much reduced sum if i recall. Am i still liable to claim for compensation? i was aware at the time that the endowment would have matured with a shortfall. My brother recieved compensation a year later, he took out a similar endowment with FP but kept his on and changed to a different type of mortgage to cover the shortfall.

thanks guys, any advice would be gratefully recieved

Alan:)

dunstonh

Am i still liable to claim for compensation?

You have three years from the first notification of a high risk of shortfall (you said you were aware of that and thats long gone). If that didnt apply, you have 6 years to make a complaint from the date of surrender. So, you have past that.

In 2000, most endowments were only in a paper shortfall position due to a change in the illustration rates (i.e. they were achieving target growth rates but not the revised illustrative growth rates). It was only the events of the dot.com bust, sept 11th and US accountancy failures that pushed most endowments into shortfall by 2002. So, you were probably a bit premature in surrendering if you wanted to get redress.

alan452

thank you very much