Endowment Shortfall - Time Limits

Popsicle64

Can anyone help me re. endowment shortfall and time limits.

I purchased an endowment policy in January 1988 through a broker. My endowment policy is with Norwich Union (now Aviva).

What is the time limit for claiming as I was definintely missold this policy and if the time limit has passed is it still worth me trying to claim.

Many thanks


O

holly_hobby

Firstly you are unable to make a complaint for loss of expectation i.e you are unhappy that the policy won't make what you hoped it would/give you a surplus to the target figure on maturity.

Further to which, your policy was purchased before the introduction of the FSA87 (A Day) - which came into play April 1988.

Prior to the introduction of the act the adviser did not have to demonstrate best advice in selling you the product - which in essence means they did not have to ensure that the policy was suitable and affordable to your requirements and financial circs. Although they could not make any mis-leading or false statements to describe the policy either.

Low cost endowments (mortgage endowments) have been in real free fall for about 10 yrs. I would therefore wager that during this period you have at least 2 red letters (i.e advising of a possible shortfall on maturity), meaning (quite apart from the issues surrounding pre A day sales) that you will unfortunately find yourself out of time for complaining on this regardless.

Sorry ... but hope this helps in you knowing your position if nothing else !

Holly

Popsicle64

Thank you, much appreciated