Endownment - have i got a claim?

vtmil

Hi, i wonder if you can give me some advice.

My mum brought an endownment from Royal Guardian( or something like that, havent go the papework yet) in dec of 1991.

She wasent advised of the shortfall and was told it woul pay off her mortgage and leave her with a lumpsum.

However she cashed it in feb 2004 for 4000 pounds after being told it wouldn't mature to the value of 29 000 pounds, but just 12 000 pounds. (we wre struggling at the time so it had to be cashed in).

has she a claim or is it void because she sold it? I cant find the answer!

Thankyou

Vicki

dunstonh

has she a claim or is it void because she sold it? I cant find the answer!

She can still complain but could be timebarred. Obviously she was concerned about it enough to surrender and three years from that point would be up in February meaning it is likely to be time barred in a few weeks. It could already be time barred if she sent in the request in January as its the point you become aware that matters (maybe a Dec 03 letter from the provider?)

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/50/time-bars.htm

I dont know how Guardian are on the time bar front though as it depends on the insurer (was Guardian Royal Exchange but became Guardian FInancial Services, now owned by Aegon).

Also, the complaint needs to go to the firm that sold the policy if it was an IFA, accountant or solicitor. If it was bought from a GRE sales rep (dont know if such a thing existed or not) then you complain to GRE.

vtmil

thanks for that just found the paperwork so ill get it moving. Thanks again