Endowment Question Part 1

ThePPenguin

Hi

My Wife beleives she was missold an endowment mortgage. She got the endowment through a broker. She contacted Clerical Medical about the endowment who basically said nothing can be done because we went through a broker. They did mention something about a time limit and we've done nothing since. This was in Jan 2005 and said we should complain to the Ombudsman within 6 months. We've received no communication from the broker and we didn't act back then, can we still complain ? I also notice that the endowment had quote : a Guaranteed Maturity Option, in order to ensure the required sum assured is paid at maturity. It turns out this has appeared to be a yearly review in which they say we should pay more in order that it does reach maturity. Hardly a Guarantee on their part.

Do you think we still have a chance to complain ?

dunstonh

We've received no communication from the broker and we didn't act back then, can we still complain ?

Nothing at all?

This was in Jan 2005 and said we should complain to the Ombudsman within 6 months

Who said that? You go to the FOS only if the firm you have complained to has rejected your complaint and you disagree with them or they are ignoring you. You cannot go to the FOS straight away.

We've received no communication from the broker and we didn't act back then, can we still complain ?

Did you complain to the advising firm? If not, it may be too late as CM do use the time bar.

I also notice that the endowment had quote : a Guaranteed Maturity Option, in order to ensure the required sum assured is paid at maturity. It turns out this has appeared to be a yearly review in which they say we should pay more in order that it does reach maturity. Hardly a Guarantee on their part.

Had all endowments done this and payments increased as interest rates fell, then there would not have been this problem. The option has no impact on the decision to complain or not though.

ThePPenguin

Hi

No the broker my wife got the mortgage from literally sold the endowment policy and that was the only communication we/she had from them. Funnily enough no communication on the endowment being mis-sold.

We didn't complain to them ( the broker ) as my wife thought that they'd gone under or moved as it was that long ago ( 1994 ).

It was Clerical Medical who said we should go back to the broker to complain - and not directly to them.