Endowment Complaint to FSA...Time Limit ?

elephant_guy

Hello All

I have a 20 year endowment which is due to end in 2 years time. There is due to be a £5000 shortfall when it matures.

In 2002 I complained to the Halifax who had sold me the Standard Life endowment policy. Despite the fact that I was a single person at the time of the sale of the endowment, with no dependants, Halifax refused my mis-selling complaint point blank.

I was unsure whether I could complain to the Financial Services Authority following the Halifax refusal at the time and have recently heard that endowment complaints to the FSA must be within a 6 month period of the decision by the bank/endowment company.

Is this true ?

Will the FSA really refuse my appeal if I now send it in to them ?



Any information or advice from people who have had a similar problem would be greatly appreciated.

Elephant_Guy

Froggitt

Im fairly sure you must appeal within 6 months.....however no harm in trying.

dunstonh

I would also verify that there is a real shortfall. The Long term Standard Life plans i have seen maturing at present are over achieving target although projections before have shown shortfalls. This is mostly down to what appears to be the surrender value being used to project from and no terminal bonus being included. In some cases, the guaranteed sum assured and annual bonuses already added exceed the 4% projection figure which isnt possible. The projection system is a little flawed at times.

scottishlizzie

6 months is the time limit unless you can show exceptional circumstances.

Milarky

And I think you'll find that's the 'FSO' [Financial Services Ombudsman] rather that tne 'FSA' [Financial Services Authority] who simply 'regulate' companies and give out occasional information to all their victims [erm, I meant 'customers'!]