Help!!! Endowment problem

spadge999

Hi I lodged a complaint to the Ombudsman regarding my endowment which I took out in 1997. It was referred to a company who were dealing with complaints for the group it is responsible for, they are called Sesame. I filled out their forms and sent the away. Got a phone call from Sesame, basically they told me that my complaint would probably be upheld because I was earning enough at the time to cover any shortfalls! I was given the impression in '97 that my endowment would over perform and that indeed I would walk away with 20k in addition to my mortgage being paid off.(this is what a 'financial advisor' told me....I was young and impressionable!)
With 10 years left it is due to fall short by at least 25k. Can I go back to the Ombudsman if Sesame uphold my complaint.
Anyone else had a similar experience???

kingstreet

Upheld means they agree you were wrongly advised. If they reject your complaint, or you're not totally happy with the outcome, you can then take the matter to the FOS.

Have you had your final outcome letter from Sesame?

holly_hobby

Yes, as Kings states, you will need to have recieved your final decision letter from Seasame before you put it to FOS.

HOWEVER ... from reading your posts, this appears to be a complaint regarding loss of expectation i.e the policy returns not achieving what the illustrations projected (using standard prescribed rates of return).

If so, you will find that you complaint is rejected.(unless you have documentary evidence which infers or gives, a guarantee of the target sum at maturity).

If however, the risk profile of the contract was unsuitable to your (mortgage) attitude to risk, then you may well have grounds for a FOS referral and possible success.

This is all assuming you are not timebarred (re time between indication the policy was unsuitable to you and when you raised the complaint which is 3 yrs).

Hope this helps

Holly

dunstonh

they told me that my complaint would probably be upheld because I was earning enough at the time to cover any shortfalls!

That sounds more like a reason to reject it than uphold it. Did you mean reject rather than uphold?

Can I go back to the Ombudsman if Sesame uphold my complaint.

Why would you want to do to the FOS if they uphold your complaint? (hence why I think you are getting it around the wrong way)

.I was young and impressionable!)

No you were not. You were an adult who was buying a house.