Endowment Compensation question

robcro

Hi , i have three endowement policies , 1st taken in 1994 , time barred , 2nd taken in 1996 , currently being assessed , 3rd taken in 1999 complaint upheld :j . All policies designed to payout in 2019. when we took the 3rd endowment it was for a 20year term and increased the endowment premiums to £251 per month. Our complaint was that we were never advised that if we have converted all our mortgage to repayment the total cost per month was actaully the same (within a couple of £'s) and had no risk and the term would be the same and the mortgage would be completely paid off. We will obviously get compensation on this 3rd policy , but my view is that the financial advice we received in 1999 directly effected our decision to continue with the earlier policies which are also predicting a short fall and compensation should take into account other policies effected by the advice given, any body have any views/experience

dunstonh

Was the advice in 1999 tied or independent?

If tied, the complaint wont get you anywhere. Tied agents are not authorised to discuss other providers products and whether or not they are suitable (beyond ineligbility).

If independent, did you ask for a review on the existing policies or not?

robcro

it was a company discounted mortgage , with financial advice provided by their insurance arm , all endowments are with the same company, seemed to be the norm to sell the endowment as the best option