Mis sold endowment claim expired?

Mark300zx

I surrendered an endowment about 7 years ago as it wasn't growing and wondered if the expiration date for making a claim has expired?

opinions4u

Probably. Depends on the company.

If you knew it wasn't performing the company had presumably already told you, so almost certainly several years past the time bar.

withabix

Are you sure they didn't compensate you when you surrendered it?

I surrendered a LloydsTSB endowment 10 years ago and received a second cheque a few months later out of the blue as compensation for the underperformance.

Mark300zx

No compensatory cheque received

dunstonh

The FSA ruling on timebars is that you have 6 years from the start of the policy or three years from being reasonably aware of a problem to make that complaint (whichever is the later). The 6 year rule rarely applies but the 3 year one is used in most endowment complaints.

So, using the 3/6 rule, you would be timebarred. That also assumes you were not timebarred through the other method which is where endowment providers told you that you had a high risk of shortfall. You had three years to make a complaint from the first official notification. Most of these went out between 2002-2005.