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kimhelen
Posts: 4 Newbie
Hi
When people are claiming compensation for miselling of endowment policies, what happens to the policy ? Is it cancelled? I have assumed that is the case and this is one of the reasons I have not applied for compensation.
Due to ill health I would find it difficult to obtain replacement cover.
As a former Building Society Manager I sold endowment policies, we did not receive commission or bonuses just a salary. Our training was so effective we genuinely believed endowments were the best and I still have paperwork from my employer stating this. I actually cashed in a repayment to take an endowment mortgage instead! I have considered claiming but am pretty sure that my former employer would refute the claim stating that I would have been aware of the risk. All we were ever shown were documents and paperwork showing that not only was the mortgage paid off but you could expect a lump sum as well. I can safely say the majority of my collegues were genuinely convinced of the benefits and thats why they sold these policies.
When people are claiming compensation for miselling of endowment policies, what happens to the policy ? Is it cancelled? I have assumed that is the case and this is one of the reasons I have not applied for compensation.
Due to ill health I would find it difficult to obtain replacement cover.
As a former Building Society Manager I sold endowment policies, we did not receive commission or bonuses just a salary. Our training was so effective we genuinely believed endowments were the best and I still have paperwork from my employer stating this. I actually cashed in a repayment to take an endowment mortgage instead! I have considered claiming but am pretty sure that my former employer would refute the claim stating that I would have been aware of the risk. All we were ever shown were documents and paperwork showing that not only was the mortgage paid off but you could expect a lump sum as well. I can safely say the majority of my collegues were genuinely convinced of the benefits and thats why they sold these policies.
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When people are claiming compensation for miselling of endowment policies, what happens to the policy ? Is it cancelled?
Depends on the reason you are complaining.
A pre-sold endomwent will often be voided. A attitude to risk complaint will not.As a former Building Society Manager I sold endowment policies
Surely that is the reason you havent complained.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
have you watched the film 'the matrix' out of interest ?? perhaps this is a lesson in the dangers of 'corporate brainwashing' ?remember always -'' life shrinks or expands in proportion to ones courage''0
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