Non Mortgage Endowment misselling?

carterbequest

I took out a 40 year with profits endowment in 1983 that I was sold as a risk free savings vehicle. As it is not linked to a specific mortgage am I able to still complain and seek compensation?

Tx

dunstonh

I able to still complain and seek compensation?

Ignoring the fact it is 5 years prior to regulation (and past the 15 year timebar if non-agent sold), what makes you think it is not risk free?

No option is risk free. However, a 1983 savings endowment would have tax relief on it (LAPR) and have bonuses which once added cannot be taken away as well as the variable bonus. For that era, it is a cautious investment.

TO complain about it being mis-sold before regulations even started is going to be hard. To complain after 30 years about the sale, even harder. To claim you didnt want it will be near impossible. Also, almost certainly it has outperformed cash. So, you would be complaining that you want to get less. Indeed, they may well uphold your complaint and pay you less as it would save them money.