Endowment compensation

floorshow

My mortgage ends in August of this year and like many others there will be a shortfall. I tried to claim compensation a number of years ago after contacting Standard Life to get details of the person who sold me the policy. I had no reply from the broker and presumed it was because I had no claim.

I have been told recently that I may still have a claim but don't know if this true or not.

Does anyone know of any circumstances where I might have a claim?

Thanks.

holly_hobby

I presume this was from a cold calling firm.

Let me be honest, it is doubtful that there is any pursuable claim here, for several reasons.

1. You can not be compensated for loss of expectation i.e there is a shortfall to a non-guaranted target sum.

2. Over 10 yrs ago the industry as a whole, issued revised EMVs (estimated maturity value) illustrations - at which point, the underlying investment basis of the product was re-clarified, and if recd a notificiation of estimated shortfall, you had 3 yrs from this date to raise a complaint regardig the suitability of the product i.e you were unaware that returns were not guaranteed. Of course the raising of a complaint does not mean the justification of the same - which would be based following a review of the point of sale documentation.

3. So any complaint would now be timebarred unless there were extenuating circumstances to prevent you making your complaint.

Of which you said you wrote to the advising broker, but received no response - at which point this should have been referred to FOS (if the broker was still trading) or FSCS if he was no longer in practice.

So no, what you have been told by someone who has neither had access to your point of sales docs or full fact find, is not correct, but more of a phishing exercise to releave you of further monies ..... stay well clear they DO NOT have your best interests at heart no matter what lines they may spin !

Hope this helps

Holly

floorshow

Thanks for the reply. No it wasn't a cold call but a friend who thought I might still have claim.

Unfortunately I just presumed that as I had no reply from the broker I didn't have a claim. Standard Life originally told me that any claim would be through the broker and not through them but didn't inform me what to do if nothing happened with the broker.

Obviously I should have asked on here first.

holly_hobby

It wasn't the providers responsibility to refer you to FOS, I would certainly have chased the broker for a response though.

Holly

dunstonh

No it wasn't a cold call but a friend who thought I might still have claim.

On what basis does your friend believe you have grounds for complaint? (ignoring the fact that over 3/4 of endowments are timebarred from complaint anyway)

opinions4u

Have you asked Standard Life what their Mortgage Endowment Promise is worth to you?

floorshow

Opinions do you mean the final amount forecast on the policy or is there something else?

magpiecottage

Who was the broker?