Any advice greatly appreciated!!!!!

kaykay_2

I just wondered if anyone could give me some advice about my endownment. We have received one lot of compensation last year for an endowment taken out in 1993, but the second one we have was taken out in October 1999. We took out a further endowment because we already had one and whether there were any warnings around at that time we were oblivious to them. We arranged our mortgage though a small local broker/estate agent, our policy is with Standard Life - i have no recollection of him discussing pitfalls low maturity values at all. We gained compensation through a claim company and when they made their assessment for both the endowments said they would take on the first and not the second local broker one. Have we left it too late to claim, is there any point in pursuing the second compensation claim????
Hoping some one somewhere knows something!!!!!
Kaykay

Mr_helpful

What evidence do you have second one was mis sold? It may well have been but Im sure documentation was much better in 1999 compared to 1993 and the IFA should have documentary evidence of the sale and as you say you were oblivious to what was said you are going to find it hard to fight

kaykay_2

Thanks for your reply. I will look at my documentation. What sort of things should i have been looking for???

Mr_helpful

Basically lack of projections showing possibility of shortfall or anything that shows your risk rating was no right. If unit linked there must be a warning that units could fall as well as rise.
Just because it didnt perform as well as you expected doesnt make it mis sold so you have to demonstrate a reason that you should not have been sold it. Not always easy.

JoeK_3

kaykay wrote: »

I just wondered if anyone could give me some advice about my endownment. We have received one lot of compensation last year for an endowment taken out in 1993, but the second one we have was taken out in October 1999. We took out a further endowment because we already had one and whether there were any warnings around at that time we were oblivious to them. We arranged our mortgage though a small local broker/estate agent, our policy is with Standard Life - i have no recollection of him discussing pitfalls low maturity values at all. We gained compensation through a claim company and when they made their assessment for both the endowments said they would take on the first and not the second local broker one. Have we left it too late to claim, is there any point in pursuing the second compensation claim????
Hoping some one somewhere knows something!!!!!
Kaykay

The reason that your claim company backed off is that brokers are notorious at fighting these compensation claims and the claims companies’ cherry pick the easy ones for a quick turnover of profit.

Go on to the which website and find the section that deals with endowment complaints. There should be a template complaint letter for you to use against the broker.

There are many reasons for you being compensated and this ranges from lack of documentary evidence to not assessing your risk profile.

Hope this helps

JoeK

kaykay_2

Thanks for the useful advice really appreciated!!!
Kaykay