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Should I pursue this with EMCAS?
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ITBarbie
Posts: 23 Forumite


Hi
I have been bugged by EMCAS regarding making a claim against a miss sold endowment.
In 1997 I had a meeting with a rep of Canada Life who sold me a savings endowment with the intention of having a lump sum after 18 years to put my son through UNI etc. Of course the projections were great but have seriously not met the expectations. The policy is still running and I am making payments.
They say I have a valid claim for being miss-sold. I also had 2 endowments with RSA (Phoenix now) for my old Mortgage taken out in 1992 and 1996 and they say to claim on those as well. I did contact RSA approximately 8 years ago on their complaint system and the processed it and brushed me off and told me that they were sold correctly. I cashed the policies in in approximately 2001
My question is in light of what has been said should I proceed with EMCAS as I am interested in your views?
Many thanks for reading
I have been bugged by EMCAS regarding making a claim against a miss sold endowment.
In 1997 I had a meeting with a rep of Canada Life who sold me a savings endowment with the intention of having a lump sum after 18 years to put my son through UNI etc. Of course the projections were great but have seriously not met the expectations. The policy is still running and I am making payments.
They say I have a valid claim for being miss-sold. I also had 2 endowments with RSA (Phoenix now) for my old Mortgage taken out in 1992 and 1996 and they say to claim on those as well. I did contact RSA approximately 8 years ago on their complaint system and the processed it and brushed me off and told me that they were sold correctly. I cashed the policies in in approximately 2001
My question is in light of what has been said should I proceed with EMCAS as I am interested in your views?
Many thanks for reading

0
Comments
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Firstly what is the grounds for your complaint? You mentioned that you were expecting a surplus but was this ever guaranteed? Were you aware of the risks associated with your investment? Just because it is going to fall short doesn't mean you can complain.
You may find that its too late to complain about your endowment now as there is something called "time barring" which basically meant that you had 3 years to complain from when you became aware there would be a shortfall. For most people this meant when they received a "red letter" from their insurer. When did you get your letter informing you that the endowment may fall short of its projected value?
If you do decide to proceed with your complaint, do NOT use EMCAS or any other claims management company. Look on this forum and others and they will tell you how to complain to Canada Life and if Canada Life don't deal with your complaint satisfactorily then how to complain to the Financial Ombudsman Scheme0 -
I have been bugged by EMCAS regarding making a claim against a miss sold endowment.
The come up frequently on this board. Usually as a result of cold calling giving people a load of BS reasons why they can still complain even though they cant.They say I have a valid claim for being miss-sold.
On what basis as nothing you have said indicates any wrong doing.
Remember that these cold callers are sales reps trying to earn a commission for you to make a complaint. They are not qualified and are not authorised to give advice on these products. Most cant tell the difference between products but get away with that because the average consumer cant either.I also had 2 endowments with RSA (Phoenix now) for my old Mortgage taken out in 1992 and 1996 and they say to claim on those as well. I did contact RSA approximately 8 years ago on their complaint system and the processed it and brushed me off and told me that they were sold correctly. I cashed the policies in in approximately 2001
That just verifies the rubbish you have been told by EMCAS. You can make one complaint. If you get the outcome and you disagree with that then you get 6 months to refer it to the FOS. If you dont then the complaint ends there. You dont get a second bite of the cherry years later.My question is in light of what has been said should I proceed with EMCAS as I am interested in your views?
Only if you want to be conned.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 -
You can not be compensated for loss of expectation.0
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Hello
Thanks so much for your prompt reply. I had the conversation with EMCAS that I felt uncomfortable claiming as I would have been foolish if I misunderstood what the word projection and the potential pit falls meant and to be honest it seemed morally wrong trying to claim but they said the usual.
I had read the time barring and I believe it would apply in my case. I don’t think this is something that I should pursue.
Thanks for your help0
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