Legal req on Endowment Information

Rabiddog_2

I have searched the forums and have not seen any information on this topic.
What is the requirement for an endowment company to update a customer about their investments? I have had an endowment with crusader /alba /britannic /Phoenix for about 17 years and have only recently received any information on how my policys are doing.. basically the FSA warning letters. Am I right in thinking that they have been negligent in not providing me with yearly updates.

Also, as these are unit linked policys I will not be able to sell them on the TEP market??

dunstonh

What is the requirement for an endowment company to update a customer about their investments?

For ordinary branch policies, an annual statement is required with further information about the investment funds available upon request. For industrial branch policies (typically those sold before 1995 with premiums under £50pm) there is no requirement to provide statements.

Am I right in thinking that they have been negligent in not providing me with yearly updates.

Not if they are IB policies.

Also, as these are unit linked policys I will not be able to sell them on the TEP market??

Correct. The upside however is that most 25 year unit linked endowments are expected to hit target.

Rabiddog_2

These were sold to me by Merretts from Centrepoint One is for more than £50 per month and the other is for less..

The upside however is that most 25 year unit linked endowments are expected to hit target.

This is the most shocking thing of all!