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missold endowment ,Compensation offered

I have been offered compensation on two endowment policies :beer: and just wondered if it is worth having it double checked by the financial ombudsman.
I understand that the companies have to follow their guidelines but I just wanted to check what others thought before I close the claims.
thank-you

Comments

  • toonfish
    toonfish Posts: 1,260 Forumite
    they will have been calculated according to the prescribed formula, I wouldn't waste your time on it
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.



  • dunstonh
    dunstonh Posts: 117,962 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The provider can withdraw the offer if you take it to the FOS. If you insist on a recalculation, you could end up with less if the markets move in an upward direction.
    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.
  • They 'should' have been calculated to a formula. If they have not supplied it ask for mortgage fundamental, a printout of the calculation. Whilst this can be quite confusing you can check for amounts and dates etc to identify if it replicates your previous financial history. If it does , fine, if not then you may consider referral to fos. If you are unsure, post the deatils on here
  • turbobob
    turbobob Posts: 1,500 Forumite
    FOS can take a while to look at cases - think months rather than weeks for an adjudicators view. As said above, following re-calculation after going to FOS the compensation could decrease.
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