can a PEP mis-sell get compo similar to an endownment?

ellives

I took out a PEP from Nationwide in 97 rather than an endownment.

The performance is poor - less than 50% of original £70k is currently forecasted.

I have recently written to Nationwide who are investigating - just wondering:

- after this much time can it still be considered? AND
- will they consider it in the same vein as a misold endownment?

Thanks, in advance.

dunstonh

It can be classed as a mis-sale although due to lower charges and not being with profits, you may have missed the boat as you should be back in surplus position by now in real terms.

ellives

dunstonh wrote: »

It can be classed as a mis-sale although due to lower charges and not being with profits, you may have missed the boat as you should be back in surplus position by now in real terms.

Hi

Thanks for the response - actually, it is not quite worth the money paid in and as for an income generator, it is forecast to be worth 50% of what it was designed to cover.

Is this a significant factor in calculating a mis-sale value?

dunstonh

Thanks for the response - actually, it is not quite worth the money paid in and as for an income generator, it is forecast to be worth 50% of what it was designed to cover.

Some of these early versions (as as yours started as a PEP, it would be classed as one had higher charges and took a number of years to break even. Then you had the benefit of the stockmarket crash (which is a benefit for those in the early years). So, you wouldnt expect it to break even until 7-10 years. They do go up in a curve.

Is this a significant factor in calculating a mis-sale value?

Performance is not something you can complain about but if a complaint was upheld, obviously it would have an impact on working out how much you were due redress.

EdInvestor

Do be aware that you cannot claim on the basis of poor performance.The normal grounds are failure by the salesman to match the product with your attitude to risk.But see the Which site for more detail.