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Told it would under perform!
burley_2
Posts: 2 Newbie
My brother has written to his Endowment provider, asking for consideration to be given to the underperformance of his policy.
He has received a reply saying that he has been sent various letters to confirm that it is not expected to provide the projected amount at maturity.
This he accepts, but would like to point out to them that it is the fact that he was sold it on the basis that this was the best option for him. Had the pitfalls been pointed out to him at the time, he would have gone for a repayment mortgage which is what he has since changed to keeping the Endowment as an investment???
The letter suggests that he contact the Financial Ombudsman? if he is not happy with their response.
Is it worth him doing that??
He has received a reply saying that he has been sent various letters to confirm that it is not expected to provide the projected amount at maturity.
This he accepts, but would like to point out to them that it is the fact that he was sold it on the basis that this was the best option for him. Had the pitfalls been pointed out to him at the time, he would have gone for a repayment mortgage which is what he has since changed to keeping the Endowment as an investment???
The letter suggests that he contact the Financial Ombudsman? if he is not happy with their response.
Is it worth him doing that??
0
Comments
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Hi
When did he switch to a repayment mortgage?
Endowment shortfall has been advertised almost to saturation point so it may be that the Financial Ombudsman is now the last option if the Insurance Company concerned will not consider your brothers claim.
It cant do any harm but it might take a while as they are very busy0 -
Investment returns are not something that you can complain about. The FOS will reject the complaint as well if that is the issue being complained about.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
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hi
http://forums.moneysavingexpert.com/showthread.html?t=140557
Further reading re endowment shortfall from this site.0
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