Endowment Mortgage Mis-sold

wigggz

Hi
Can anyone help please??????
I took out an endowment mortgage nearly 23 years ago & it is due to mature in a couple of years. Several years ago, when you were able to claim for a mis-sold policy, I applied.
Unfortunately, the company I raised this with was unable to help as our endowment policy is with the Prudential & my husband had recently been employed by the Pru, & he was trained to sell these.
As my husband, sold it to himself ( so to speak) they said we were unable to claim. But personally, I think this is totally out of order as if Endowment policies were not the right things to take out, then ;
a) My husband wouldn't have sold them &
b) he certainly wouldn't have taken one out himself.

Any suggestions, if this is worth pursuing & if so, who with??????

Thanks
Ginge

dunstonh

As my husband, sold it to himself ( so to speak) they said we were unable to claim. But personally, I think this is totally out of order as if Endowment policies were not the right things to take out, then ;

I think it would be totally out of order if it was allowed. Indeed, it could almost be fraud.

a) My husband wouldn't have sold them &
b) he certainly wouldn't have taken one out himself.

If he was trained and qualified then he cannot complain that he didnt know the risks. He clearly did take one out himself.

Any suggestions, if this is worth pursuing & if so, who with??????

No. It is totally daft. I would love to see him justify how he didnt know the risks.

kingstreet

Did he tell himself the returns on such products were guaranteed, or did he explain the returns would depend on the performance of the underlying investments and could result in a shortfall?

Annisele

I think the problem here is that the OP thinks there was something fundamentally wrong with endowment policies - but there wasn't.

The scandal wasn't really an "endowment scandal", it was an "endowment mis-selling scandal". In other words, it was the selling of the endowments that was the problem, not the products themselves - people were told the policies were guaranteed to repay their mortgages when that wasn't true.

If your husband did the selling, then it was his responsibility to make sure the policy was suitable for the two of you - there's nobody else for you to claim against. (Unless he can show that there was some sort of deficiency with the training process, and he really didn't understand the products - but arguing that you were incompetent at your job is a dangerous route to start going down).

Let_Us_See

I just had to laugh on reading the OP.

Any suggestions? Yes, hit him with your handbag! That's the only compensation you are going to get!