Mis Sold Endowment

caroline_keep

Hi I wonder if someone could help me?






My Mum and Dad are OAP's There endowment is due to mature in November this year, and has a short fall thirteen thousand.
I have complained to FOS that they have been mis-sold but was told that they could not do anything as the company that originally sold the policy does not exist- (Lister -LIB)so we then tried FSCS-still they cant help either. They was mis-sold this policy and have no other mortgage in place. Is there anyone else I could try for them.. Many thanks in advance. Caroline

dunstonh

Is there anyone else I could try for them.

No.

You should complain to the firm first. The FOS can only look at firms currently trading and have assets. The FSCS can only look at firms that are no longer trading but were regulated by the FSA or PIA (not Lautro unless the firm later fell under the PIA). the sale would have to be after August 1988 as well.

if none of those apply then its game over.

A shortfall is not actually grounds for complaint anyway. most endowment complaints resulted in failure it was a significant minority that were upheld. However, even the firm still existed now, chances are they were timebarred from complaint many years ago as you have three years from the first notification of a high risk of a shortfall. Most of those went out in 2003/4 and by 2007/8 the majority of endowments were timebarred from complaint.

caroline_keep

Hi Many thanks for your help!
It just seems totally unfair that they was told at the beginning they was told the endowment would cover the mortgage and also a lump sum in their pockets at the end of it.
The company no longer trade who sold this but what gets me is they are still paying this so surely someone has to take responsibility of a mis - sold policy! Oh well! I've tried for them.. thank you..