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Endowment issue
sebbie
Posts: 1 Newbie
I purchased an endowment policy on 10th August 1988. I understand that the company who sold me the policy is no longer in business. I have been told by the FCS and FSCS that I cannot get compensation as the compensation scheme started on 25th August 1988 ie 15 days after I took out my policy! What can I do? Has anyone else had this issue and had any success?
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Comments
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What can I do?
nothing
plenty have. there is nothing you can do.Has anyone else had this issue and had any success?
It is a line in the sand. If you are on the wrong side of the line, then there is nothing you can do about it.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 -
Why have you waited until now to take any action?0
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It wasn't compensation anyway. It was putting you back in the position you would have been in if you had taken out a repayment mortgage.
If you took it out in 1988, surely it must be nearly time for maturity.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
If you took it out in 1988, surely it must be nearly time for maturity.
Good point. In 1988, 25 years or less was typical. 25 years would have seen a 2013 maturity.
There is also the issue of the time bar. Most endowments were timebarred from complaint by 2009. (some as early as 2004).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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