My endowment compensation calc - ok or not?

defender_of_the_weak

I have to say there are some really interesting postings on here. Just to clarify a few statements. IFAs never held the dominant market share, that was held by the big life companies, banks and building societies it is from them that the compensation will be payable. After 1988 many of the building societies became tied agents of major life companies and so were acting as their agents in the policy recommendation.

Pre 88 cases are not reviewed because of any response to duty of care it is because these companies and financial institutions can be taken to the Ombudsman if they fail to review them. Despite this, some of the largest building societies and even a life company that operated a direct salesforce will tell people that 'we did not provide advice on products at that time' and therefore have no case to answer.

Cases Pre 88 sold by IFAs will not be reviewed, even if the business still exists as they were not governed by any form of Ombudsman at the time and have obviously not volunteered to fall under the jurisdiction of the current regime.

To come back to the original posting, it looks like they have followed the procedures of FSA calculation. Remember you are not being penalised for paying off your mortgage early, you have saved 11 years interest payments too

sonnyflyer

Thank you Froggit and DoftW for your replies to my original post.