mortgage endowment query

sikipoo1

advice please. someone I know cashed in their endowment policy and is now on a repayment one. they didn't claim any money back as being missold, even though I believe they were. the financial; advisor they used is now dead and was a sole trader. is it too late to claim?
thanks.

dunstonh

they didn't claim any money back as being missold

Most people didn't as they were not. Plus, even when they did, the uphold rate was only around 1/3rd (more for banks/insurers but less for independents). You mention the adviser is dead and was a sole trader. So, this puts them in the class where complaint rates were low.

They had three years to complain from being reasonably aware of an issue. That date would be around the point they surrendered. If they surrendered before 2001, then chances are they were better off.

The endowment issue is generally considered over. However, if it was bought after August 1988 and they think they can justify why they did not complain earlier, they can raise a complaint to the FSCS. However, they shouldnt hold their breathe as the FSCS do use timebars and require a stronger level of evidence than say the FOS would.