Can anyone help re being mis-sold endowment

emmamed

I am trying to find some info out for my mum. years ago she took out an endowment mortgage, as many ppl have been told her plan isnt worth as much as it should. the problem she has is the broker who sold her the policy is no longer trading and the company who the endowment is with say its not there fault and she cant make a claim. does anyone know what she cant do, is there anyway of getting compensation? thx

dunstonh

The endowment company is not at fault. The complaint is with the advising company. If she took the endowment out after Aug 1988 (assuming the company wasnt a LAUTRO member or solicitor) then she could complain to the Financial Services Compensation Scheme. They will spend the next 18-24 months looking into it.

She does need to be aware that the majority of endowment complaints are now time barred. This saga is dwindling down now. She may have left it too late. It is three years from being notified in the statement that there is a high risk of not hitting target. Most of these went out in 2003.

She may not yet be time barred but she needs to check if she can still complain. She would also need to be aware that the amounts being paid today are much lower or nothing at all compared to a few years ago. The stockmarket recovery has seen many endowments getting back on track again.

Who is the endowment with?