Endowment compensation

ScotJet

Sorry if this has been covered previously but I would appreciate some help if you can.

I have had an endowment policy with Legal & General fro last 20 years and they have reported a major shortfall on it's maturation.
I concede that I did receive letters from Legal & General alerting me to this over time but when I wrote to them to complain I was told that I had missed the window to claim compensation from them and that was the end of the matter.

I feel this is grossly unfair in that I may not be the most efficient at book keeping or looking after affairs I should have; I have seriously disabled child and raising him has been my main focus in the past 16 years.

Can anyone tell me is there nothing that really can be done for the miss selling of this policy?
Thanks for your help.

dunstonh

I feel this is grossly unfair in that I may not be the most efficient at book keeping or looking after affairs I should have;

The reason the regulator has set timebars for complaint is
1 - to stop people who dont really feel they have a reason for complaint trying it on many years after the event.
2 - to allow an issue to have a final date
3 - to stop people from hedging their bets (i.e. waiting to see what comes out best and complaining with retrospective knowledge).

In your case, you would have known for around 15 years that a shortfall was projected.

Can anyone tell me is there nothing that really can be done for the miss selling of this policy?

You are well and truly timebarred under both the 3 year and 6 year rules. Unless L&G volunteer to waive the timebar then its game over.

The rules do allow for the timebar to be overruled when there is a justifiable reason. This is detailed as incapacity or death of a close family member. However, both of those things are relatively short term. With 10-15 years, you are not likely to have anything to be able to persuade them to overrule the timebar.

Sorry, its not what you want to hear but nothing you have said indicates any reason why L&G would waive the timebar.

ScotJet

dunstonh wrote: »

The reason the regulator has set timebars for complaint is
1 - to stop people who dont really feel they have a reason for complaint trying it on many years after the event.
2 - to allow an issue to have a final date
3 - to stop people from hedging their bets (i.e. waiting to see what comes out best and complaining with retrospective knowledge).

In your case, you would have known for around 15 years that a shortfall was projected.



You are well and truly timebarred under both the 3 year and 6 year rules. Unless L&G volunteer to waive the timebar then its game over.

The rules do allow for the timebar to be overruled when there is a justifiable reason. This is detailed as incapacity or death of a close family member. However, both of those things are relatively short term. With 10-15 years, you are not likely to have anything to be able to persuade them to overrule the timebar.

Sorry, its not what you want to hear but nothing you have said indicates any reason why L&G would waive the timebar.

Many thanks for your help.
I still feel it is unfair especially regarding my personal circumstance, I did claim about 5 years ago but this was clearly outside their parameters.