endowment mis sold

buljot

I am hoping you can point me in the right dtrection regarding my endowment policy.
25 years ago I took out a policy to cover mortgage with Sun Alliance, since then the company has changed hands and we now pay in to Phoenix.
We have recently been informed that there will be a shortfall of £12000 pounds, can I claim from anybody.
Hoping you can help

kingstreet

Is this the first time the potential shortfall has been highlighted to you?

dunstonh

We have recently been informed that there will be a shortfall of £12000 pound

Shortfall projections have been going out since around 2001. So, its difficult to refer to them as recent. This is why most endowments are now timebarred from complaint.

You have 6 years from commencement of the plan or 3 years from being reasonably aware of an issue to make a complaint (whichever gives the longer timescale). If you don't then the company can timebar you from complaining. The 6 year rule rarely applies. However, the 3 year rule is frequently used with endowments. With most shortfall projections going out in the early 2000s, most providers have been able to timebar complaints by 2008/9.

There are still some that are not timebarred.

can I claim from anybody.

Having a shortfall is not a reason to complain. That was always a possibility. So, what would your complaint reasons be? Are you timebarred? (you can ask the provider if you dont know or you can check your past statements. The typical measure to allow the clock to start ticking is the mid rate projection showing a shortfall)