Miss sold endowment.

Meverett

I previously had an endowment that was under performing like most of them. I tried to claim for miss selling as was told that it would pay the mortgage off and give me a lump sum equivalent to my mortgage. my claim was unsuccessful so I cancelled it and used what money I got back to reduce my mortgage.
My question is why was there a restriction of time to claim when PPI claims seem to be going on for a few years and only now being set time limits.

dunstonh

I previously had an endowment that was under performing like most of them.

most of them didnt under perform. The vast majority paid surpluses. It was only the late ones that saw many fail to hit their target growth rate.

My question is why was there a restriction of time to claim when PPI claims seem to be going on for a few years and only now being set time limits.

You have multiple bars from complaint.

You have either 6 years from taking it out or 3 years from being reasonably aware of an issue to raise a complaint. Over 3/4 of endowments are barred from complaint under those rules (most being barred by 2007 but some as early as 2004).

You also get to complain once only and have 6 months to refer to the FOS if you disagree. If you fail to do that then its game over and any future repeat complaint can be declined as you have already complained.

Most endowment complaints did fail. Even today, the few complaints that still get seen see an uphold rate of just 25% (that is less than the FOS average across all products).