MIss sold endowment as an investment

Alan_Beard

Hi


Back in 1994 I was sold two policies by general portfolio which I think are effectively endowment policies, they were called select investment plan and maximum investment plan.


I was not buying a house at the time and was single with no dependants. I was told that even though the policies had life insurance that I didn't need they were the most appropriate savings vehicle for me; I think the guy said that all of this type of policy include life insurance and if I went to another type there would be more tax to pay and the tax would be more the life insurance costs.


In addition to this, I also had life insurance with my work, which would have just gone to my parents anyway and I certainly didn't need any more.
Is this a case of miss selling?


Thanks


Alan

AnotherJoe

Doesn't really matter, surely you must be well past any sort of deadline for compensation.
And since there was no mortgage associated with it, you can't claim it was inadequate to repay that.

dunstonh

Dont mistake MIPs for mortgage endowments. They are not the same.

Is this a case of miss selling?

Nothing you have said suggests any mis-selling.

What level was the life assurance? was it just a nominal amount to get it to qualify under the life assurance tax wrapper?

amnblog

Savings plans with life insurance element purely for the tax benefit, not plans that need to be supporting mortgages.

You have no claim on these.