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Endowment claims - endowment taken out before law changed.
nelly2shots
Posts: 4 Newbie
Hi everyone
Please can anyone help!!!
I am new to this site but I have already found it an amazing wealth of info. One thing I cannot find is how to make a claim on the miss selling of endowment policies if the endowment was taken out before the law changed in the late 1980's. We took our endowment out in early 1988 and like many people we were promised that not only would the mortgage clear but there would be pots of money left over to buy say a new car. Anyway, with the endowment vastly under performing I have tried make a claim but I have been informed that because my policy was taken out before the new regulations came into force, I cannot claim on the miss selling of this.
Has anyone else encountered this problem and if so did you manage to get a claim in or did you just resign yourself to not getting your deserved compensation?
I really would like some advice on this so please can any one out there help.
Many thanks in advance.
Regards
Nelly2shots
Please can anyone help!!!
I am new to this site but I have already found it an amazing wealth of info. One thing I cannot find is how to make a claim on the miss selling of endowment policies if the endowment was taken out before the law changed in the late 1980's. We took our endowment out in early 1988 and like many people we were promised that not only would the mortgage clear but there would be pots of money left over to buy say a new car. Anyway, with the endowment vastly under performing I have tried make a claim but I have been informed that because my policy was taken out before the new regulations came into force, I cannot claim on the miss selling of this.
Has anyone else encountered this problem and if so did you manage to get a claim in or did you just resign yourself to not getting your deserved compensation?
I really would like some advice on this so please can any one out there help.
Many thanks in advance.
Regards
Nelly2shots
0
Comments
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As you say, if the policty was arranged pre-regulation then generally you are not covered. You can not have been mis-sold under the current legislation as the rules were not in place at that time.
Some companies have reviewed older endowments, but the vast majority won't I'm afraid.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It would be like trying to prosecute someone now for driving their car at 100mph in 1960 when there was no speed limit at that time.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It depends who sold you the policy. IFAs, insurance brokers and estate agents will usually not deal with any complaints, and thus you can go no further, but if the person who advised you was tied to a big bank, building society or insurance company, they will normally look at the complaint on a voluntary basis.Trying to keep it simple...
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Thanks toonfish
It does seem to be as I expected. I can't do anything about it apart from hope the endowment comes somewhere near wjat it should.
Cheers
nelly2shots0 -
Thanks dunstonh
I didn't think I could do anything but I thought I'd ask.
Cheers
nelly2shots0 -
Hi EdInvestor
The guy was an independant FA so I know I won't realy be able to take this any further.
Cheers
nelly2shots0
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