EMCAS & Endowment Re-Claim

Jagista

After being approached by EMCAS about a potential mis-sold endowment claim I'm having second thoughts due to what seems their exceptionally high rate of 37% + VAT. I have to admit it would not have occurred to me to look into this endowment as it dates from 1987 - I don't know if it was cancelled or if my ex-wife took the policy in her own right or indeed anything else about it! After a series of calls to Aegon I have been able to track down the policy number and so wanted to ask if anyone would recommend any similar company similar to EMCAS that charges a more reasonable percentage? Thanks.

dunstonh

After being approached by EMCAS about a potential mis-sold endowment claim

I didnt realise they were still going. With endowments being largely over and done with how, I am surprised they are still trying these. Over 3/4 of endowments are now barred from complaint.

I have to admit it would not have occurred to me to look into this endowment as it dates from 1987 -

1987 is pre-regulation. So, if sold via accountant, estate agent, adviser or broker, you cant complain about it. Some building societies would be exempt too. Its mainly if the bank sold it. (remember its the policy, not the mortgage).

After a series of calls to Aegon I have been able to track down the policy number and so wanted to ask if anyone would recommend any similar company similar to EMCAS that charges a more reasonable percentage?

If its Aegon, then its unlikely that a bank sold it. They didnt have a tie in with any of the main banks. Its possible one of the Scottish banks or building society may have done but its most likely it was sold by an agent/intermediary.

Can you remember who sold it to you?

You should, under no circumstances use any claims company. In the unlikely event your complaint is successful, only 50% of the redress would be payable to you as its joint. Indeed, if you assigned it to your ex wife, she could get all of it. Yet as you employed the claims company, you would be responsible for paying their bill. Even if you dont get a penny personally. They can bill against what your ex wife receives but you are responsible for paying it.

Jagista

Thanks for that dunstonh. The endowment was taken-out with Scottish Equitable (now taken-over by Aegon) and so far as I remember was sold by my then bank, TSB.


After reading your last point I definitely won't pursue the claim with any claims company!!


Thanks again.

dunstonh

The endowment was taken-out with Scottish Equitable (now taken-over by Aegon) and so far as I remember was sold by my then bank, TSB.

How long ago was this?
TSB offered TSB Life policies in the years before their takeover from Lloyds which later became LloydsTSB Life and is not Scottish Widows. TSB Life was early 90s. So, if it was a TSB clerk that arranged it, it has to be before then.

Regulation started in 1988.I don't know much about the set up of TSB prior to 90s. So, it is possible that they were an agent of Scot Eq prior to TSB Life. However, TSB Life existed in 1988. So, this suggests a sale from before that.

Jagista

Hi Dunstonh


The endowment was taken-out in June or July 1987 and having thought further about it I'm certain that TSB directed us to Scottish Equitable after setting-up the mortgage through a local TSB branch.

dunstonh

Jagista wrote: »

Hi Dunstonh


The endowment was taken-out in June or July 1987 and having thought further about it I'm certain that TSB directed us to Scottish Equitable after setting-up the mortgage through a local TSB branch.

If that was done as a suggestion and you arranged it directly with them or through a local brokers office - which many were pre April 88 - then you wouldnt complain to Lloyds.

Jagista

Thanks again Dunstonh.