Standard Life endowment misselling?

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I had a Standard life endowment policy taken out in 1987 as part of my mortgage. I sold the policy when it was clear that it wasn't going to cover our mortgage, or give us a lump sum as promised.
I recently received a call from a company called Evergreen Law who want to make the claim for us. They seemed to know a bit already about our situation. Should we let them do it? I always thought it was too long ago to claim? Anyone else heard of this company? I know they will obviously take their cut. I have a lot of the original paperwork.
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  • dunstonh
    dunstonh Posts: 116,623 Forumite
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    They seemed to know a bit already about our situation.

    They shouldnt do as your data is not in the public domain. So, either they were making it up (some are clever at wording to get you to release info in conversation without realising you are doing it) or they hold data on you unlawfully.
    I always thought it was too long ago to claim?

    It is. Multiple issues here
    1 - regulation started April 1988. You bought in 1987 - so before regulation.
    2 - you have 6 years from commencement or 3 years from being reasonably aware of an issue to raise a complaint. Both rules need to be satisfied together. It is more than 6 years ago from purchase and its more then 3 years from when you sold it. So, it can be timebarred from complaining even it is was post regulation.
    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.
  • ceewash
    ceewash Posts: 1,341 Forumite
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    Yes this is what I always thought. Why would this company be interested in taking the case then?
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    ceewash wrote: »
    Why would this company be interested in taking the case then?
    You are reading too much into it.

    This company just want to sign you up as a potential cash cow.

    They can't know in advance that you are somehow a cast iron certainty for redress.

    If you are going to complain , do it alone-but expect nothing and you won't be disappointed
  • dunstonh
    dunstonh Posts: 116,623 Forumite
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    ceewash wrote: »
    Yes this is what I always thought. Why would this company be interested in taking the case then?

    The telephone caller is a salesperson with targets to get people signed up. They operate in a really heavy sales environment where the winner for the week gets rewards the worst gets forfeits and consistently bad get sacked.
    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.
  • philharnott
    philharnott Posts: 17 Forumite
    edited 29 September 2018 at 6:53PM
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    The six year time limit may be appropriate but the three year time limit is from when you knew or reasonably could have been expected to know that you had a problem. The 3 year period is not within the six nor is it added to the six - but could be if problem was realised within this period. The event/commencement was more than 6 years back and if it could be determined that you knew or could reasonably have been expected to have known, say 5 years ago, then the complaint would be out of time. If you realised only when a company contacted you earlier this year then you might be in time. Did the company that contacted you mention time limits? You could put that to them to see what they say but also put it to the FOS.
  • societys_child
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    You could put that to them to see what they say but also put it to the FOS.
    This thread dates back to January, 9 months ago,, just maybe they're a little bit late to refer to the FOS?
  • antrobus
    antrobus Posts: 17,386 Forumite
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    ceewash wrote: »
    ...
    I recently received a call from a company called Evergreen Law who want to make the claim for us. ...

    You should certainly complain about Evergreen Law.

    They are regulated by the SRA.
    http://solicitors.lawsociety.org.uk/office/592536/evergreen-law-ltd

    SRA rules ban cold calls.
    http://www.sra.org.uk/documents/code/rule-7-publicity.pdf
  • dunstonh
    dunstonh Posts: 116,623 Forumite
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    edited 28 September 2018 at 9:03PM
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    The six year time limit may be appropriate but the three year time limit is from when you knew or reasonably could have been expected to know that you had reason to complain.

    Not quite. It is 3 years from being reasonably aware of an issue. Not when you know you could complain. I suspect that is what you mean but some may read at as "i didnt know I could complain".
    This 3 year period is not within the six nor is it added to the six.

    Technically it can be within the 6. i.e. if you became aware of an issue in year 3.
    Regulation was in place before April 1988

    no it wasnt.
    Special rules apply for endowment related complaints/time limits and the FOS may choose to ignore these and investigate and make a decision using general legal principles that applied at that time.

    No there are not. Companies at the time had the choice to volunteer to accept complaints on pre-regulation basis. The banks and insurers did but advisers, brokers, estate agents, solicitors and accountants did not. The FOS has no power to look at those cases.
    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.
  • Nasqueron
    Nasqueron Posts: 9,016 Forumite
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    The six year time limit may be appropriate but the three year time limit is from when you knew or reasonably could have been expected to know that you had reason to complain. This 3 year period is not within the six nor is it added to the six. The event/commencement was more than 6 years back and if it could be determined that you knew or could reasonably have been expected to have known, say 5 years ago, then the complaint would be out of time. If you realised only when a company contacted you earlier this year then you might be in time. Regulation was in place before April 1988 but changed at this time. Special rules apply for endowment related complaints/time limits and the FOS may choose to ignore these and investigate and make a decision using general legal principles that applied at that time. Did the company that contacted you mention time limits? You could put that to them to see what they say but also put it to the FOS.


    3 year rule does not work on the basis you can personally choose when the clock starts. Any number of factors can trigger it (e.g. a letter from the lender). They will not accept a complaint solely on the basis that 3 years started from that phone call under any circumstances. Please stop spreading false information.
  • philharnott
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    To FOS within 6 months of a business's final response so should be fine.
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