endowment shortfall

corniche

Can anyone help! I have an endowment policy sold to me by by an independent advisor 18 yrs ago, the policy is seriously underoperforming. I/ my Solicitors have been unable to track down the firm of advisors and we believe that they are no longer trading.

I believe that the policy was misold to me so I have contacted the Financial Services Compensation Scheme who have advised that they are not able to declare the firm of advisors as being in default and are unable to proceed any further with my complaint.

What if anything can I do now!

EdInvestor

Post some more info about the policy

Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgage

surfcat

Some other useful information would be to tell us why you thought it was mis-sold to you. Quite a proportion of endowments were correctly sold, regardless of whether they have performed well or poorly.

corniche

Provider - Scottish Life
Sum Assured £33,900.00
no declared bonuses as far as I am aware
Have not requested a surrender value
Monthly premium £38.00
Maturity date - 18/05/2015
Maturity Forcast £8,900 @ 4% growth PA - £12.800 @ 8% growth PA
Current interest 5.99%

Thanks for any advice you can offer!

corniche

When taking on the original motgage, we wanted a repayment type, but were told that this endowment type would be better as it was like a savings scheme where it would pay off the mortgage at the end of the term, and pay a bonus. The risks of the investment were not explained.

EdInvestor

Please post the surrender value.I take it this is a unit-linked or 'unitised With profits' (or a combination of the two ) endowment?

Regarding the complaint have you looked up the advisor firm on the regulator's site?

https://www.fsa.gov.uk