Clerical Medical/Scottish Widows Endowment Maturity

tycholien

Hi everyone,

I have an endowment with Clerical Medical.  It matured on the 26th of this month and I gave them the bank details a month or so ago for the maturity payment etc.

I have 2 mortgages that are coming due that I need to pay the money to so I called today to get a date for when the money would be transferred, I understand that it might take a few days or a week even, it is a large sum etc.

However, the lady I spoke to (who seemed to be some sort of overflow customer service operator) told me that it would take 89 days to receive the funds.  Does this sound right?  There is nothing in any of my documentation that says that they will sit on the money for 3 months after the maturity date and the letter I replied to with the bank details mentioned "taking your money at maturity", to me this felt like soon after the date, not 3 months.

Has anyone had any experience of a Clerical Medical endowment maturing recently?  How long should it take?

Many thanks

Wymering

I spoke to Clerical Medical this morning with a request to surrender a poorly performing endowment policy. I was told that the process would take at least 110 days (47 days to receive the surrender forms, 47 days for these forms to be processed - manually, as they have 'systems issues' and 6 days for the payment to be received). It sounds as if the FCA is aware of the issues at Clerical Medical, and the firm's portfolio of business is being run down, but I struggle to believe that this time scale is in any way acceptable.

As tycholien writes above, these policies are almost always the repayment vehicle for a time-sensitive transaction, and this kind of delay will cause extreme difficulties.

dunstonh

 and the firm's portfolio of business is being run down, 

Clerical Medical was shut down by Lloyds Bank for new business and they have been trying to integrate more onto the Scottish Widows systems (which are also generally quite poor as well compared to others).

As tycholien writes above, these policies are almost always the repayment vehicle for a time-sensitive transaction, and this kind of delay will cause extreme difficulties.

The maturity process typically starts around 6 months before its due. So, plenty of time.