Mis-sold Endowment - Doin my head in!!

samurai_2

I have recently written to Standard Life complaining of a mis-sold endowment. They have replied stating that it was an IFA who sold me the policy and I'd have to claim through them; however, the IF firm have gone out of business with no passed on responsibilities. I have spoken to the FSCS who can not help because the policy was taken out too early 11/87 i.e. before 08/88. I have spoken to the FOS who say that they can not help because the IFA is out of business. Where does this leave me? I have a policy for £35,000 due to mature 2012 with a potential massive shortfall, and with nowhere to go. Do I have to accept this as my fate for having a genuine policy with a LEADING finiancial assurance company, or is there any other angles of attack? You're advice is required people........

EdInvestor

Hi samurai

I fear you are one of the people who has slipped through the crack.:(

Don't surrender your policy yet though, wait for the demutualisation of Standard Life next year, when you will hopefully get a windfall which should help improve the shortfall.

samurai_2

I have taken adequate repayment action to cover the loan and I look forward to the possible windfall as some form compensation. Many thanks

dunstonh

Get another IFA to find out what terminal bonuses are on the policy. You dont get to see these and its hard for then to make decisions but Standard Life will tell an IFA acting on your behalf.

It doesnt take the IFA two minutes and only costs the price of a stamp and then giving you the printout when it comes back 10 days later. In return the renewal commission (which is usually around 50p to £2 pm) is then paid to that IFA until maturity. Not much but it covers the time spent and you get to know ALL the facts which Standard Life will not tell you.