Complaint or not?

Marsh_Samphire

First timer here, but have lurked for a while. I'm in a similar position as a couple of other posters, i.e. have Standard Life with profits so am planning to wait for demutualisation and I'm not relying on it to pay off my current mortgage (I sold and rented due to relocation, started a new repayment mortgage March 05 when I bought again, mortgage now £50k on £168k property). I have been paying the same monthly amount (£40) into the endowment since 1998 (I think from 93 to then the amount rose each year slightly but would have to get the boxes out of the loft to check that). I have just received my first "red" letter. Endowment supposed to pay out £32k, "low" payout might be £14,700. When I took it out I was single and I still am. The adviser, who had an office in the estate agent's premises that I bought from in 1993, told me there was always a small chance it wouldn't make it, but "that's not going to happen, you'll have plenty over to do what you like with, go on a cruise or whatever you want". Also, he said I could not afford a repayment mortgage anyway so we only discussed endowments. I still have the original print outs he gave me and they are all for endowment mortgages. I feel that my attitude to risk wasn't taken into account: I was single and estranged from my family so no financial back up from them if things went wrong (happily reconciled now), I was and still am in a relatively low income career (admin officer for a charitable association) and I had never taken out any financial product before. So, is it worth complaining to him - if he's still in business - or should I go straight to Standard Life? Any advice would very welcome.

EdInvestor

Hi MS

You will have to complain to the adviser, not Standard Life as he was the person who sold you the endowment.