Pre 1988 Endowments

Cambridgegirl

Is there any point in trying to claim misselling on pre 1988 endowment policies, we were clearly badly advised at the time by a now defunct building society (Leeds Permanent). We have since sold the policies and used the proceeds to reduce our mortgage.

Any advice appreciated!

Dick_here

Cambridgegirl wrote: »

we were clearly badly advised at the time

This is your opinion, not fact.

EdInvestor

Cambridgegirl wrote: »

Is there any point in trying to claim misselling on pre 1988 endowment policies, we were clearly badly advised at the time by a now defunct building society (Leeds Permanent). We have since sold the policies and used the proceeds to reduce our mortgage.

Any advice appreciated!

If you were sold direct by the BS you could complain as they will look at the complaint on a voluntary basis.It's only the IFAs that refuse to consider pre 1988 complaints. Very unlikely they will still have paperwork from that time so if you were missold you should be successful.

When did you sell the policies?If before around 2001-2, then you won't have made a loss, so there wouldn't be any point claiming redress.

Cambridgegirl

We sold the policies in 2002 after receiving letters from Norwich Union over the previous 2 years telling us that the policies were under permforming and were unlikely to achieve the outstanding figure of our mortgate.

EdInvestor

Worth a complaint in that case.

dunstonh

2002 was a good time to buy and an NU WP endowment taken at that time should be quite a good one. The NU WP investments on my books from that period are doing very nicely.

NU are not telling you that they are under performing and they are not telling you that they are likely to under achieve. You are misreading the information you have received.

However, 2002 for an endowment sale??? That is rare. Most had stopped in the late 90s.

Worth a complaint in that case.

No its not. I would bet a 2002 case would be well documented and just because NU have issued lower projection rates to get people timebarred does not mean its grounds for complaint.

housemice

dunstonh wrote: »

However, 2002 for an endowment sale??? That is rare. Most had stopped in the late 90s.

I believe she sold the policy on in 2002.

Cambridgegirl - Leeds Permanent are now Halifax. As someone said previously, I think building society's like Halifax will investigate pre-88 sales, but I can't say for sure that Halifax accepted responsibility for Leeds Perm's sales when they were taken over - you'll have to ask Halifax that. And, although it is only your view that you were "clearly badly advised", if you honestly believe that (and aren't just hopping on the bandwagon), make a complaint. No-one here knows what the outcome of your complaint will be, or whether/how much you may be offered in redress, so don't listen to anyone who might suggest complaining is a waste of your time. It's always worth a go, and hey, you're keeping the complaint handlers in a job! It's getting slow for them at the moment (I know a few!).