Endowment Query regarding Time line for complaints

SaTScB

Hi There, I am not sure is this is the right place to post this, But I also have a query (well my parents).

My parents took out an Endowment policy with the Prudential in 1986/7 and obtain letters stating they would have a short fall. Currently my parents have done nothing about this (kinda put there head in the sand), I have spent the morning reading all the threads related to this issue and I am confused. Are my parents out of date to put a case forward? and if they are not what do they need to get the ball rolling?? Any help would be greatly appreciated.

Thanks

NixNoo

Not sure about being too late but they need to contact whoever sold them the policy with a letter of complaint. We did it, took ages but we kept chipping away and in the end we got compensation.

Good luck

EdInvestor

Hi Satscb


There are two issues here.

Have your parents received a letter saying there is a "high risk" there will be a shortfall? If so, they have 3 years from receipt of that letter to put in a complaint.After that it is too late.If they haven't yet received a "red" warning letter mentioning high risk then they may not incur a loss and thus they may not need to complain.

If they do suffer a loss and believe they were missold they will need to complain to whoever sold them the endowment.The sale took place before new regulations came in 1988, and this means that if they were sold the policy by an IFA they may as well forget the whole thing as the IFA can, and will, ignore any complaint.

If however they were sold the policy by a "man from the Pru" or by a big bank or BS, often these larger companies will consider the complaint.

Further info on grounds for complaint on the Which site:

https://www.endowmentaction.co.uk

SaTScB

Thanks for all the advice, I am going to make my parents go throug all there paper work and any recent letters to see where they stand and if any action can be taken

Thanks all

FOSman

SaTScB wrote:

Thanks for all the advice, I am going to make my parents go throug all there paper work and any recent letters to see where they stand and if any action can be taken

Thanks all

Hello Mate,

Its really nice of you to look into this for your parents.

Go have a look here:

http://www.financial-ombudsman.org.uk/faq/mortgage.htm

This should answer most of your questions. If you have any more queries, give me a shout.