Endowment Mis-selling - Don't give up!

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  • Hitman_2
    Hitman_2 Posts: 15 Forumite
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    Ok thanks but do I need to send my particular details to the 2 relevant companies or send it to the FSA.
  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    You complain to the companies that you got the advice from. The FSA are just regulators of the financial services industry. They do not handle complaints.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Hitman_2
    Hitman_2 Posts: 15 Forumite
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    Thanks again, I will get on to it and let you know how I get on.
  • Battenburg667
    Battenburg667 Posts: 17 Forumite
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    Hi,
    Would just like to say a big Thank you to all who have posted information on this subject.
    I took out an endowment policy with GA (now Norwich Union) in 1994 to cover a 60k mortgage.I read the info on this site and using the link to the the Which? letter writing thing, decided to pursue a claim. Yesterday NU sent a letter offering me just under £4900!
    I now would like your help again! Do I accept the offer,surrender the policy and switch to a repayment mortgage (NU say they will pay any reasonable fee's for this) or do I carry on with the policy to cover my mortgage (about 15 years left).[/B] Does anyone know what the NU 6% promise is? (as it states my compensation claim won't affect any future claims under the 6% promise)
    Please help!
  • pancake_2
    pancake_2 Posts: 31 Forumite
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    Perseverence is the key as all the paperwork is a hassle. Eventually had to get the Financial Ombudsman involved. Trying to remember details etc. is frustrating but last year we got nearly £6000 back. Not a huge amount but well worth the initial aggravation. I've now got a good filing system in place with all relevant info regarding all my financial transactions. Good luck. :T
  • Jo_anne_2
    Jo_anne_2 Posts: 266 Forumite
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    Just wanted to say to anyone that might be thinking of complaining about a pre- 1988 policy, it is still worth a try. We had a SL endowment policy taken out in 1987 which I felt we had been missold, but until I found this site thought it wasn't worth complaining about because the company which sold us the policy had gone out of business and because it was sold prior to the 1988 deadline. However, nothing ventured, nothing gained. We wrote to the estate agent where the financial advisor was based. They wrote to tell us that the insurance company had eventually been absorbed into Norwich Union and passed our complaint to them. We duly filled in the necessary forms for NU, and to cut a long story short, they said that although they found no evidence that the policy was guaranteed to pay off the mortgage they agreed that "the policy and recommendation was unsuitable" for us and have offered £720 compensation. All in all this was dealt with in 2 months and it is more than we thought we would be offered, so I am pleased.
  • scbfung
    scbfung Posts: 8 Forumite
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    The better way to deal with edowment is to buy term invest the different which is in america for a long time at least 20 years which mean separate the investment and insurance element also recommendated in FSA website as well in the consumer session

    "Investment Type Life insurance

    Investment-type life insurance pays out if you die and if you don't (with the exception of whole life insurance) - and may sound ideal. But investment-type policies cost a lot more than protection-only insurance. Usually, it's best to keep your insurance and investment needs separate.

    " from fsa http://www.fsa.gov.uk/consumer/05_INSURANCE/types_insurance/inv_type_insurance.html

    Which will give you a lot more flexibity and also can cover your mortgages and have the money save up at the end of your interested only mortgages

    citiadvisor.co.uk
  • trish123
    trish123 Posts: 134 Forumite
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    Please could some one give me an idea of what documented evidence i should be using to support my claim
    :rolleyes: Jan grocery challenge £300/£210 spent so far.I can do this:T
  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    trish123 wrote:
    Please could some one give me an idea of what documented evidence i should be using to support my claim

    Anything that supports your case. Otherwise you supply nothing extra.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • plumb1_2
    plumb1_2 Posts: 4,395 Forumite
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    I am trying to contact this company, i have been on companies house, and got the info, but need a telephone number as i need a release form from them.
    I have tried yell.com and thompson local, but still cant find phone number,anyone help.

    Name & Registered Office:
    MORTGAGE SYSTEMS LIMITED
    THE BAILEY
    SKIPTON
    NORTH YORKSHIRE BD23 1DN
    Company No. 01764926
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