Endowment Misselling Complaints Deadline

it isnt necessary, most of the endowment companies dealing with complaints are using the same product 'Mortgage fundamentals', which is also used by the ombudsmen and the fsa.

This product uses standard base rates, which mostly even out when matched against what you paid and what they charged, ie I didnt have all the papers for my interest changes over the years, L&G sent me the interest rate figures they used (Woolwich/Nationwide), I contacted Woolwich who sent me a list of figures, which where the same as L&G had used, the nationwide I have had capped/fixed rates, which where lower than the figures L&G used, but when I told L&G they said they werent bothered, they where quite happy to use the BVR (base value rate).

I would suggest you send of your form to Standard Life without further ado, they will probably delay any answer, you can always send the other info later on.

Hello people.

I have worked for a company that undertakes mortgage endowment reviews for these large organisations. The first thing that I will say is that different organisations have different rules on their endowment reviewing and redress. As this has been a ground breaking review in this field following the Pensions Review, I got the feeling that it was the blind leading the blind....AN UNKNOWN TERRITORY. This has been testified by an announcement yesterday by the FSA that the reviews are not being carried out correctly. I will list the most important issues below.

1st. Complain to the company that sold you the Endowment, a letter preferably, containing references to risk- SEE POINT 3 below.
2nd. Once you have reached a stage of your case being reviewed you will be sent a Endowment Mortgage Questionnaire. IT IS THIS TOGETHER WITH YOUR ORIGINAL FILE and complaint letter that they will focus on determining if there is a case of mis-selling. This questionnaire is basically asking about your knowledge of risk at the time and if you were offered alternatives to endowment mortgage. It is best to say that you wanted low level risk i.e 1 (on a scale of 1 to 10). It might be different in your original file at the time of selling but if that is missing, the reviewer will go on your questionnaire.
3rd Important point- The review is based on 30 decision trees. The 3rd and 4th relate to risk. This (3rd) is one of the most important in determining if you understood the risk at the time it was sold. (ALWAYS refer to risk and that you were unaware of it in your letter complaint and Questionnaire.)
Other important trees are 8- if the endowment ran into your retirement.
ANOTHER IMPORTANT POINT- The amount of people that complain on the performance of their endowment is unbelievable. It is likely that you will NOT get your case redressed complaining about this. I saw many cases not being closed as they had only complained about performance when it is all about RISK. This is what you must complain about- that risk was not understood.

4th Redress is carried out using Mortgage Fundamentals software. I am only aware of this software being used and it calculates comparison to having a repayment mortgage over the period of the endowment mortgage.

5th CHASE CHASE CHASE. The Companies should be only taking 8 weeks to review your case or it can be taken to The Financial Ombudsman. You should get a letter during the review process. It is important you chase your provider as it is only by chasing continuously that you will get your case dealt with.

Hope this helps someone. Thanks for the site Martin- you are a legend- this is a very useful site- better than any financial advisor- great information.