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    • MSE Martin
    • By MSE Martin 5th Mar 04, 6:37 PM
    • 8,111Posts
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    MSE Martin
    Endowment Misselling Complaints Deadline
    • #1
    • 5th Mar 04, 6:37 PM
    Endowment Misselling Complaints Deadline 5th Mar 04 at 6:37 PM
    Endowment Misselling Complaints Deadline:

    If you think your endowment was missold (which means not just it will underperform, but that you weren’t told it MAY not pay off your home or were incorrectly advised) then it's possible your time left to make a complaint, and get compensation may soon be about to end.

    This is the rule (im trying to keep it simple, so treat this as a rough guideline). If you got a 'red letter' which is a warning of a substantial shortfall (it may not actually say 'red letter') - you have three years from receiving the first one to complain or six months from receiving the second one - whichever is later. Many people may be about to receive their second letter - this means the clock is ticking.

    This site isn't really focused on endowment misselling. The best website to read about it in detail is the Consumers Association's www.endowmentaction.co.uk

    However please feel free to discuss endowments in this thread.

    – most people are about to get another statement from their endowment advisor. The rules on the deadling are confusing – I’ve explained it in more detail if you click here – which is also a place to discuss endowment misselling. However the best website for endowment misselling is the Consumer Associations www.endowmentaction.co.uk, well worth checking out.
Page 1
    • Lady_K
    • By Lady_K 9th Mar 04, 10:45 AM
    • 4,405 Posts
    • 855 Thanks
    Lady_K
    • #2
    • 9th Mar 04, 10:45 AM
    Re: Endowment Misselling Complaints Deadline
    • #2
    • 9th Mar 04, 10:45 AM
    Can anyone tell me am I too late to even put a claim in? I think I got a letter about 2 years ago but it was so confusing at the time I left it. I thought I'd look into it before what they told me was a 2 year deadline in which I could claim and then typically it got forgotten about till now. I'm not quite clear on the fact that has this deadline been extended? I wondered if I should have put the claim in before 2 years but the extended time is to cover if it has to go to ombudsman...

    It said in my letter there was a high risk it wouldnt cover the plan I had... I hope I'm not too late

    Also, who do I complain to the Halifax Building Society where I brought the house and mortgage or the Standard Life that the endowent is with? it's a bit confusing
    • PeteM
    • By PeteM 9th Mar 04, 3:52 PM
    • 493 Posts
    • 155 Thanks
    PeteM
    • #3
    • 9th Mar 04, 3:52 PM
    Re: Endowment Misselling Complaints Deadline
    • #3
    • 9th Mar 04, 3:52 PM
    Lady K,

    I received a letter from "Friends" (!) Provident this morning, and I have been told that I've left it too long.

    They mentioned that I could refer to the following link for information on time limits: http://www.fsa.gov.uk/pubs/cp/158/

    So it looks like two years isn't too long.

  • archived user
    • #4
    • 9th Mar 04, 6:17 PM
    Re: Endowment Misselling Complaints Deadline
    • #4
    • 9th Mar 04, 6:17 PM
    If you are told there is a dead line, like we were ,ie 15 years, well Sorry there is NO such law for Financial people,
    So Calm NOW and if no luck back , go to the ombudsman, .
    We have Two , Woolwich have componsated us, NO problems, Winsor Life ,say its to late, ie 15 years is up.But in the Mail newspaper, there was a two page article saying that there is NO such Law.And that the companys have been told to look At still and componsate if needed.
    So DONT take NO for an answer.TRY again with the Ombudsman and the Company.DO IT NOW........
    Good Luck.Regards IMAGINE32.
    • EverDecreasingCircles
    • By EverDecreasingCircles 9th Mar 04, 6:59 PM
    • 6,461 Posts
    • 139,319 Thanks
    EverDecreasingCircles
    • #5
    • 9th Mar 04, 6:59 PM
    Re: Endowment Misselling Complaints Deadline
    • #5
    • 9th Mar 04, 6:59 PM
    We have 2 endowments on our mortgage. We had no idea how to go about complaining until I found the endowmentaction web address on mse. It really made it all so simple. We complained and were compensated by both companies. I really didn't think I could do it. I also thought we'd missed the deadline but that was never a problem. Apart from a lot of form filling we had no problems at all. My advice is give it a go.
    Thanks MSE ~ again!
  • archived user
    • #6
    • 9th Mar 04, 7:01 PM
    Re: Endowment Misselling Complaints Deadline
    • #6
    • 9th Mar 04, 7:01 PM
    :-/ I have passed all my details to a company called " Endowment Claims ". Have no idea if I have done the right thing. They take 25% of any settlement.

    Has anyone else used them successfully.
    • lisyloo
    • By lisyloo 9th Mar 04, 7:03 PM
    • 22,714 Posts
    • 11,290 Thanks
    lisyloo
    • #7
    • 9th Mar 04, 7:03 PM
    Re: Endowment Misselling Complaints Deadline
    • #7
    • 9th Mar 04, 7:03 PM
    That sounds like an awful lot to pay for something that you can easily do yourself with a little research.
    • Lady_K
    • By Lady_K 9th Mar 04, 7:44 PM
    • 4,405 Posts
    • 855 Thanks
    Lady_K
    • #8
    • 9th Mar 04, 7:44 PM
    Re: Endowment Misselling Complaints Deadline
    • #8
    • 9th Mar 04, 7:44 PM
    Pete_M

    Thanx very much for your advise and I'm sorry it seems to be too late for you but is it really too late as theres the ombudsman you could try couldnt you? I'm a bit confused about the time I got the first letter but I dont have any coloured ones anyway but I'll just complain before it gets any later and hope it's ok

    IMMAGINE32

    Oh Thankyou, so looks like we all have some hope then I have just used the WHICH site to start my complaint. I had to ring the Standard Life though to ask for my Endowment File as it suggested on the WHICH site to do that. They didn't know what I was talking about but anyway someone is supposed to be ringing me back but it gets requested in that complaint letter on the site too so it should be ok I will post it tomorrow and hope for the best coz my shortfall makes it at half of what the actual mortgage is but I just have to try proving they mis-sold me which they surely did

    I'll keep people informed of my experience anyway

    Thanx Lady_K
  • Ger
    • #9
    • 10th Mar 04, 11:44 AM
    Re: Endowment Misselling Complaints Deadline
    • #9
    • 10th Mar 04, 11:44 AM
    Not sure about this endowment thing. We got our May 1987. Its definately underperforming and have been told I'll be £8000 down when it matures in 4 years. I think I've got a case for misselling.
    Is anyone else outwith the statutary time to complain to the ombudsman but is still going to do it?

    Advise would be very welcome.

  • bambam
    Re: Endowment Misselling Complaints Deadline
    Our endowment was definately mis-sold but it was in 1985 which I am told is too early for complaints procedure ??? It performed really well until last year when suddenly they started forecasting quite substantial shortfall. We now only have 6 years till mortgage ends and will have to use savings earmarked for retirement. Is there no comeback for us?
  • archived user
    Re: Endowment Misselling Complaints Deadline
    Hi,

    My parents were sold an endowment policy with their mortgage over 20yrs ago. They have a 25 yr mortgage and have been informed that the policy will not cover their mortgage. What sort of questions should they be asking themselves. The solicitor that sold them the policy is long dead. Can they claim?

    Thanks a lot to anyone who answers!

    Gail
  • archived user
    Re: Endowment Misselling Complaints Deadline
    I complained to the Brittannia Builsdng society re my endowment who said I wasn't entitled to anything but I could complain to the Ombudsman within 6 months - that was Oct 2002

    Unfortunateley I never got round to it because basically I wasn't sure what to do - Am I too late now do you think?
  • archived user
    Re: Endowment Misselling Complaints Deadline
    I made a claim about a year ago - it took about 6 months for them to decide that the claim was valid. They look through all the documents they hold on the purchase and request you send them all that you hold and tou have to complete a form. The cruz of it is whether you were made aware of the level of risk. In my case it was clear from the paperwork that the seller did not even discuss with me the option of a replayment mortgage and the endowment was sold as being certain of returning the amount "planned" - by smoothing out the peaks and troughs of the stock market. In settlement I accepted around £2000 - which was the amount that they calculated buying the endowment in preference to a repayment had "cost" me over the life of the product. What it does not compensate me for is the fact that the product will not reach its "planned" figure. Anyway - on balance I am now reasonably happy - but would have prefferred to have been advised to have a replayment from the start !
  • archived user
    Re: Endowment Misselling Complaints Deadline
    We have two endowments on our mortgage both under performing. One matures 2006 and the other 2009 which is two years after my husband retires. We contacted the broker who sold my husband the first policy. Basically they weren't interested and said my husband was told of the risk etc etc but didn't back this up with any evidence, they also referred us to the financial services ombudsman. We wrote to the FSO and received a reply back saying we weren't entitled to any compensation due to some act or other not being in place at the time, following this letter we read an article in the Mail that quoted the FSO as saying the fact the endowment was sold prior to a certain date has no relevance and you may still have a claim. We wrote again to the FSO but have received another letter saying we still don't have a case and once again quoted various financial acts and to get advise from the Citizens Advice Bureau to establish whether or not we have a case to sue the broker. We did request a copy of our endowment file from the broker but this was never sent to us - is this worth pursuing again with the broker? Any advise will be gratefully received.
    • terrierlady
    • By terrierlady 11th Mar 04, 11:50 AM
    • 1,719 Posts
    • 539 Thanks
    terrierlady
    Re: Endowment Misselling Complaints Deadline
    :this address may help ?we were 2 sold endowments before watershed of 1988 (2 infact ) and the firm has now ceased trading although later opened up in another name, so we have 2 problems. they told us after the first letter of complaint to contact the;
    The Financial Services Authority
    Departed Firms Unit
    25, The North Colonnade
    Canary Wharf
    London
    E14 5 HS
    I send off yesterday so await reply,complaints letter can be downloaded from the"Which" site.
  • jaffa
    Re: Endowment Misselling Complaints Deadline
    I have downloaded the info from the Which site in preparation to make a complaint re mis-selling.

    I was sold my endowment in 1989 and therefore am finding it hard to remember exactly what was or wasn't said at the time. I do know that there was no investigation into my finances or discussion over my attitude to "risk-taking".

    Is it still worth me "having a go" anyway?
  • sylblake
    Re: Endowment Misselling Complaints Deadline
    We were sold a unit linked endowment through our Estate Agent with Winterthur Life (formerly Provident Life). We wrote to them asking for compensation because of the shortfall and were told that we didnt have a case because when we were first advised a couple of yrs ago of the shortfall we failed to act. We didnt do anything at that time because the shortfall wasnt that much and we couldnt afford it. Eventually the shortfall was great and the endowment cost was huge so we switched to repayment and cancelled endowment. We would have been over retirement age when the endowment paid out which wasnt explained to us when we took it out. Could we still take our case to one of those companies that take it up for you and charge commission or are we too late.
    • payless
    • By payless 12th Mar 04, 11:59 AM
    • 6,585 Posts
    • 2,342 Thanks
    payless
    Re: Endowment Misselling Complaints Deadline
    The fact tahts there's a shortfall is not a valid reason for a complaint-
    not being aware that it could happen, not aware of risk / type of investment, not consistant with your risk profile , taking over retirement age are all possible reasons for complaint.

    make sure any rejection is in writing - so if applicable you can persue with regulators.

    Why pay commission to another firm- believe many just use the standard forms anyway

    use the
    which site
    http://www.endowmentaction.co.uk/

    and look at http://www.fool.co.uk/news/foolseyeview/2004/fev040311c.htm?ref=emailweeklyhtml

    and regulators

    http://www.fsa.gov.uk/consumer/whats_new/endowments/index.html

    http://www.financial-ombudsman.org.uk/
  • archived user
    Re: Endowment Misselling Complaints Deadline
    We brought 3 endowments between 1991 and 1995 and were never offered any alternative, or advised that they might not pay off teh mortgage. We got the first warning letter about these and then the second which showed them to be performing worse than the first letter We panicked and cashed them in with the companies getting back a lot less than we paid in. (Young and not very financially wise...)

    Can anyone advise whether these endowments would be too young to claim on?

    Thanks
  • sylblake
    Re: Endowment Misselling Complaints Deadline
    Thanks payless, the only reason I was going to use a company was because I feel completely bogged down with it all and it has been hard work just rearranging our debt, had been living off credit cards because of outgoings on mortgage therefore, in an ever increasing spiral of debt. Having put 3 kids though uni as well. Now thanks to this site have halted this, have money in Ing (ok not mine but owed on 0 per cent c/c's) and gaining interest on it. Have had to take out repayment mortgage for fifteen yrs but have equity in house so not too much of a problem whilst working. Just dont know whether to forget the whole thing or try and take it further. Have also lost lot of pension to Equitable Life so fed up with it all. Now am on an even keel thanks to this site. Will give it all thought, it is just the amount of time it takes when you are working as well. Thanks for the advice, will buy you a drink at Martins party if you are there, you have given us advice before.
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