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Endowment Complaint to FSA...Time Limit ?

Hello All

I have a 20 year endowment which is due to end in 2 years time. There is due to be a £5000 shortfall when it matures.

In 2002 I complained to the Halifax who had sold me the Standard Life endowment policy. Despite the fact that I was a single person at the time of the sale of the endowment, with no dependants, Halifax refused my mis-selling complaint point blank.

I was unsure whether I could complain to the Financial Services Authority following the Halifax refusal at the time and have recently heard that endowment complaints to the FSA must be within a 6 month period of the decision by the bank/endowment company.

Is this true ?

Will the FSA really refuse my appeal if I now send it in to them ?



Any information or advice from people who have had a similar problem would be greatly appreciated.

Elephant_Guy

Comments

  • Froggitt
    Froggitt Posts: 5,904 Forumite
    Im fairly sure you must appeal within 6 months.....however no harm in trying.
    illegitimi non carborundum
  • dunstonh
    dunstonh Posts: 119,818 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I would also verify that there is a real shortfall. The Long term Standard Life plans i have seen maturing at present are over achieving target although projections before have shown shortfalls. This is mostly down to what appears to be the surrender value being used to project from and no terminal bonus being included. In some cases, the guaranteed sum assured and annual bonuses already added exceed the 4% projection figure which isnt possible. The projection system is a little flawed at times.
    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.
  • 6 months is the time limit unless you can show exceptional circumstances.
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    And I think you'll find that's the 'FSO' [Financial Services Ombudsman] rather that tne 'FSA' [Financial Services Authority] who simply 'regulate' companies and give out occasional information to all their victims [erm, I meant 'customers'!]
    .....under construction.... COVID is a [discontinued] scam
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