new complaint re missold endowment

I agree with dunstonh; templates really don't help.

Why do you think it was mis-sold? And have you had any letters from the provider giving you a time limit within which to complain?

I have received warning letters, telling me of a possible shortfall. Due to ill health in the family, I have not been able to focus on this before now. As far as I can recall, no time limits were mentioned but I can't be sure.

You get three years from first being notified of a high risk of a shortfall. Providers will put the timebar date in writing but typically it is on the annual statement or supplied with the annual statement. You rarely get a letter in isolation.

Cooptroop wrote: »

Thank you both.
I have received warning letters, telling me of a possible shortfall. Due to ill health in the family, I have not been able to focus on this before now. As far as I can recall, no time limits were mentioned but I can't be sure.
I will do as you suggest.
Thanks again

As has already been asked, WHY do you now believe this policy was mis-sold ?

How did you purhcase it ? (execution only, or an advised sale ?)

Did you already hold a mge when you purchased the endowment ?

What type of endowment is this, with profits or unit linked ?

What was the origianal term ? Was this a top up or in addition to existing low cost endowments ?

Did you have any existing investments at the time you purchased your endowment ?

When did you recieve you first notification of a possible shortfall (ie - you were clearly made aware the target sum wasn't guaranteed) ? (they initiall commenced circa 2000 so some 12 yrs ago now)

Any amber or red letter WOULD have included a timebar warning - it was standard format.

To have a compliant considered os of the timebar frame, you would have to demonstrate extenuating circs - what do you consider these to be ? (you mention family illness, why did that directly prevent you for complaining for (I anticipate) several yrs - despite what sounds like the repeated receipt of red/amber letters and knowledge of the investment/performance nature of the contract.

Lots of q granted - but the type of info that would be considered as part of any complaint process.

Once you come back with a bit more info, we will be able to give direct guidance and advice on your options.

Hope this helps

Holly

Cooptroop wrote: »

Both my children were diagnosed with a serious genetic condition. Prior to that my husband had an accident. With all that I have unable to focus on anything else.

This may hold some water .... depending upon several factors.

Why if you couldn't complaint then, you now feel able to handle ? (the angle on this, is that the Firm may look at the fact that although aware of the risks for several yrs, you apparently have elected to maintain the contracts. Which they may consider to demonstrate your willingness to wait and see if the performance was as poor as estimated, and only when it became clear in later yrs nearing maturity, and it was still failing, that you have now chosen to complain, based simply on the fact that they haven't performed better than expected).

So, just to top and tail this part, were the diagnosis and hubby's accident (was this a disabilitating accident, or something he relatively quickly recovered from ?), recd before or after the red/amber letters were recd ? When did these events occur ? Are the policies in joint names ?

Again, how long ago did you receive your first warning of a possible shortfall (assuming that when you purchased the policies, you were NOT aware/can be proven, that you were not informed of the risk nature of the contracts).

Cooptroop wrote: »

Even reading your list of q's is overwhelming! i simply don't have all the answers. I didn't open post for weeks and months at a time.

Thats as may be, but all the EMVs and warning notices you recd will all be dated - what are those dates - when did they commnence ?

Cooptroop wrote: »

Letters did come. Red ones. I didn't/couldn't understand them in detail but knew it was serious and meant to do something about it.

The letters contained clear guidance on what to do if you were confused or didn't understand the implications of their content.

Plus the fact endowment mis-selling has been a pretty hot subject in the press for many yrs since circa 2000 - when the realisation of probable shortfalls were acknolwedted by providers.

Cooptroop wrote: »

The endowment was for our first mortgage (1991). The broker who advised us also worked for the estate agent i think. He told us it would pay our mortgage and leave us a nice lump sum.

Thats possible, but you would also have recd illustrations clearing showing the various returns at prescribed growth rates, which would have also included a risk warning.

However, if the point of sale docs, do not demonstrate that the adviser clearly discussed the possibility of a shortfall, there may be grounds (notwithstanding any upheld timebar) for an uphold (depending upon a full review of the sale and supporting docs as I say).

Cooptroop wrote: »

We took out a second endowment when we moved in 1996, this was with lloyds. Again we received advice, but I have no recollection whether the adviser was independant of them.

Ok, so 5 yrs later, you effected a 2nd low cost endowment, with a different provider/adviser. Again, the POS docs would be looked at to determine what knowledge you had (had been given) re the risk factors of the contract - as although you may not recall such advice, does not mean it wasn't provided.

Cooptroop wrote: »

I guess its probably too late, but thought it worth checking.
I do appreciate your questions are meant to help, sorry i must sound so vague!
I guess it wouldn't hurt trying??

I have to be honest, I would wager your policies are well time barred, but if the investigating firm are very generous on their view of what you claim to be extenuating circs - they may elect to disregard the timebar and review.

Cooptroop wrote: »

I dont know how to find the broker though, the estate agent doesn't exist either. So I'm not sure if there is even a way forward.

If the selling agents were appointed reps of a life company (ie their advisers (CRs) sold only their contracts), you would complain to the life company if the EA/AR is no longer trading.

If they were IFAs (i.e - not tied to any one provider and sourced products from the market as a whole), you would in the first place complain to them, if they are no longer trading, you may approach the FSA under FSCS provisions.

Cooptroop wrote: »

Thank you again for replying

Thats my pleasure - everyone here is happy to help whereever we can, sometimes opinions may differ, but ultimately we aim to provide help from our own personal experience and/or professional background - although such advice doesn't always meet the posters wishes !

Good luck

Holly x