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  • FIRST POST
    • R15fay
    • By R15fay 11th Apr 18, 7:29 PM
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    R15fay
    Building Society changed their preferred endowment provider. Did it cost me?
    • #1
    • 11th Apr 18, 7:29 PM
    Building Society changed their preferred endowment provider. Did it cost me? 11th Apr 18 at 7:29 PM
    When we first took out our mortgage in 1986 with Halifax, they automatically used Sun Alliance (one of the worst performers) as the endowment provider. A few years later they changed their provider. I believe my endowment policy didnít perform as well as expected because of this change. As a major mortgage provider they put their business elsewhere which presumably cost Sun Alliance and myself.
Page 1
    • zx81
    • By zx81 11th Apr 18, 7:36 PM
    • 16,408 Posts
    • 17,458 Thanks
    zx81
    • #2
    • 11th Apr 18, 7:36 PM
    • #2
    • 11th Apr 18, 7:36 PM
    It might have cost Sun Alliance, but how did the change cost you?
    • Edi81
    • By Edi81 11th Apr 18, 7:41 PM
    • 427 Posts
    • 287 Thanks
    Edi81
    • #3
    • 11th Apr 18, 7:41 PM
    • #3
    • 11th Apr 18, 7:41 PM
    30 years later you are complaining!
    Why did you not complain at the time?
    How much of a shortfall did you have?
    • AnotherJoe
    • By AnotherJoe 11th Apr 18, 8:26 PM
    • 9,032 Posts
    • 9,928 Thanks
    AnotherJoe
    • #4
    • 11th Apr 18, 8:26 PM
    • #4
    • 11th Apr 18, 8:26 PM
    All credit to Halifax being able to determine what investment performance in 25 years time would be I'm surprised they haven't used that knowledge to gain total world dominance by now.
    • kingstreet
    • By kingstreet 12th Apr 18, 8:12 AM
    • 33,180 Posts
    • 17,916 Thanks
    kingstreet
    • #5
    • 12th Apr 18, 8:12 AM
    • #5
    • 12th Apr 18, 8:12 AM
    In 1986 they could use any provider.

    A few years later, under polarisation, Halifax became an appointed representative of Standard Life and was from that point on unable to sell other providers' products.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • dunstonh
    • By dunstonh 12th Apr 18, 11:46 PM
    • 92,171 Posts
    • 59,337 Thanks
    dunstonh
    • #6
    • 12th Apr 18, 11:46 PM
    • #6
    • 12th Apr 18, 11:46 PM
    When we first took out our mortgage in 1986 with Halifax, they automatically used Sun Alliance (one of the worst performers) as the endowment provider.
    In the 80s, until Halifax entered the tie in with Standard Life, they had no preferred provider. Polarisation didnt come until 1988 and firms entered into agreements in the lead up to that.

    Typically, the local builiding society used a local brokerage. Often the broker firm seeing you in the Halifax branch.

    I believe my endowment policy didn!!!8217;t perform as well as expected because of this change.
    It had absolutely no impact on performance.

    As a major mortgage provider they put their business elsewhere which presumably cost Sun Alliance and myself.
    Would you like to explain how?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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