Is it worth claiming compensation for what i believe to be a missold endowment policy?

Question

we were told it was guarenteed to meet its target ( in 2024). after a letter back in 2003 warning us we would have a shortfall if we didnt up our monthly payments by £50 , we decided to switch to a repayment mortgage and surrendered the policy. has anybody had any joy with such a claim? im abit wary of the "no win,no fee" companies , and would just like a bit of advice. thanks....

Answer 1

The following link is to the FSAs booklet dealing with just this very thing, should tell you all you need to know.

http://www.moneymadeclear.fsa.gov.uk/pdf...

I think you may have left it too late... but I'm not an expert and it depends when the policy started etc....

Good luck

Answer 2

When making a claim against a mis sold endowment policy you need to claim against the IFA who sold it to you. If your complaint is up held the standard compensation will be to put you in the position you would have been in if you had paid the same money into a repayment mortgage. This does not guarantee to pay off you mortgage. If you the company that sold the endowment is no longer in business you need to contact the FCSC and they will pay the compensation.

Answer 3

You can still claim, you need to go back to the Advisor's company and formally complain, they will investigate and decide wether or not to uphold the complaint i.e the advisor was at fault. Some people have had compensation as a result.

If you still feel this is inadequate after their final response you may take it to the financial Ombudsman, its worth noting that companies get charged every time a customer puts a compliant to the ombudsman even if they are not at fault, so it is in their best interest to resolve it quickly for you.