Re: Anyone successfully complained about their endowment being mis-sold?

There's some useful advice about how to complain on the FSA website at

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-- David Miles Independent Corporate Planning

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Anyone got any first or second hand experience. Our endowment is not going > to pay off the original loan amount and the asurances were that it would and > that we would have a next egg on top. How do I go about complaining and to > whom. Anyone successfullt complained to big companies? > > I've written to surrender - should I wait or can I complain at any time? > > Alan > >
Reply to
David
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My brother complained and he got 'compensated' however, I guess compensation is probably the wrong word to use. If the company who sold you the endowment agree that it was mis-sold then they will simply be put you in a position of where you'd be if you hadn't taken out the endowment in the first place, and had taken instead a repayment mortgage. In theory you don't lose anything, you're position is just being restated. You don't really gain anything either.

The crux of any argument over the endowment saga seems to be that you were mis-sold a policy as you weren't informed of the potential risks of taking the endowment (ie, it's subject to the performance of often very volatile markets - ie the stock exchange, say). There should have been a fact-find at the time of sale, and this should have itentified your level of acceptable risk, and whether you really understood what that was and whether you agreed to it. If you can prove that you wouldn't have accepted any risk then an endowment should not have been sold to you and you should have been moved into a mortgage vehicle which was more suitable to your needs, ie repayment.

If you simply what to complain just because the policy has failed to perform, and you were fully aware of the risks, then it's probably unlikely you'd get anywhere. 'Past performance is no indicator of future trends'.

Reply to
Dudley

"Alan" wrote

In addition to the site already mentioned, you might find the following helpful:

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- This site has a good lettergenerator which you can use to complain to your endowmentprovider.

If you don't get satisfaction from your provider, the Financial Ombudsman Service will help you if they think you have a claim.

I have been successful claiming from a large company. They are currently working out the sums involved which should put me into a position I would have been in if I had taken out a normal repayment mortgage.

Because the company were taking a long time to process my claim I was able to complain to the ombudsman. They hurried it along and acted on my behalf sorting out a non-standard part of the claim. The ombudsman (woman, actually) was extremely helpful.

Reply to
rainyseason

"P" wrote

Good resource, thanks. I'll try to get my brain around it.

Will they do both calculations for you if you are prepared to wait? Strikes me nobody can second guess the outcome.

Reply to
rainyseason

"rainyseason" wrote in news:3f119a68$0 $29658$ snipped-for-privacy@lovejoy.zen.co.uk:

There's no way they'll do both then let you have the best option! The choice is: use our generic rates and get a quick payout or force us to do an accurate calculation and put up with the wait. From my point of view the longer it goes on the more compensation I'll be due, especially as I've increased the repayment part of my loan to cover the projected endowment shortfall. I feel this is something that will have to be accounted for in the calculations, therefore I'd best ask them to base it on my actual situation.

Paul

Reply to
P

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