About Mis-sold Endowments

What is an Endowment Policy?

An Endowment policy is an investment product that you normally buy from a life assurance company. These policies are set up as a savings plan which will pay out a lump sum at the end of the term. This policy was designed to then pay off your mortgage. Your Endowment will have been a “with profits investments” that places your money into a fund; these funds are usually a mixture of Shares, Bonds and Property.

How do I know if my endowment was mis-sold?

Your Endowment may have been mis-sold if the investments which are linked to the policy will not pay off the mortgage at the end of its term. This will mean you will be asked to pay extra money to pay off your mortgage.

However, you can only complain if the advice you received was incorrect or misleading. You don’t have grounds for complaint simply because the endowment has not performed as well as you would have hoped.

Reasons why your Endowment may have been mis-sold

  1. The mortgage was not fully explained to you and you might not have been informed that there was a possibility that a shortfall was possible at the end of your mortgage term
  2. You were told that the endowment would definitely pay off the mortgage
  3. Any fees and charges associated with the Endowment were not explained to you
  4. The advisor selling the Endowment did not complete an assessment of your financial circumstances and attitude to risk
  5. The endowment policy and mortgage was set up and continue to run into your retirement and your advisor did not make sure you would have the income to continue to make payments
  6. Your advisor recommended that you cash in an existing endowment and then sold you another

Time Barring

If you feel you have been mis-sold your Endowment and would like to make a complaint there are strict time limits. Any complaint received by a financial business after these time limits will usually lead to the complaint being rejected as being out of time or “Time Barred”.
Your complaint will be rejected if:

  1. You have received a letter from the business warning you that there was a high risk of a shortfall in your product. The business then sent you a subsequent letter giving you at least six months’ notice of the “final date” by which you have a right to complain. and
  2. The “final date” is at least three years after the date you received the first letter (and at least six years since you bought the policy)

You may however still be able to complain after the ‘final date’ if the firm rejects your original complaint as “being out of time”, to the Financial Ombudsman if you believe:

  1. There are exceptional circumstances
  2. The time bar was wrongly applied
  3. The time bar was unfair

This should be done within six months of the firm sending you a ‘final response’ letter.

What do I do now?

Call Premier Financial to chat through your potential claim with us.

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