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 Endowment
mis-selling
A large number of endowments were originally
sold to people who were not properly informed about the possibilities
of a shortfall. As a result, throughout the UK, thousands
of policyholders face the anxiety of not knowing for sure
whether the payout they will receive by the end of their endowment
will actually be enough to cover the rest of their mortgage
payments.
While risk is a factor that applies to all
forms of investment, a provider that neglects to give the
right information to their buyer may be held liable for wrongfully
selling the endowment. In such cases, the policyholder may
be entitled to compensation.
For more information about recompense for
wrongfully sold endowments, contact the following organisations:
/ The
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Telephone: 0845 080 1800
Fax: (020) 7964 1001
Website: http://www.financial-ombudsman.org.uk/
/ The
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Telephone: (020) 7066 1000
Helpline: 0845 606 1234
Fax: (020) 7066 1099
Website: http://www.fsa.gov.uk/
Also, make sure to consult the independent
Financial Services Authority’s fact sheet on endowment
mortgages, found online at: http://www.fsa.gov.uk/.
The information there can assist you with your claim against
your endowment provider.
Keep in mind that you cannot sell your policy
until all claims have been settled. If you feel that you have
grounds for your claim, continue making payments throughout
the complaints proceedings. Your claims may be declared null
and void if you fail to keep up with your current payments.
Before lodging a formal complaint with the
Ombudsman, talk to your provider and try to get your questions
answered first. Read and review all the documents that came
with your policy. For any clarifications, get in touch with
either the FSA or the FOS for advice.
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