UK ENDOWMENT COMPENSATIONIt is estimated that over eight million UK life insurance policies will fail to produce an adequate fund at maturity in order to pay off the loan to which they are attached. Approximately six million of these policies were ‘missold’ by an insurance broker, bank, solicitor or life company and may give rise to an FSA mortgage endowment complaint for endowment compensation under the Financial Services Authority rules. For qualifying applicants compensation is calculated by quantifying the amount of the current fund and comparing it with the amount that would have been in the fund had the monthly payments been applied to a straight repayment loan. The difference represents the shortfall and is the amount of damages that can be claimed, together with any reasonable expenses, which would enable the policy holder to cash in his current policy and switch to a straight repayment loan with no financial losses. The process of making an FSA mortgage endowment complaint for endowment compensation is outlined by rules set out by The Financial Services Authority A complaint for endowment compensation is started by writing a formal letter, outlining the grounds of the claim, to the seller of the policy who will either admit liability and make an offer to settle or will deny responsibility. In the event that the seller’s response is unsatisfactory then an application for review can be made to the Financial Ombudsman Service The Financial Ombudsman Service will reconsider the FSA mortgage endowment complaint and may order the policy seller to settle the claim. If the person who would otherwise be liable to pay the damages no longer exists, is no longer trading or is bankrupt then, in certain circumstances, an application for payment can be made to the fund of last resort :- Financial Services Compensation Scheme We represent an independent network of qualified actuaries, lawyers, financial advisers and insurance experts who work together as a specialist team when necessary to settle mortgage misseling claims against life companies, banks, solicitors and insurance brokers. Our professionals will only deal with a claim on a risk free no win no fee basis and if the claim is unsuccessful for any reason they will make no charge whatsoever. You will not be asked to fund or finance your application in any respect and you will not have to buy insurance or take out any loans. If you would like to speak to a specialist just complete the contact form or call the helpline and one of our experts will discuss your potential claim without any further obligation. HELPLINE 01743 295195 |