UK ENDOWMENT CLAIM FAQS

Are there any time limits about when an endowment claim can be made?

The current regulations state that a claim may be repudiated by the seller if said claim is not intimated within three years of the policy holder being properly informed as to the possibility of a shortfall occurring. Insurance companies are now required, under law, to send out ‘re projection’ letters regarding the status of a client’s fund. These letters are colour coded to indicate the status of the fund. A red letter signifies a serious risk of a shortfall and will therefore permit the client to make a claim under the rules of the Financial Services Authority. When one of these red letters is sent, you have three years within which to make a complaint. Failing to do so within the time period may render you unable to recover any compensation. If you have gone over this period please contact us urgently.

What procedure should I follow to make a mortgage endowment claim?

You should make a complaint to the seller in the form of a written letter which states as much information as possible including the grounds upon which you are able to make a claim. The sellers will then consider the complaint and decide what action to take; either they will compensate you and accept liability for what happened or they will reject the complaint and deny responsibility for the problem. When liability is disputed in this way, or when the compensation they offer does not satisfy you, the claim can be referred to the Financial Ombudsman Service for a review. When the policy seller is no longer trading or has gone bankrupt an application for compensation can still be made to the Financial Services Compensation Scheme, which is a “fund of last resort”. If a solicitor originally sold you your policy then a application can be made in certain circumstances to the Law Society.

Is the Financial Ombudsman Service decision about my endowment claim final?

Fortunately, when the Financial Ombudsman Service makes a decision after reviewing your claim, their decision is only binding on the insurance seller and not on you as a customer. Only when you accept their decision does it become legally binding, but until then you have a choice. If you do not feel satisfied with their judgement you can then take legal action in the courts to settle your case and recover compensation.

We offer no win no fee advice on compensation claims. If you are one of these unfortunate people who were mis-sold, you may be entitled to compensation and you should contact us now. You only have one opportunity to make a claim. If you get it wrong you may lose your chance for compensation.

Why not get expert support to greatly improve your chances of securing the maximum compensation you deserve? We call upon experienced lawyers, accountants and actuaries to assist our claims team and can advise at an early stage on the prospects of recovery of compensation. If you would like free advice on our no win no fee compensation scheme just complete and send the contact form or call the helpline and an experienced financial claims adviser will discuss your potential claim at no cost and with no further obligation.