ENDOWMENT COMPLAINT LETTER

One of the first steps in claiming compensation is to become fully informed about your options. The best way to do this is to receive free legal advice once you have been sent a ‘red’ letter from your insurance policy seller. You will need to write, or have written for you, an endowment complaint letter to the seller of the original policy who will usually be either an insurance broker or a life company. When the policy seller receives your letter they must acknowledge receipt and then decide how they will react. They may settle your claim and pay you a fair amount of compensation or they may offer an unsatisfactory settlement or they will refuse to settle and reject the claim completely.

In the event that the seller of your policy refuses to pay compensation, or they offer an amount which you consider to be unsatisfactory, then the rejected endowment complaint can be referred for re-evaluation to the Financial Ombudsman Service (FOS). The FOS will make a decision that is legally binding on the seller however the buyer can reject the decision and take the matter to a court of law. If the seller is no longer in business or is bankrupt then an application for payment of the amount awarded by the FOS can be made to the Financial Compensation Fund Scheme which operates a fund of last resort.

It is important to bear in mind that there are time limits involved and that neglecting to claim in time can mean that you lose the right to do so in the future. Typically, insurance companies will not deal with letters of complaint that are received after the time limit of three years has expired. This time limit begins when you receive the first ‘red letter’ of warning from the policy seller which indicates that the fund may experience a shortfall.

An endowment complaint letter is a key part of making a claim and can help to prove liability. The initial letter sent does not need to include specific figures regarding loss but should include full details of the sale including :-

• The name and address of the advisor or company who sold the policy.
• The name and address of the insurance company on the policy.
• The policy number and policy date.
• The anticipated value of the fund target as quoted.
• The alleged grounds of mis selling.

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.