UK ENDOWMENT MIS SELLING CLAIMS

There are four main categories of sellers when it comes to insurance policies – solicitors, independent financial advisors, insurance brokers and life companies. Independent financial advisors, life companies and insurance brokers are treated in the same way when it comes to endowment mis selling compensation however claims against solicitors have a slightly different procedure.

All of the parties involved in selling insurance based mortgages take substantial commission or profit on the sale of the insurance element of the deal. Sales by life companies typically take place through brokers and sales through solicitors usually take place through independent financial advisers. The responsibility for paying compensation as a result of endowment mis selling claims lies with the seller of the insurance and it is of some importance to establish exactly who that is.

Making an application for compensation for endowment mis selling following receipt of a red re-projection letter is not complicated, however as an applicant only gets one chance at claiming compensation and in view of the large sums involved, it is certainly not something that should be done without professional advice. A formal written letter of complaint, addressed to the policy seller should be the first step. The letter should identify the policy and all parties involved and should state the grounds for the claim. Only if the direct response from the seller is unsatisfactory can the matter be taken further.

Final responsibility for dealing with compensation claims alleging endowment mis selling by independent financial advisers, life companies and insurance brokers rests with the Financial Ombudsman Service.

Responsibility for dealing with compensation claims against solicitors rests with the Financial Ombudsman Service if the policy was taken out before November 30th 2001, or with the Law Society if the policy was taken out after this date.

In the event that any compensation awarded cannot be paid due to the relevant business having ceased to trade or having become bankrupt an application for payment can be made to the the Financial Service Compensation Scheme which operates a fund of last resort.

We offer no win no fee advice on mis-selling claims. If you are one of the unfortunate people who were mis-sold, you may be entitled to damages 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 to claim damages forever.

Why not get expert support to greatly improve your chances? 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. If you would like free advice on our no win no fee 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.