We deal with endowment policy compensation claims on a no win no fee basis and if the complaint is unsuccessful we will not make any charge to you. Our claims are completely risk free and you will not have to fund or pay for any expenses during the course of the endowment compensation claim. We charge 20% including VAT if we are able to recover compensation without a referral to Financial Services Ombudsman (FSO) and 25% including VAT if a referral to the FSO is necessary. If you would like free advice on the telephone, without obligation, just complete the contact form.
We are a founding member of the Claims Standards Council which is independent from the claims industry and seeks to ensure that that its members deal with consumers on the basis of decency, probity and fairness by :-
- vetting individuals and organisations seeking membership
- compliance with a transparent, thorough, end-to-end process for handing claims
- operating independent complaints and discipline arrangements
The difficulties of insurance policy shortfall is a relatively new problem. Forty years ago most mortgages were secured by the use of a ‘full’ endowment policy which guaranteed to pay sufficient to clear off the mortgage loan at the end of the term and these policies were often ‘with profits’ which meant that there could be an additional windfall payment if the insurance company’s investments were particularly profitable. By the Eighties there was financial pressure on the industry to produce a cheaper product and as a result the majority of sales then related to the ‘low cost’ policy; however this type of policy did not guarantee that the amount of the mortgage would be re-paid at the end of the term. The amount repayable depended on the skill and expertise of the insurer’s brokers in investing all of the monthly premiums on the Stock Exchange. Over the last twenty years shares have not performed particularly well and in order to satisfy the needs of most ‘low cost’ policies they would need an annual return on average of at least 6% which is almost unattainable in the current financial climate. In recent years the Stock Market has been relatively stagnant with many ‘negative gains’ where shares have actually lost money and decreased in value over the course of the year.
If you instruct us to act on your behalf in your claim we will take a detailed statement from you and deal with all matters relevant to an application to the insurer in the first instance. If the insurer accepts the claim and a satisfactory offer of settlement is received then upon payment the matter is closed. If the insurer rejects the endowment policy compensation claim then we will represent you and make an application to The Financial Services Ombudsman (FSO) who will consider the claim and if it has merit will order the insurance company to settle the claim. There are certain circumstances where an application can be made to the The Financial Services Compensation Scheme (FSCS) which is the fund of last resort if for example the insurer is bankrupt by the time the application is made. There are also other circumstances where an application can be made to the Law Society if a solicitor advised on the purchase of the policy.
