UK MIS SOLD ENDOWMENT CLAIM

To avoid being the subject of a mis sold endowment claim the seller of a financial product should make a detailed investigation into the current and potential circumstances of any individual before advising on any long term commitment that involves borrowing or paying money. The seller should also ensure that the buyer of a financial product understands the risks involved in any proposed transaction. If you were not advised about how any money paid to an insurance company is invested on your behalf (such as in the stock market) and that investments can go down as well as up then you were not properly advised and may have a claim for compensation.

If the seller of an insurance product failed to properly and prudently advise you then you are among the six million other people who are entitled to make a valid mis sold endowment claim. In addition to basic investment advice, if you purchased your policy prior to January 1st 1995 then you were supposed to be given cash-in values and charges for the first five years of your policy. If you purchased after this date then you should have received a ‘Key Features’ document which detailed the charges and fees involved in your policy and information on how these charges and fees can affect your policy during its life.

There are many good reasons why this type of financial transaction might not have been best for you. If this is the case and you were not properly advised then you can make a mis sold endowment claim for compensation. Some of the most common reasons why the policy you purchased may not have been suitable are listed below :-

• There may have been alternative methods for repayment available which were not discussed in sufficient detail.
• There may have been a lack of information available regarding the mechanisms these investments use and no explanation of the risk that the policy might not return the amount required to pay off the loan.
• The adviser may not have explained that this method of repayment is a very long-term method and that cashing such a policy in early may result in significant financial losses.
• There may have been misleading information regarding the policy to persuade you to purchase. In particular there may have been promises that the mortgage loan would be paid off even when such guarantees could not have been made.

Some disreputable brokers would even persuade clients to cash in existing policies (and suffer loss rather than just topping that existing policy up) before taking out a new policy to cover the full loan amount. This guaranteed that the brokers and insurance companies gathered a larger commission but at the personal expense of the client. This is practice is illegal and is known as ‘churning’.

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.