UK ENDOWMENT MISSELLING CLAIMS

Sales of insurance policies by firms of solicitors fall into a different category to sales by insurance brokers or by life companies and endowment misselling claims must be approached in a slightly different way. Solicitors have been entitled to advertise their services since the nineteen eighties and as a result a large number of them have entered into estate agency and mortgage acquisition including endowment repayment mortgages. The premiums paid to brokers on the latter of these products can be very substantial and often amount to sums approaching the first two years premiums. Individual solicitors sometimes dealt with these matters themselves or their firm employed qualified financial advisers to give advice on insurance policies and under the rules of the UK financial regulator which is the Financial Services Authorityany endowment problem lies initially with the seller of the policy which in these cases is a firm of solicitors.

In order to make application in an in an endowment misselling claim, a formal letter of complaint should initially be sent to the firm of solicitors concerned, setting out the grounds of the claim, following receipt of a red re-projection letter warning of potential mortgage shortfall. If the letter is received within the time limits the solicitors will deal with the claim by either paying fair compensation or by refusing the claim. If the complaint or claim for compensation is refused by the firm of solicitors then an approach should be made to the Financial Ombudsman Service for mortgages taken out before 30 November 2001 or to the relevant Law Society for mortgages taken out after 30 November 2001. The Law Societies have restricted liability in these matters however there is a fund of last resort that can be approached if all else fails :-

Financial Services Compensation Scheme
7th floor Lloyds Chambers
Portsoken Street
London
E1 8BN
United Kingdom
Tel: 020 7892 7300
Fax: 020 7892 7301

If you were the victim of a endowment misselling by a solicitor or by a solicitor’s in house broker after 30 November 2001 then jurisdiction for an endowment problem lies with the

Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
United Kingdom
Tel: 020 7964 1000
Fax:020 7964 1001

For any policies sold by solicitors or their in house brokers before the 30 November 2001 then jurisdiction for an endowment problem lies with the relevant Law Society.

The Law Society of Northern Ireland,
Law Society House,
98 Victoria Street,
Belfast
BT1 3JZ,
Northern Ireland
United Kingdom
Telephone: +44 (0)28 90 231614

The Law Society of Scotland
26 Drumsheugh Gardens
Edinburgh
Scotland
EH3 7YR
United Kingdom
Telephone: +44 (0) 131 226 7411

The Law Society of England and Wales
113 Chancery Lane
London
WC2A 1PL
England
United Kingdom
Telephone: +44 (0) 20 7242 1222

We represent an independent network of qualified actuaries, lawyers, financial advisers and insurance experts who work together as a specialist team when necessary to settle endowment misseling claims against life companies, banks, solicitors and insurance brokers. Our professionals only deal with claims on a risk free no win no fee basis and if the claim is unsuccessful for any reason they will make no charge whatsoever. You will not be asked to fund or finance your application in any respect and you will not have to buy insurance or take out any loans. Our clients never pay any charges unless the claim is settled successfully. If you would like to speak to a specialist just complete the contact form or call the helpline and one of our experts will discuss your potential claim without any further obligation.