We deal with endowment mortgage misselling 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. Our clients never pay any charges unless the claim is settled successfully. If you would like free financial 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
Grounds for complaint
In order to make a claim for compensation you must normally fall into one of four categories for complaint. The basis of a complaint is not in respect of how badly the endowment policy actually performed but whether or not proper advice was given on such financial arrangements and in particular whether you were warned that these policies of insurance may not perform as anticipated in the event of the overall financial climate changing thereby reducing initially anticipated returns based on projected profitability of investments made, effectively on your behalf, by the company concerned. The grounds for complaint, that may lead to a financial settlement, but which are not exclusive include:
- Suitability of the endowment
A financial adviser who acts properly should have ensured that an endowment was suitable based on your financial circumstances at the time and your attitude to risk. Items which may indicate unsuitability include:
- failure to discuss other repayment options
- failure to explain about the stock market, investments and risks involved
- non disclosure that an endowment policy gives a poor return if cashed in before maturity
- inappropriate promises or absolute guarantees of mortgage repayment on maturity
- The policy sale failed to comply with the regulations resulting in endowment mortgage misselling
Financial advisers are legally obliged to follow the rules set out by government financial regulators and failure in this regard may lead to a verifiable claim for compensation. These failures may include:
- failure by the adviser to outline fees and charges and their effect over the term of the policy
- the adviser did not complete a fact-find during the sales process.
- Policy Churning
Any adviser who suggested that you cash in an existing policy and then sold you another policy is guilty of “churning” which is against the Financial Authority rules and may give rise to a claim for endowment mortgage misselling compensation. Any existing policy should have been used to part pay off the mortgage loan.
- Financial difficulties in retirement
Some mortgage policies continue after the normal or anticipated retirement age and a claim can be made if the adviser failed to properly check that you would have enough funds in retirement to continue to pay the premiums or if there was an indication given that the policy would pay off the mortgage before retirement which failed to materialise.
It is important to establish when the policy was sold as different rules apply to those sold before 28 August 1988. Financial Services legislation effectively introduced the Financial Ombudsman Service in 1988 and if the bank or insurance company is now bankrupt a complaint can be made to the Financial Services Compensation Scheme for policies sold after the introduction of the legislation. Policies sold before the legislation do not have the protection of the Financial Ombudsman or Compensation Scheme however many insurance companies have agreed to allow complaints about policies sold before 1988 to be dealt with by the Ombudsman.
