Crosswords1 min ago
Endowment policies
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For more on marking an answer as the "Best Answer", please visit our FAQ.When will the policy mature? If it is more than 10 years, there is a good chance that the shortfall will come down in line with an improvement in the stock market. Also, there is no guarantee that you will get any compensation. It all depends on the advice given at the time and your additude to risk. If you make a claim, your policy will not be cancelled.
Have you considered trading your endowment? Have a look at this website http://www.aap.co.uk/
I hope I've answered your queries, please post back if you need anymore information.
If he does complain about the policy and get compensation the policy will just run to maturity.
Did you take this policy out through an independent financial adviser? If so, you would have to make a complaint direct to them because you are complaining about the advice given at the time.
Hope that helps!!
I bought an endowment in '91 too covering �60,000. I claimed compensation for misselling this year. I had moved in the meantime and so it took a while before I got a warning letter hence the delay. The finance company had gone out of business but Bradford and Bingley took over the liability and sent a standard form.
I stated that during the selling pitch the salesman had told us that the lowest figure I'd achieve was the lowest estimate on the illustration (I still had the paperwork) and had I been told that there was a significant risk that the legal minimum in the small print was a realistic possibility I would not have gone with the endowment.
My claim was upheld and I was awarded just over �7,000 compensation. I'm now intending to sell off the endowment policy and convert the remainder of the mortgage to a repayment.
Pretty easy process, I'm glad I didn't go to one of these agencies who'd have taken a cut.
Hope this helps