Am I a mis-selling victim?

By THIS IS MONEY
Updated:

 

In 1987 I moved house and an IFA arranged a Low Cost Endowment Mortgage with Nationwide. He informed me that my existing Endowment policy (three years with Sun Life) was not acceptable to Nationwide and I was obliged to cash this policy in and take out a new one with Norwich Union. This obviously earned more commission for the IFA, but was this the correct advice or could this be classed as mis-selling? T, Sunderland.

David Hollingworth of mortgage brokers London & Country says: Most lenders do not mind which insurer your endowment is with - at least they certainly don't these days even if they may have in the past.

We checked with Nationwide if they may have objected to a Sun Life endowment in the past and they could not think of any reason why they might have done.

So look at the original papers relating to the change of insurer and if the details there contain no explanation for the change, we think it could be that you may have been missold. If you think this is a possibility, contact the IFA who advised you to make the switch (or the firm they worked for if he or she is no longer there) and ask them to investigate - they are obliged to do so.

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