Can I claim over endowment?

By THIS IS MONEY
Updated:

 

I was sold an endowment policy which doesn't mature until I am 70. Would I be able to claim compensation for this? GA, Nottingham.

Lee Robertson, independent financial adviser at The Investment Quorum says: It is not a foregone conclusion that you are entitled to compensation. Your original adviser should have matched your endowment period to your mortgage period so that that the endowment policy would mature to coincide with your mortgage redemption date.

But some borrowers do want to keep their mortgages going past their usual retirement date and your adviser may have been working to this objective. He/she should also have discussed the various mortgage repayment options available to you explaining the pros and cons of each. This should have then been followed up with a letter to you confirming the course of action you agreed to take and the reasons for it.

But if this is not what happened you should contact the company where your adviser works or worked to discuss matters. There is a lot of discussion currently about endowment mis-selling and if you feel that you have been subject to bad advice or poorly treated to set out your complaint. They will then discuss their understanding of the situation, and whether they feel there is a case to answer. They tell you about your options for taking the matter further with the appropriate authorities.

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