Mortgage endowments - Warned over 3 years ago

How does Resolver work?

Free forever

Resolver is free. No adverts, no hidden costs. Just raise a case and leave feedback after. Simple! We’ve helped millions of people find a resolution. Get started now and let’s get this sorted.

Know your rights

There’s no jargon in our rights guides. Instead, they’re full of the info you need to get things sorted. We’ll always be on hand with guidance and support to help you get the results you’re looking for.

Get your voice heard

You can be certain that you’re talking to the right person at the right time. We automatically connect you to contacts at thousands of household names, ombudsmen and regulators to find a resolution.

This is the '6/3 year rule' and will affect most endowment omplaints due to years of warning letters being issued. Anyone affected needs to provide a detailed explanation as to why they didn't make the complaint in order to appeal to the Financial Ombudsman.

You should know
  • If it was not made clear to you that the endowment policy was an investment, you have the right to make a complaint.
  • Whoever advised you regarding the policy should not have told you that the endowment was 'guaranteed' to pay off your mortgage. If they did so, you could make a complaint on the grounds that the policy was mis-sold to you.
  • There is a time limit on appeals to the Financial Ombudsman. Your policy holder should have outlined this to you in warning letters when your endowment began to underperform.
  • You should raise appeals with the firm whose advisor sold you the policy. They have eight weeks to investigate your complaint and send you a letter confirming whether or not they'll offer you compensation.
  • If you aren't happy with the result, you can contact the Financial Ombudsman to take your case further.

 

Mis-sold mortgage endowments

If you weren’t clearly advised that you were taking out an investment to cover your mortgage, you may have been mis-sold your mortgage endowment. Advisors should have explained that the amount returned by the mortgage investment would depend on the performance of the policy. You have a right to expect advisors to be clear and honest when it comes to the product they’re offering you – if you believe they have not acted appropriately, you have the right to make a complaint.

 

Time-barring and complaints

When your endowment began to underperform, your policy holder should have sent you a letter warning you of the situation. This letter should have contained details of a clear final date for making a complaint. After this point, the firm will be able to object to your complaint as you have passed the final date for making a complaint.

You can make an appeal regarding this to the Financial Ombudsman, but your reasons for missing the final date will have to be exceptional in order to be successful.

 

Underperformance

Unfortunately, you cannot typically make a complaint that is only about your endowment underperforming. This is because an endowment is an investment, and investments are never guaranteed to give a good return. If your advisor told you that the endowment was guaranteed, however, you can make a claim on the grounds that they mis-sold the policy to you!

 

 

 

 

Find the best rights for you

We have 5,191 pages of rights advice for you covering 6,983 companies and organisations across 17 public & private sectors. Feel free to browse companies for this specific issue - they're all listed below - but the quickest way to find the best rights for you is by using our unique Rights Finder to access our extensive database of advice.

Start by telling us the name of the company or organisation you have an issue with.

Who do you have an issue with?

Raise it for free via Resolver

Helping you with Warned over 3 years ago

Resolver covers the issue Warned Over 3 Years Ago for 4 companies and organisations: