Can I Get Compensation If I've Been Missold An Endowment Policy?

You may feel that the person who sold you your endowment policy advised you on it failed to warn you of the risk that the policy might not be able to repay your mortgage at the end of its term or failed to explain how your savings would be invested and the attendant risks of investing in the stock market. You may have other complaints regarding the way the policy was sold to you without mortgage alternatives being offered or the failure of the seller to check you could afford the policy in the longer-term or a whole host of other factors that might be considered to be misselling. If you suspect you have been missold an endowment policy and it is clear the policy is not on target to pay off the sum assured, then you have the right to complain and claim compensation for your losses. However there is usually a time limit on complaints - if you received a letter warning of the likely shortfall of your policy more than three years ago, it's probably too late to claim compensation.

Add Comment

Report