Endowment Complaints Explained
Can you make an endowment complaint, and how do you do it?
Endowment Complaints Explained - Page 2
Can I Get Compensation?
If you can prove that mis-selling occurred in your case, then you will usually be eligible for compensation. If the company who sold you the endowment has gone out of business, you might still be able to get compensation from the Financial Services Compensation Scheme, which acts as a safety net in those circumstances - but it will only be able to help if the advice you received was given after 28th August 1988.
How Do I Complain?
The first step is to contact the company that sold you the policy. By law, they must have a proper complaints procedure which must be free, and regulated by the Financial Services Authority. You should at this stage try and find any paperwork you received when you took out the policy, although you are entitled to free copies if you cannot.
Your complaint should then be dealt with by your endowment company, but if you're not satisfied, you can take the matter to the Financial Ombudsman Service who will make a decision based on the evidence available. If you accept this decision, it is legally binding on both you and your endowment provider. If you're still not satisfied, you can reject their decision and take your case to court.
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