How to complain about an endowment

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How to complain about an endowment

Over 600,000 of the UK's endowment mortgage holders have won compensation after claiming their endowment provider mis-sold them the stock market-linked investment policy used as a repayment vehicle for this kind of interest-only mortgage.

To check if you have grounds to follow their example, read Was I mis-sold my endowment?

And to make sure you haven't run out of time, go to Am I too late for endowment compensation?

So, let's assume you're satisfied that you have a mis-selling claim and that you haven't been time barred, here's what to do next

Stake your mis-selling compensation claim

• Put it in writing

Begin by writing to the firm of independent financial advisers or the company that sold you the endowment policy.

If you don't have the address, the Financial Services Authority (0845 606 1234) may be able to provide it.

Head your letter complaint and include all relevant details such as policy numbers and dates.

• Make your case

Set out the grounds for your complaint clearly and concisely, and include photocopies of any supporting documents.

Explain exactly what you want the company to do for example, compensate you.

Don't get angry a polite, rational letter is much more likely to get a positive response.

• Send a reminder

If you haven't heard anything in eight weeks, write again and explain that you're going to take things further.

If you're unhappy with the response, take your complaint higher in the company.

• Be persistent

If you don't get a satisfactory decision by the time youve exhausted the company's complaints procedure, you have six months to go to the free Financial Ombudsman Service.

The ombudsman will make a ruling and may award compensation to put you back in the position you would have been in if you'd had decent advice in the first place.

You can write to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR.

If you would like more help with making a claim, visit Help to make your endowment complaint.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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