Jun/090
Consumers’ Confusion over Endowment Policies
In the early to mid 80’s starting the climb on the property ladder was all the rage. It seemed everyone who could would try and take out a mortgage and would be strongly advised to take out a related endowment for long-term investment.
As per usual with these sorts of things loopholes and financial mis-selling accusations start flying around many years later and now that a precedent has been set you, the consumer, may indeed have cause to make a claim. The reason for this is because these policies were often forced upon them on the basis that when the time came, sufficient amounts would have been accumulated to pay-off their mortgages. As an additional teaser they were told that they would have an extra lump sum to play with - it was a no brainer!
20 years or so ago these endowment policies were proving fruitful to say the least as tax relief on premiums were an attraction for investors. However, this wasn’t to last and after tax relief came to an end, investment returns went downhill fast, and left an awful lot of people with the prospect of a shortfall.
If you believe you were misled on whether or not take take out an endowment policy, you CAN make a claim against the company that sold it to you. This does not necessarily need to be the company with whom you had/have the policy, but could be a financial advisor who you discussed your options with. If you want to make a claim we recommend using Gravitas Law who have plenty of experience in dealing with similar cases.
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