Endowment Complaints & Compensation Claims
The wide scale problem of mis-sold endowments has led to an industry of professionals whose aim is to help you gain the maximum compensation. A selection of these companies can be found on the right hand side.
The service provided
Once the company has your authority, it will present your complaint and to your endowment provider and will deal with the all the subsequent dealings up to the point when the company either rejects your complaint or a final settlement is offered.
Advantages of using a complaint company
Really these are numerous:
- The chance of your complaint being successful is much higher when taken on by a complaint company. This is due to the expert way in which complaint companies are able to present your complaint. Typically they will be very familiar with the regulatory rules that govern endowment complaint decisions and this knowledge will be used to maximise the chances of your complaint being successful.
- The compensation offered is often worked out in a very complicated manner. Unscrupulous endowment providers will often ‘interpret’ guidelines set out by the FSA in a way that under compensates clients who are due compensation. Complaint companies will ensure that any compensation you receive is fair and as they operate on a percentage basis they will endeavour to maximise the compensation payment.
- Complaining to your endowment provider can be a stressful undertaking. The complaints process itself can take many months and in this time there may be many phone calls and letters to deal with. The complaint company should deal with this side of things entirely.
Disadvantages of using a complaint company
There is only really one and that is the cost. Most companies operate on a no win - no fee basis. However, if your complaint is successful the companies will take a percentage of your compensation. This can range from as little as 20% of the compensation amount u p to 34%.
For example: Your endowment provider agrees that your plan was mis-sold and offers you compensation of £5,000.
A 20% charge would mean the complaint company retains a fee of £1,000.
A 34% charge would increase the complaint company’s fee to £1,700.
Another factor to be wary of is any additional fees to refer your complaint to the ombudsman. If your complaint is initially rejected the complaint company will take the matter to the ombudsman. However, many charge an additional percentage for this. So, before handing your complaint over to a complaint company to progress, make sure that you are fully aware of the fees that they will charge as well as the service that they will provide.
Endowment-Info.co.uk
Complaint Companies
Professionals who aim to help you gain the maximum compensation.
Complain Yourself
Complaining to your endowment provider yourself can save you money.
Endowment News
Keep an eye on the developments regarding endowment policies, mis-selling and compensation.
Endowment Glossary
Definitions of some terms that are widely used relating to this issue.
Endowment Mis-selling
Have you been mis-sold an endowment? Find out more here.
FAQ's
Answers to frequently asked questions about endowments.
