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*PLEASE NOTE* This site is
for information purposes only - we are not accepting
any new cases from January 2007
Case study The following
case discusses another all too common situation. The
"adviser" when conducting the endowment product sale -
fails to identify that the plan matured AFTER the
policyholder (claimant) retired.
The client in this case came to us because they felt
that they had been sold a lengthy and unnecessary
endowment plan by an insurance salesman.
The claimant was 45 when the plan was sold and would
be 70 on maturity. He was due to retire at 65 on a
modest Council workers pension. We presented a complaint
to the endowment company arguing that the adviser /
salesman did not check, at the time of incepting the
plan, whether the claimant could afford the mortgage
payments after he retired.
No questions were asked about the claimants income
and pension levels post retirement. As a result the
option of either reducing the mortgage term or simply
opting for a repayment plan, was never explored.
The endowment company upheld the complaint and made
an offer to place the claimant back in the same
financial position he would have been in, had he been
advised to choose a repayment mortgage.
In addition the endowment provider - following a
lengthy debate - agreed to reimburse all premiums from
the date of retirement until the date the plan matured.
This allowed the claimant to recover premiums that would
not have applied had the plan been arranged for the
correct period and had maturity coincided with his
retirement.
As this case illustrates, "retirement" claims can be
very complex. In order to ensure that adequate redress
is received, it is recommended that you instruct a
regulated complaint's handler to represent you.
The client in this instance won £14,661 in redress
compensation
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