Mr and Mrs H enlisted our services when they chose to respond to one of our social media adverts, in December 2020. They were interested in us helping them to investigate the possible mis-selling of their Endowment policy.
All that Mr and Mrs H could tell us at outset was that they’d had an Endowment with Standard Life and that they cashed in the policy in approximately 2005 (this turned out to actually be 2008). As with many of our clients, they were unable to provide us with their policy details, but part of our service is to attempt to obtain this ourselves in order to fully assess the merits of the complaint. We were successful in acquiring this from Standard Life and it was soon apparent to our experienced team that, despite Mr and Mrs H receiving a high-risk warning letter in June 2004, Standard Life had not followed this up with a appropriate second letter. There is a myth within the financial industry that all Mortgage Endowment cases will be “Time Barred”. However, this is not true and our skilled team are regularly able to put cases forward that gain positive outcomes.
The information that we had obtained from Standard Life as a result of our request also showed us that the policy was not sold by them directly but had been sold by a third party, Membership Services Direct who are actually now owned by Liverpool Victoria. We were able to send a bespoke Letter of Complaint to this firm and an investigation by them ensued accordingly. Then, as part of the ongoing inquiry, they asked for a questionnaire to be completed with Mr and Mrs H, which can sometimes be worded to trip people up or make them answer in such ways that would disadvantage the case. Therefore, we contacted Mr and Mrs H to complete it, sent it out for signature and then forwarded the signed copy to the firm with additional information in order to help them formulate a decision as to whether or not they felt they had mis-sold the policy.
Owing to our complaint, and the extra details we had supplied, we were delighted to find that the firm had taken the view that this case should be upheld. A redress calculation was carried out, which we checked for accuracy before advising Mr & Mrs H to accept it.
It is always a pleasure to know that, due to the vast knowledge and expertise of our dedicated and experienced claims managers, our clients have ended up winning their complaint. As a direct consequence of the complaint we lodged against Membership Services Direct (Liverpool Victoria) and their mis-sold Endowment policy, Mr & Mrs H received a very satisfying total of over £17,000 in compensation which included a significant interest payment from 2008 to date.
To start your Endowment claim please click the link below –