If you answered yes to the above question there is a chance that your Co-Operative Bank Endowment policy was mis-sold and you could be due compensation.
An endowment is an investment that is designed to pay off a mortgage.
It differs from a capital repayment mortgage in that instead of making regular payments to repay the capital, all of the money is invested and dependant on growth, at the end of the term, the mortgage is paid off.
Many advisors did not take into account the level of experience consumers had.
An Endowment has potentially high returns but also comes with increased risk that often didn’t match the attitude of the customer.
There are many different options to consider when it comes to paying for your home including a capital repayment mortgage.
Many advisors chose the Endowment for the consumer, often not giving them enough information to make an informed choice.
Many were advised that an Endowment policy was guaranteed to pay off the mortgage.
This was sometimes mixed with a verbal guarantee of a lump sum in excess of the amount needed to repay the mortgage.
Many Endowment policies sold went past your age of retirement.
The affordability of the endowment on a lower retirement salary was often not discussed.
Compensation to put you back in the position you would be in if you had been advised with the correct mortgage.
An additional 8% Compensatory Interest can often be added to any mortgage loss suffered.
This is all possible even if you surrendered your policy, your mortgage has been paid off or you have no paperwork.
We have specialist teams that can also win cases where you have been told you are ‘out of time’ or the firm that sold the policy are no longer in business.
You do not need to use a CMC to make a complaint to a lender or other compensation scheme, such as the Financial Services Compensation Scheme (FSCS). If your complaint is not successful you can refer it to the Financial Ombudsman Service (FOS) yourself fee free.
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