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If you have a housing problem, call our expert housing advice helpline
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If you have been told that your endowment policy may not cover the outstanding capital at the end of your mortgage, you might be able to make a complaint.
You may be entitled to compensation if you got bad advice from the company that sold you the policy and you have lost out financially as a result.
Companies selling endowment policies have to follow certain rules. If you think you have been treated unfairly, you can make a complaint. You may be able to do this even if you have already sold or cashed in your policy. You should consider this option if:
You may also be able to get a small amount of compensation if you have been seriously distressed or inconvenienced by the shortfall. If you think you have a valid complaint, you should take action quickly. If you don’t, you could lose some or all of the compensation you’re entitled to.
You should complain first to the company (or adviser) that sold you the policy. This could be the endowment company itself, or an intermediary broker. All companies selling financial products have to have a proper complaints procedure and have to provide information about how to use it.
The Financial Conduct Authority gives step by step information on how to make a complaint and explains when you can take your complaint to the Financial Ombudsman Service. The FCA may also be able to help you if the company that sold you your policy has gone out of business or disappeared.
If you aren’t satisfied with the response you get, you may be able to make a further complaint to the Financial Ombudsman Service (FOS). The FOS provides a free independent service to help solve disputes with financial companies.
Complaint forms are available on the FOS website.
How much compensation you get normally depends on how much better off you would be if you had taken out a repayment mortgage (often with a separate life insurance policy) from the start. If you have lost out financially, you may be entitled to a lump sum payment, which will allow you to switch to a repayment mortgage without losing out on payments you have already made.
Repayment options
Joint mortgages
Mortgage protection
Changing mortgages
Endowment shortfalls
Catching up with your endowment shortfall
Endowment complaints
Dealing with mortgage arrears
Arrears on a repayment mortgage
Increasing income
Selling voluntarily
Mortgage rescue schemes
Private sale and rent back schemes
Support for mortgage interest payments
If you have a housing problem, call our expert housing advice helpline
08000 495 495
If you have a non-urgent problem and would like to speak to an advisor
email us
We are sorry that we cannot provide this information in Welsh, however if you would like to speak to an adviser in Welsh please contact 08000 495 495.
This page was last updated on: Rhagfyr 3, 2020
Shelter Cymru acknowledges the support of Shelter in allowing us to adapt their content. The information contained on this site is updated and maintained by Shelter Cymru and only gives general guidance on the law in Wales. It should not be regarded or relied upon as a complete or authoritative statement of the law.