The Endowment Diary

Extract of letter sent to the Financial Services Compensation Scheme today, in respect of first endowment:

"Dear Sir/Madam,

I am writing to ask for your assistance in obtaining financial redress for the mis-selling of an endowment policy by B.

The FSA have advised me that this organisation is no longer authorised to provide investment advice. Please be advised that I have written to B; their compliance and quality control director advised me that they were not authorised, or registered, to carry out a review of my complaint.

I understand from the FSA that, under these circumstances, I should present my case to the FSCS.

The details, by way of a brief overview, are as follows:
- Endowment policy number ...
- Mortgage reference number ...

An adviser from B sold me a A endowment policy in August 1987. The target amount was £35000. The policy is not expected to meet this target.

The basis of my complaint is as follows:

 Other options for repaying the mortgage were not discussed fully with me

 The adviser did not explain there was a risk that the endowment would not meet the target amount

 The adviser did not discuss in full the funds my endowment was to be invested in

 The adviser did not properly establish my attitude to risk

 The adviser didn't fully explain the fees and charges on the policy

 The adviser said the policy was guaranteed to pay off the mortgage

 The adviser said there would be a lump sum in addition at the end of the term.

Please feel free to contact me should you require additional information.
Thank you in advance for your assistance...."