Use this letter template for essential guidance on what to say if you want to complain about a mis-sold endowment.
[YOUR NAME AND ADDRESS]
[Name and address of the company who employed the advisor who sold you the policy]
RE: Complaint concerning advice received on endowment mortgage
Endowment policy number [enter number]
Mortgage reference number [enter number]
I am writing to you to make a complaint about the way I was sold my mortgage endowment policy. I believe, for the reasons set out below, that I was mis-sold this policy and am requesting you to investigate the sale. I am also requesting that you send me a copy of my endowment file so that I can see all the documentation you have relating to my case.
An adviser in your company sold me an endowment policy in [enter month and year]. The target amount was [enter amount].
The reasons I am complaining are as follows:
[Here is a list of reasons why the advice you received when you were sold your endowment mortgage may have been bad advice. THINK CAREFULLY about which ones apply to you and delete the ones that don’t. One or more of these may apply to you]
• The endowment was not suitable for me.
• The adviser did not properly establish my attitude to risk.
• No fact finding was completed during the sales process and therefore the adviser did not have full knowledge of my/our financial situation.
• Other options for repaying the mortgage, such as a repayment mortgage, were not discussed with me.
• The adviser said the policy would definitely pay off the mortgage and didn’t explain that the amount I would get back was dependant on the performance of the policy.
• The adviser said there would be a lump sum payable in addition at the end of the term and did not explain there was a risk the endowment would not meet the target amount.
• The adviser did not discuss in full the funds my endowment was to be invested in or the risks involved.
• The adviser didn't fully explain the fees and charges or how these would affect the returns on my policy.
• The adviser did not explain the endowment was a long-term policy and that I would need to be able to keep up payments over the whole term.
• The endowment policy will not mature until after I retire and the adviser didn't check that this would be affordable. The adviser told me not to worry because the endowment would pay off the mortgage before retirement.
• I already had an endowment and the adviser told me to cash it in and sold me a new policy.
[Please add here if there is anything else you wish to include to support your complaint]
Please reply to this letter within 14 days and investigate my complaint within the eight weeks allowed to you.