How do I know if I have a claim?
Are there time limits on complaints?
How much will I get?
How long does it take?
What if I bought an endowment policy from a friend?
Is it too much hassle?
What if the advisor I bought from is no longer in business?
Am I guaranteed compensation?
Can I go straight to the Ombudsman?
What if my endowment is not now linked to my mortgage?
Can I claim if I bought he endowment policy before 1988?
How much will it cost me?
Any other questions?
Q. How do I know if I have a claim?
A. If you know or suspect that you were misled, given bad advice or sold an inappropriate endowment policy then you
should claim now. But even if you’re not sure, or can’t exactly remember discussions from the time, you should contact us
anyway. We can quickly tell you whether you have a possible
compensation claim – and remember that through Solar it
costs you nothing to find out.
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Q. Are there time limits for complaints?
A. You have a limited period to make a complaint. This is
normally 3 years from the time you became aware
(or should have become aware) of a high risk that there
might be a problem. In some cases, companies are
obliged to tell you when you only have 6 months left to
lodge a complaint but to be safe our advice is always to
act now.
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Q. How much will I get?
A. The method of calculation is complex, but essentially it
looks to put you back into the financial position you would
now be in if you had selected a repayment mortgage rather
than an endowment. Whilst the current endowment policy
value does form part of the calculation, it is important to
realise that any endowment compensation figure is likely to
bear little resemblance to an endowment "shortfall projection"
you might have been quoted. We of course endeavour to
maximise your offer on your behalf.
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Q. How long does it take?
A. There are certain rules in force and, generally, companies
must give an initial response within 8 weeks of a complaint
being lodged. We will regularly pursue the company to ensure
they are processing your compensation claim quickly
and efficiently.
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Q. What if I bought the endowment policy from a friend?
A. Many people did. In most cases that friend has since moved
on to a different job and would not therefore be directly
involved in the compensation claim process. And remember it
is the Company’s responsibility to prove the advice was suitable
– not the individual salesman’s.
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Q. Is it too much hassle?
A. For many people it is too complex and confusing which
is why so few have actually done anything about it. This is
precisely why Solar Accountants was set up – to take the
hassle away from individuals. We do all the preparation,
presentation and following up of your claim for you, leaving
you to relax in the knowledge that you have expert
professionals fighting on your behalf.
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Q. What if the adviser I bought from is no longer in
business?
A. This doesn't matter. There are very specific rules dealing
with “departed firms” setting out who has the responsibility
to prove the advice was correct. We can also refer cases
directly to the Ombudsman service where no Company any
longer exists to accept responsibility.
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Q. Am I guaranteed to get compensation?
A. There can be no absolute guarantee that you will receive
compensation, or how much you might receive. Our process
ensures we help qualify your compensation claim first and
only present cases where there is a strong likelihood of
success. Remember too, we only get paid if we successfully
secure compensation for you so it is in our interests as well
as yours to fight for the compensation you are entitled to.
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Q. Can I go straight to the Financial Ombudsman?
A. No – there are very clear rules laid down by the Regulators
about how complaints and compensation claims must be
handled. We must give the Company who is responsible for
the advice the opportunity to settle the case first. But we do
of course retain the right to go to the Ombudsman subsequently
if we are not happy, or don’t agree, with the Company’s decision.
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Q. What if my endowment is now used just for savings
and not linked to a mortgage?
A. You have the same rights to complain, although the
compensation calculation may be different.
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Q. Am I unable to claim because I bought the endowment
policy before 1988?
A. It is true that the compensation claims process is a lot less
straightforward on policies bought before the introduction of
the Financial Services Act in 1988. However, some Companies
have voluntarily agreed to review such cases so it is certainly
worth submitting your enquiry for us to examine.
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Q. How much will it cost me?
A. We undertake to do all the work to present and chase-up your compensation claim free of charge. You only pay a fee when we have successfully secured compensation for you – and then only 25% +VAT (28.75%) of the claim settlement amount.
Charges may be payable in some exceptional circumstances, which are set out in clauses 4.1, 4.2, 4.3 and 6.4 of Solar’s Terms and Conditions, which are available upon request.
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Q. Any other questions?
If you have a question which we have not answered here,
please call or email us for a personal response.
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Remember...
We can help you claim compensation
It’s your right
We are Accountants, experts in our field.
Until you call us we can’t advise on the solution that’s right for you.