You may have grounds for complaint if your adviser did not:
- tell you how your money would be invested and explain the risks involved;
- explain that an endowment policy is a long–term commitment that often gives a poor return if you cash it in early;
- check you were comfortable with the risks of your money being linked to investment performance, including the stockmarket;
- check there was a reasonable expectation you would be able to keep up payments until the end of the term; or
- explain any fees and charges and how they would affect the return on your savings. If you bought your endowment policy between 29 April 1988 and 31 December 1994, you should have been given ‘product particulars’. These are various details about your policy, including charges and surrender values for the first five years. If you bought your policy on or after 1 January 1995, you should have been given a key features document. This gives details of fees and charges and how they affect your savings over the longer term.
You may also be able to complain if:
- your endowment policy finishes after you retire and the adviser did not check that you were likely to be able to carry on paying the premiums after you retired;
- you were advised to cancel one endowment policy and take out another;
- your endowment policy runs on after your mortgage loan is due to finish; or
- you were given a guarantee that the endowment policy would pay off the mortgage loan (though this is likely to be rare).
