The industry regulator, the Financial Services Authority will be introducing measures to help people who believe their endowment was mis sold.
Currently, a complainant has three years to bring their complaint from the date they thought something might be wrong. With endowments, the three years will shortly be up. The FSA have said that in order to help people, red projection letters will be sent notifying them of any potential loss. A further letter will be sent and they will have six months from the date of the second letter to make a complaint.
A spokesperson for the FSA said, "we are here to make sure they know they have the right to complain".
If you would like to discuss your situation regarding whether or not you were mis sold an endowment, contact us.
Our view
We have already introduced measures to help people with endowment complaints that have been sold by other advisers. For a copy of a fact sheet about Endowment Shortfalls or one on Complaints - Putting Your Case Forward, contact us.