Endowment Misselling Pixie12


Does anyone know if the deadline has now passed for mis-sold endowment complaints?

My parents have not long told me there is going to be a considerable shortfall on their endowment mortgage (taken out sometime in the 1980s). It was originally taken out with the Staffordshire Building Society and is now with Nationwide as the Staffordshire B.S no longer exists, so could anyone also tell me whether they can still complain to their current lender?

Thank you.


Does anyone know if the deadline has now passed for mis-sold endowment complaints?

Mostly yes but some are not timebarred. Approx 3/4 of them are barred from complaint.

The timebar clock is met by two measures. Both have to be satisified for it to be barred.

1 - 6 years from purchase (so a 1980s case meets that)

2 - 3 years from being reasonably aware of an issue. That is measured by 3 years from the first notification of a high risk of a shortfall. Most of these were issued around 2003 to the required standard and this meant by 2007-2009, most got timebarred.

(taken out sometime in the 1980s).

Regulation didnt start until April 1988. Any sale before that date is pre-regulation. Whilst some banks and insurers volunteered to accept earlier sale complaints, many building societies did not have to as often the 80s cases were not sold by a building society member of staff. They often used a local broker/adviser in the local town. It would be them that carries the liability for the sale in those cases and broker/advisers did not volunteer to accept pre-regulation sales (assuming they are still around - and most from that era are not).

So, the odds are it is timebarred under the 3/6 year rule. Possibly pre-regulation and wouldn't have to be considered anyway and possibly the lender is not liable either. This is before you even mention what the complaint reason is (shortfall is not a complaint reason).

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