Disclaimer: Our website and publications aim to give you general information to help you make financial decisions. It is not advice, nor can it take account of your own particular circumstances. For advice with a view to making decisions about your own circumstances you should consult a financial or other professional adviser.

© The Financial Services Authority.

How to make a complaint

Step 1

You should complain to the firm that sold you the endowment policy as soon as possible after you realise you have cause for complaint – time may be running out. If you delay, you could lose the right to some or all of any redress that you may be due as there are time limits for making a complaint – see What are the time limits?

There is no charge for making a complaint to the firm.

Step 2

If you’re not satisfied with their reply you can usually take your complaint to the Financial Ombudsman Service, who will try and resolve the matter for you. You must do this within six months of the firm sending you a final response letter. This is also a free service for consumers. Contact the Ombudsman to find out how they can help.

Help with making your complaint

Some companies offer to help you pursue your complaint with financial services firms and with the Ombudsman. If you are thinking of using a complaints management company, make sure you understand the fees it charges.

These companies must be authorised by us, the Ministry of Justice or by a professional body (the Law Society, for example) – see Related links.

What happens next?

If your complaint is successful you may get some compensation, but this will not be the amount of your projected shortfall – it is based on your actual loss, not what you expected the policy to be worth. See How compensation is calculated.

If you get compensation as a result of your complaint, you should consider using it to reduce the amount you owe on your mortgage.

What if?

  • you were advised about your policy before
    29 April 1988?
    You may not be able to take your complaint to the Ombudsman. This is because the advice and sales of certain financial products, including mortgage endowments, did not become regulated until 29 April 1988. However, some firms agreed on a voluntary basis to allow the Ombudsman to look at complaints about advice and sales before this date. For more detailed information see our factsheet Endowment mortgage complaints. You can download it from Publications, where you can also order it online.
  • the firm that sold you the endowment policy is no longer in business?
    The Financial Services Compensation Scheme (FSCS) may be able to help.
  • you took out your endowment policy on advice from a solicitor?
    Complain to the solicitor first. If you are unhappy with the solicitor’s decision, and bought your policy before 1 December 2001, you will need to take your complaint to the relevant law society – see below.

Scottish solicitors: The Law Society of Scotland regulates these firms and can investigate complaints about professional misconduct and/or inadequate professional service against a solicitor. If a complaint is upheld by the Society, there are a number of possible outcomes; however, what you are likely to get in redress depends on when the endowment was sold. For more information see Frequently asked questions on our corporate website.

English and Welsh solicitors: The position is broadly similar for consumers who bought their policy through English or Welsh solicitors. The Law Society of England and Wales regulates these firms and can consider complaints about professional misconduct against a solicitor and/or inadequate professional services. Again the redress available depends on when the endowment was sold.

Solicitors in Northern Ireland: If you bought your policy through a solicitor in Northern Ireland, you should first contact the solicitor who sold you the policy. The Law Society of Northern Ireland regulates these firms and can consider complaints about professional misconduct against a solicitor and/or inadequate professional services.

Since December 2001 we have been regulating solicitors offering financial advice so if you have a complaint about an endowment sold on or after this date you should complain using the procedure set out in Making a complaint.