Mortgage linked endowment policy

[andrewh]

In 1992 while working for Norwich Union I bought from them some mortage linked endowment policies to cover a new mortage taken out with one of the company's 'recognised lenders'.

As an employee of Norwich Union I had no option but to buy their policies if I were to receive the recognised staff benefit of a reduced price mortage.

Now I am being told that the policies that were bought specifically to cover the loan will not do so by several thousands of pounds.

I am not one of the thousands who are claiming miss- selling of policies.

My question is - As the company changed status from being a mutual (owned by with profits policyholders) which it was when I bought to being a PLC (and owned and paying a dividend to shareholders), do I have any legal standing to make a claim against them under the heading of ' policyholders' reasonable expectations' or something similar? Which in my case is to get all of the bonuses that were indicated instead of a pathetic nothing as they are now being given to shareholders.

I have spoken to lots of different people including a financial 'barrister' but no one - even FSA and the Financial Ombudsman can seem to offer a clear answer.

[factor-fiction]

You may be out of time for submitting a claim. Try the Financial Services Ombudsman site
http://www.financial-ombudsman.org.uk/faq/mort gage.htm
I don't think it's enough to argue thereturns weren't very good, and you certainly claim that you lost out becasue of demutualisation. You need to show you were missold and would have been better off with another product.

[tufty7]

I also work for them and found no staff discounts that are worth having , there is very little in the way of perks with the exception of the breakdown cover , although you do have to pay tax on that one....., I would lodge a miss selling , after all you have nothing to lose..... people should not depend on endowments to pay off the mortgage unless they keep topping it up or keep a close eye on it , much better if you can afford it to go straight repayment on a good deal and use the endowment as a savings vehicle for a rainy day ....

[Thersites]

It's called experience. If it looks too good to be true, it is, believe me, it is..

[lespots]

a comany change of status can only be changed though a high court,you should have been informed of this at the time, if the policy was sold to you as part of your terms and conditions of your employment then norwich union have to cover the short fall but you need to check the wording on your policy