Scottish Amicable Endowment

Scottish Amicable Endowment

(F.S.A. Guide )

Click Here to sell your Scottish Amicable Endowment .


Sell your Scottish Amicable Endowment


Scottish Amicable Endowment policyholders can sometimes get a better price than the surrender value offered by the host company by selling the endowment policy to an endowment policy company, that trades in policies.

Selling your endowment policy is a simply achieved by using the link above and filling in the form for an appraisal.

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Scottish Amicable has become the latest insurance company to be fined £750,000 for miss-selling mortgage endowments, by the city police at the Financial Conduct Authority after problems with its sales processes between January and December 2000 came to light.

Following a visit by the regulators in January 2001, Scottish Amicable engaged a firm of independent accountants to conduct a sample review of sales of mortgage endowment policies by the firm's appointed representatives. This has led to the firm reviewing 33,781 policies from January 1999 to February 2001. £11 million has been set aside for redress payments for this period.

Scottish Amicable has also agreed to ensure that current mortgage endowment policyholders who were sold policies by appointed representatives between 29 April 1988 and 31 December 1998 will receive redress where appropriate.

The failings arose because advisers did not place appropriate emphasis on identifying whether a customer was prepared to take the risk that their mortgage might not be repaid at the end of the term. This resulted in policies being mis-sold.


Andrew Procter, Director of Enforcement at the Financial Conduct Authority, said:

"This is a continuation of our work to make sure that mortgage endowment customers that have been miss-sold get the compensation that is due to them. The size and nature of Scottish Amicable meant that the firm's failings exposed a large number of consumers to potential loss.

"Firms must act promptly and adequately when the regulator issues guidance. The issues relating to mortgage endowments were well known in the industry towards the end of 1999 and the firm should have acted quickly and effectively on our guidance."


 

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