Endowment FAQs

Below you will find the answers to the most frequently asked endowment claims questions. To find out more just click the heading.

Existing policyholders and those that have already sold, replaced or surrendered their policies could be due compensation. To be eligible for payment you must have suffered a financial loss as a result of the advice you received when the policies were sold.

Get in touch so that we can establish whether or not you too may be entitled to compensation.

Should your claim for mis-selling be successful an offer of compensation would put you back into the position you would have been in had you not received inappropriate advice. The value awarded is usually calculated by comparing how you have actually fared with your risky endowment mortgage, against how you would have fared with a more suitable and safe capital repayment mortgage (please note that this may vary according to your particular circumstances).

The calculations are complex but fair and adhere to the Financial Services Authority Regulations. In the event that your claim is successful EMCAS will check the offer made and ensure that all areas of the complaint that require compensation are met.

You can be assured that we will be acting in your best interests at all times and we will always endeavour to maximise the amount we recover for you. Remember, we are no win, no fee* therefore it is in both our interests to push for the maximum amount applicable to your case.

We check all calculations thoroughly to ensure that they are compliant with the Financial Services Authorities rules, we also regularly dispute offers made by companies when we feel that they are insufficient and as a result of our actions the offers have often been increased.

*Subject to a fee in the event of termination if requested by the client or caused by the inaction of the client – see Clauses 3 & 7 of our Terms of Engagement, which is provided in our initial information pack.

EMCAS work on a NoWin, No Fee* basis, so you will only be charged by EMCAS if your complaint is successful and you receive compensation as a result. If the claim is carried to its conclusion and is lost, you will not be charged for work carried out on your behalf.

The only occasion other than the above when a fee is payable is if during the course of your claim you decide to cancel our contract. A fee will then be payable to reflect the work carried out on your behalf and any expenses paid by EMCAS up to the point of cancellation.

*Subject to a fee in the event of termination if requested by the client or caused by the inaction of the client – see Clauses 3 & 7 of our Terms of Engagement, which is provided in our initial information pack.

EMCAS charge 35% + VAT (42% inc. VAT) of any compensation gained on your behalf. The charge is only applied to the compensation value and is not related to the actual policy value.

You may wish to take time to seek further advice or shop around before instructing EMCAS to act on your behalf.

If you do so please act quickly as Insurers, Banks, Building Societies and Independent Financial Services that sold endowment mortgages are able to "time bar" complaints. Therefore it is imperative that you take immediate action.

Before EMCAS start your claim we will provide you with written correspondence detailing our service and our Terms of Engagement. Once you have signed and returned our documentation you will have a 14 day 'cooling off' period in which you can cancel the agreement, however we will start the ball rolling immediately by contacting your provider in order to avoid any time constraints being applied to your case. EMCAS will:

• Compose the initial complaint letter to the Company that provided the endowment or pension policy and instruct them to direct all correspondence and any questions or matters relating to the claim to your claims manager at the EMCAS claims office. Included will be an authority for EMCAS to deal with your complaint.
• Request the company's file and their "fact find" relating to the sale of the policy.
• Provide copies of any correspondence for your records.
• Review the file to establish any breaches in the relevant Financial Services Authority rules governing the sale of the policy. Any charges made by the company for providing the file will be paid by EMCAS.
• Complete any necessary paperwork such as a "Mortgage Endowment Questionnaire" (MEQ) or a pension mortgage questionnaire (PMQ).
• Act as an intermediary between you and the company including replying to and managing all correspondence relating to your complaint.
• Ensure that any compensation offered has been correctly calculated and includes all aspects of the complaint that may have resulted in you suffering a financial loss.
• Consider any rejection alongside the evidence provided by the company to determine whether their rejection is justified. If in the opinion of EMCAS there is insufficient evidence to reject the claim EMCAS will in the first instance appeal against the decision and provide the company with the reasons why EMCAS believe the case should be upheld.
• Take the complaint to the Financial Ombudsman Service is necessary. If EMCAS believe the company is justified in rejecting the claim EMCAS will promptly inform you of the outcome. If you are unhappy with our decision then you have the option of taking the claim to the Financial Ombudsman Service independently.
• Pursue your complaint through the Financial Services Compensation Scheme if appropriate.

During the process of your claim EMCAS will at all times endeavour to:

• Act fairly and reasonably in all our dealings with you.
• Ensure that any service offered is one that meets your needs.
• Ensure that all information given to you is clear, transparent, fair and not misleading.
• Advise you only to pursue a claim if it is in your best interest to do so.

At EMCAS we pride ourselves on making sure our customers receive the best possible service. If you are not completely satisfied with the service provided by EMCAS we would like to hear about it – that way we can do our best to put it right. If you have any complaints please contact our Customer Service Manager on 01803 697541 or by email at complaints@emcas.co.uk.

For full details of our complaints procedure please click here.

Yes you can. As with anything in life you can elect to ‘do it yourself’ in the same way that you can prepare and file your own tax return without the use of an accountant, or buy and sell your own property without the use of a solicitor. However, most people choose to employ the services of someone who is an expert in their field.

EMCAS is a professional, regulated claims management company. We are one of the longest established companies and as such we are one of the industry leaders. The whole purpose of our claims procedure is to take the burden of making a complaint completely off your shoulders. We therefore undertake to manage all aspects of your claim from start to completion, making the whole process as hassle free for you as possible.

Our track record speaks for itself. To date we have successfully secured more than £250 million in compensation and refunds for our satisfied customers. Currently more than 7,000 new clients a month choose to use EMCAS' services.