Regulator rules shortfall deadlines must be clear

property

Firms that have endowment policyholders who are at risk of a shortfall must be given explicit warni...

Firms that have endowment policyholders who are at risk of a shortfall must be given explicit warnings as to when their option to complain expires, new rules from the FSA state. Effective from 1 June 2004, policyholders have three years in which to complain, following receipt of their first 'red letter', which notifies them their policy is running a high risk and that it will not pay out the target amount at the end of the term. A number of firms are not imposing time limits on endowment complaints received but, for those that do, the regulator is imposing the revised rules so consumers...