Legal and General time barring endowment claims
Legal and General have announced that they will now impose time bars on claims for mortgage endowment mis-selling.
In a surprise change of heart, Legal and General is writing to its 630,000 endowment mortgage customer to inform them that time bars are to be introduced and they will be given six months notice before the time limit expires. The company said it has sent numerous letters to mortgage endowment customers expalining the shortfalls during the past six years and they should know if they have a case for compensation. “We want to bring a conclusion to the matter – it is time for people to make up their minds.” – said Paul Timmins of Legal and General.
The time bar rule means that policyholders have just three years from receipt of their first “red warning letter” to complain.
