More time to complain about endowments

The Financial Ombudsman Service will generally only consider complaints made within three years of when a party becomes aware of loss suffered. However, after discussions with insurers, the FSA will consult until the end of this year on a proposal that in the case of endowments the clock should not start ticking until the policyholder receives a red re-projection letter (indicating probable shortfall). It also proposes that customers should be allowed a further 6 months after a second red letter is sent if this is more than three years after the first was mailed.