Lloyds-TSB to introduce endowment time bar

Lloyds-TSB will introduce a time bar from February 2005 which will limit the timeframe in which mortgage endowment policyholders can make a mis-selling complaint.

All relevant policyholders will be informed about the time bar when they receive details of the projected maturity values of their policies in line with Association of British Insurers requirements.

Policyholders will be given 12 months notice before the time bar comes into force, which is double the six months notice required by the Financial Services Authority.

Lloyds-TSB believes that introducing a time bar is fairer for policyholders as it provides a clear timescale in which complaints can be made.

Letters will start to be issued in February 2005 and will set out details of the time bar, clearly indicating the date by which customers should lodge their complaint.

All relevant policyholders will receive confirmation by the end of June 2005.