Think You Were Missold Your Endowment Complain Now!!!! [CLOSED]

defender_of_the_weak · 25 August 2005 at 6:53AM

In which case there are two possible routes from here.

Have there been any exceptional circumstances which have prevented her from dealing with this within the three years such as serious illness family bereavement in which case FOS would probably look at it.

Option 2 is rather more complex but still goes back to FOS, it reads as though Abbey have incorrectly applied the 3 year rule. As the complaint was in July it falls under the FSA rule changes for time barring introduced on 1.6.2005. To cut a long story short after this change firms cannot time bar without a formal notification that the time for making a complaint is coming to and end. In your aunts case they should have given her two months notice.

Tell her to go back to FOS

viney · 29 August 2005 at 9:57PM

HI DOTW

Yes there are exceptional circumstances as there was a bereavment in the family and that is the line I am going down.

Re option 2 they did say something about it, but it was so complicated I could not understand it. But basicallyI think what they said was, because the deadline was officially about 6 months before we complained they could not look at it unless abbey say they can. Abbey said "give us an exceptional reason" and we will think about it, which is what I done.

I agree with what you said e.g. firms should give us notice before they time bar, but the FOS said that only applies to warning letters sent after 1.6.2005

FOSman · 29 August 2005 at 11:54PM

viney wrote:

HI Defender OFW

The complaint was lodged in July 04 and their was no formal notification of "this is the deadline". The deadline is Oct 03, they claim they send the first letter Oct 00.

the reason she did not complain earlier is because she genuinely did not know their was a timebar not that she could complain, but that is not a valid excuse.!

Hi Viney. You need to check when the second 'red reprojection' letter was sent. The complainant gets 3 years from the 1st letter, or 6 months from the second WHICH EVER GIVES THEM MORE TIME.

Not knowing they can complain is not an excuse. They only need to complain to the firm, not necessarily the FOS.

Also, if the complain it 'IN' on 1 June 2004, the complainants have to be given referral rights before the 6 month rule kicks in.

Dottyj · 16 September 2005 at 9:08AM

Just wanted to say a big THANKS for the link to endowment action website. I duly wrote off to Standard Life. They sent me an question via email which I answered and then offered me just over £2,000 for a mis sold endowment. It was really easy and the whole process only took about 6 weeks. Thanks again Martin

ritac1 · 22 September 2005 at 2:48PM

I am a little confused, I wonder if someone can point out a few things for me.

I took out a With Profits Endowment in 1988 to run for 25 years which would pay £30,000 on death - maturing in 2013.

I have paid £38 per month throughout the whole of this period.

When I took out the endowment it was sold to me by Woolwich Building Society when I took out a repayment mortgage with them for £30,000.

I no longer have a mortgage but kept on the endowment as I was advised it wasnt worth cashing in.

In Feb of this year I received from Standard an Early Maturity Plan - showing
RED ALERT - HIGH RISK OF SHORTFALL - the current value of my plan = £11,355.

Should I contact them - please help

Terry_D · 22 September 2005 at 4:12PM

Dottyj wrote:

Just wanted to say a big THANKS for the link to endowment action website. I duly wrote off to Standard Life. They sent me an question via email which I answered and then offered me just over £2,000 for a mis sold endowment. It was really easy and the whole process only took about 6 weeks. Thanks again Martin

Well lucky you! When we wrote to Standard Life they basically told us to get s*****d as the IFA went bust years ago. Wrote to FSCS in May, sent them another letter earlier this week as I hadn't heard anything and got a letter today from some company called highamgroup saying they had been passed the complaint to deal with - don't hold out much hope now as their web site says SL is one of their clients! :mad:

dunstonh · 22 September 2005 at 4:33PM

Terry_D wrote:

Well lucky you! When we wrote to Standard Life they basically told us to get s*****d as the IFA went bust years ago. Wrote to FSCS in May, sent them another letter earlier this week as I hadn't heard anything and got a letter today from some company called highamgroup saying they had been passed the complaint to deal with - don't hold out much hope now as their web site says SL is one of their clients! :mad:

If the policy was sold by an IFA, then the complaint has nothing to do with Standard Life. The FSCS must have outsourced it to the Higham Group to look at. Any relationship that SL have with Higham Group will have no impact on your complaint.

Its people like me that will end up paying your compensation, if any comes due, not Standard Life. :mad:

FOSman · 23 September 2005 at 12:33AM

Higham Group are a cool bunch of people. :T

FOSman · 23 September 2005 at 12:37AM

ritac1 wrote:

I am a little confused, I wonder if someone can point out a few things for me.

I took out a With Profits Endowment in 1988 to run for 25 years which would pay £30,000 on death - maturing in 2013.

I have paid £38 per month throughout the whole of this period.

When I took out the endowment it was sold to me by Woolwich Building Society when I took out a repayment mortgage with them for £30,000.

I no longer have a mortgage but kept on the endowment as I was advised it wasnt worth cashing in.

In Feb of this year I received from Standard an Early Maturity Plan - showing
RED ALERT - HIGH RISK OF SHORTFALL - the current value of my plan = £11,355.

Should I contact them - please help

If you were sold a repayment mortgage and an endowment, and were told that it was suppose to be used to repay the mortgage, then you didn't need the endowment policy. In this case, go and complain to the selling agent, then if necessary, to the FOS.

If you were sold an interest only mortgage, then the endowment was sold with the aim for it to repay the mortgage. Therefore, unless you think you were mis-lead, the adviser did the right thing.

highwayman_2 · 23 September 2005 at 8:10AM

Couple of quick points here.

1. When you get your claim forms and they ask for information regarding values etc... remember that if the policy is older than 10 years the bank/building society/endowment provider is only asking because they either no longer have the info themselves or it has been sent to 'deep storage'. In this case if they haven't got the info why should you be expected to have it? so, whilst you still answer the questions, there is nothing wrong with being a bit hazy with your answers.

2. If you are offered compensation don't always take the opening offer there are some companies just making derisory offers just to clear cases and make the FSA think they are doing a good job.

Sorry if I've made points raised by others but I didn't get time to thoroughly read the whole thread.

Think You Were Missold Your Endowment Complain Now!!!! [CLOSED]

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