We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Abbey Complaint Update
abwsco
Posts: 979 Forumite
Abbey have now re-assessed our original complaint and have agreed that "they are not entirely satisfied that the endowment was suitable for our needs and circumstances at the time of the sale. In particular that we did not understand the risks associated"
They do state that "they do not uphold my complaint that we were told there would be a surplus by the advisor unless I can provide further paperwork"
Do you think the above means they will have taken into account the fact that we already had £35,000 of life cover in place over and above our mortgage amount so did not need another £6,000 through an endowment or not. If so should we also get some or all of our premiums back. A friend did in similar circumstances with the Abbey but didn't get any further compensation. Not being greedy, just wondering.
They have made us an offer of redress per the FSA calculations.
They do state that "they do not uphold my complaint that we were told there would be a surplus by the advisor unless I can provide further paperwork"
Do you think the above means they will have taken into account the fact that we already had £35,000 of life cover in place over and above our mortgage amount so did not need another £6,000 through an endowment or not. If so should we also get some or all of our premiums back. A friend did in similar circumstances with the Abbey but didn't get any further compensation. Not being greedy, just wondering.
They have made us an offer of redress per the FSA calculations.
0
Comments
-
Sounds like they are not accepting liability but are agreeing compensation. The redress using FSA calculations would take into account the cost of life cover upto the same sum assured as the endowment, unless they say different.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.3K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards