Missold endowment

JennyKay

Help. I have a mimssold endowment from LAS (now Phoenix) bought 15.4.88.
Independent advisors who sold it pretend they do not have paperwork and Phoenix says they are not responsible for misselling.
Question 1. Has anyone successfully claimed on a policy bought before FSA came into force and how?
Question 2. This policy is worth less each year (under the level of premium sactually paid), can I proceed with trying to obtain compensation for misselling while I have the policy made paid up to avoid wasting more money?
Would be grateful for any comments.

dunstonh

Independent advisors who sold it pretend they do not have paperwork

Quite probable that it is. It is a pre-regulation case (29th April 1988) so there is no reason for them to keep the paperwork.

Phoenix says they are not responsible for misselling.

Correct.

Question 1. Has anyone successfully claimed on a policy bought before FSA came into force and how?

No. It would be like prosecuting a smoker who smoked in a pub before the ban came in.

Question 2. This policy is worth less each year (under the level of premium sactually paid), can I proceed with trying to obtain compensation for misselling while I have the policy made paid up to avoid wasting more money?

Forget about complaining. You bought it before regulation and they dont have to review the case. Concentrate on the ongoing suitability of the policy (and being a Phoenix plan, that probably means calling it a day).

EdInvestor

You can only get redress for policies sold pre regulation if you bought from a life insurance company advisor (which can sometimes be a building society).They will pay compo on a voluntary basis.

The independent advisors will never pay up.