So what constitutes 'selling?'

payless

I know someone ( not me!) who complained and won about a mis selling of his pension transfer , when he was the actual salesman / got commission !

working_mum_3

angelpoise , did you ever get any further with this ?

wm

Astaroth

A bit late now but I know with my employers they state that all products for members of staff are provided on a non-advisory basis and they suggest that advice is sort from other sources prior to taking out any staff offers.... dont know how this would stand up - does seem fairly convincingly "buyer beware" to me.

dreamylittledream

dunstonh wrote:

FOSMAN, nice to see you post again.

Back in my banking days, if a staff member wanted advice, they got it but got full retail charging. If they wanted to do it with discount, they just sent the application in and it was set up from there. No selling agent code was on the app so it could never be linked to anyone. In reality, the staff did ask questions and got illustrations but nothing was ever produced to show it was an advice process. Equally, nothing produced to show it was execution only. I believe they treated it as direct offer. Obviously, its bending the rules but with no documentary evidence either way, it could be hard to prove anything.

How would you view that? It could be that is how anglepoise is being treated.

The some decisions I have seen come out of the FOS on similar cases have upheld complaints on suitability grounds (even when the lending on endowment basis was a condition of the mortgage), however in light of the reduced premiums paid, notional gains have been taken account in the redress.

The long of short of this is you can win this kind of case at the FOS but the redress may well still not be very high (no loss is a common theme infact)

dunstonh

The some decisions I have seen come out of the FOS on similar cases have upheld complaints on suitability grounds (even when the lending on endowment basis was a condition of the mortgage), however in light of the reduced premiums paid, notional gains have been taken account in the redress.

It really comes down to whether the product was sold through the advice process of whether it was bought without advice. If no adviser was involved, then there is no-one to complain against for bad advice. Remember you are making a complaint against an adviser. If an adviser was involved and put it through the advice process, then it would be classed as advice. If went through the adviser on execution only basis, then there is no advice. Although the documentation for execution only cases is not that great sometimes and that could allow some to get redress.