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EMC advisory services......any advice pls
Comments
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dunstonh you are obviously biased against not only EMCbut with the fact that people are successfully making claims against companies who sold people endowment policies that they had no business selllingAnd to say you dont believe someone when they tell you they successfully claimed is a bit arrogant and very condescending.Are you going to call me a liar too as I will prove it if I have to. As far as I am concerned, I would never have had a penny if it wasnt for EMC claiming on my behalf so anything to me is an achievement.For the reord, I was mis-sold an endowment policy through an independant financial adviser (like yourself) when I was 21 years old, the policy was more of a ife insurance which I did not need as I had no dependants and was single.
I have the letter from B & B in front of me admitting they were wrongSo stop telling people it is too late as it obviously is not too late and I am the proof!It sounds to me that you are geting a bit panicky, being an 'independant financial adviser' yourself, how many people did you persuade to take a policy that was never going to cover what they would eventually owe the bank? HmmmDONT LISTEN TO THIS MAN, HE IS A FINANCIAL ADVISER. IT IS HIS NECK ON THE LINE SO OBVIOUSLY HE IS BIASED AGAINST PEOPLE CLAIMING MONEY THEY ARE ENTITLED TO.
IT IS NOT TOO LATE AND WHAT HAVE YOU GOT TO LOSE?
YOU SHOULD BE ASHAMED OF YOURSELF YET YOU PROUDLY STATE YOU ARE AN 'INDEPENDANT FINANIAL ADVISER'
You are meant to be trying to help people yet you just accuse them of spamming or telling lies!
Still, its your loss. You are the one that has spent £1750 for a couple of minutes work. Now I suggest you delete your account and find a money wasting board to go post your rants on.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 -
funkyfifer wrote: ».
For the reord, I was mis-sold an endowment policy through an independant financial adviser (like yourself)
I believe DunstonH is a member of a network of small IFAs
Whilst I have views about the benefits to him of being a member of a network, generally small IFAs tend to build long term relationships with their clients whether they are network members or directly authorised.
That is NOT the same as an adviser working for a bank or building society - even those like Bradford and Bingley that were independent of any one provider.funkyfifer wrote: »EMC are asking me for £1748 in fees and I am more than happy to pay this as I would not have a penny if it were not for them.
A lot of money for a handful of standard letters that were on the Which? website anyway.
The reality is that you could have complained to B&B and either the complaint would have been upheld then or you could have gone to FOS and got them to uphold it - it would have cost you around £1 in postage all in.funkyfifer wrote: »How many people did you persuade to take a policy that was never going to cover what they would eventually owe the bank?
I suspect on the one hand there are cases where policies have not turned out as he expected but that his clients were aware of that possibility and made an informed decision.
I have also seen plenty of posts where he has suggested there are grounds for complaint. Generally he understands where complaints are justified and also what grounds are likely to be upheld and what are not.
He is NOT a client of mine, in case you're wondering!0 -
I have no problem where it has been mis-sold. I do have a problem with fraudulent complaints and try-it-on complaints.
Me too - though it is quite rewarding for me.
Examples of the sort of things I have seen:
The insurance company told the CMC that who the IFA was but they were no longer trading - so they sent it to another IFA with a similar name which didn't even exist at the time of the sale.
I hold a letter from a CMC in my left hand telling me that the Fact Find in my right hand never existed
Letters from CMCs telling me their previous mortgage was a repayment mortgage when I can see they have made another complaint to somebody else about an earlier endowment mortgage
CMCs arguing that an endowment mortgage was unsuitable because they had not had one before. How does that work? If none of us ever did anything we had not done before then extinction would surely beckon!0 -
I thought I would throw my 2 cents in about CMC's as I really do feel that most of them provide a horrific service. In additon to Magpiecottage's issues with CMC's here are some of the Gems I have received.
Complaints being received from CMC's when a PPI policy was not sold.
Trying to charge clients the wrong amount of Vat following the recent change back to 17.5%.
Allowing clients to sign FOS forms stating an FRL was issued by the company when they hadn't even submitted a complaint.
Sending other clients personal info.
Charging clients fees on money which they were entitled to anyway, just from cancelling the policy
And with regards to EMC, of all the complaints I have received from them not one has ever been upheld. That is a mighty high success rate of 0%. I'd use a company with such a high success rate!!I tell ambulance chasers where to go for a living, but am willing to help genuine claimants0 -
to these people on this site reporting how you can do this yourself etc etc... yes the ombsuman is free but if you screw up your forms or cant produce enough evidence as proof of being misold you have made your complaint and failed. and people you only get one chance to make a complaint. trust me... me and my husband found ot the hard way. we tried to contact the fsa and the ombusman and could'nt provide enough evidence to support our claim and therefore lost out on money we could be entitle to. i was sitting at home on a friday morning 4 months after trying to make the claim oursleves and being turned down when a rep of emc advisory contacted me asking me about my endowment and if i wanted to make a claim. i told them of our stressful and some what cold experience with the ombusman service and because of this they couldent help. the gentleman i spoke to was awfully pleasent and kind i was genuinly symathetic to our experience, he asked me if i had had any other products he could help with and sadly we didnt.
all you financial advisors on here reading this i hope your happy, you made your commision of us people who you mislead especially me and my husband who were young at the time and took whatever mortgage we were offered as we were completely reliant of you so called experts. we have now had to remortage and come up with some other way of affording our daughters wedding that was supposed to be paid by the huge bonus's we were promiced from you rats!:mad:0 -
e tried to contact the fsa and the ombusman and could'nt provide enough evidence to support our claim and therefore lost out on money we could be entitle to.
Or perhaps you didnt have a case to answer?the gentleman i spoke to was awfully pleasent and kind i was genuinly symathetic to our experience, he asked me if i had had any other products he could help with and sadly we didnt.
Sales people generally are very pleasant and will agree with everything you say to get the sale even if you are wrong.all you financial advisors on here reading this i hope your happy, you made your commision of us people who you mislead especially me and my husband who were young at the time and took whatever mortgage we were offered as we were completely reliant of you so called experts.
Can you explain how I have earned commission from you and your husband. I must have missed that somewhere. There must be a pot of money out there for me. Perhaps i should use a claims company on commission to get it back for me.we have now had to remortage and come up with some other way of affording our daughters wedding that was supposed to be paid by the huge bonus's we were promiced from you rats!:mad:
Talk about losing it. The economic events that led to the failure of endowments actually made most people better off. A combination of lower monthly payments, lower borrowing costs (meaning lower monthly payments which you could have used to save more money) and fast rising house prices with low inflation made it difficult for endowments to perform (they were designed for boom/bust, high inflation). However, you got your money in a different way.
That said, your post does not even come close to suggesting why a claims company should be used and paid a commission (which you clearly have a chip on your shoulder about) for sending a template letter to a company that stands less chance of success than a personal complaint.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 -
for the first couple of yours we were paying our polict we were told in writing that the money goes towards the set up fees and the costs of the person who sold us our policy.
and in response to the fact we didnt have a claim we were sold a policy by and IFA in 1993! which i know is after the rules and regulations came in but the man who sold us our policy is no longer trading and is not traceable on the FCS list.
maybe if we had have waited and let emc advisory help us they may have got furthur as they are proffesional claims handlers, and we are not.
my brother and his wife used EMC for three pension endowment mortgages they had and recieved £4255 in compensation and thats there cut after emc took there fee.0 -
for the first couple of yours we were paying our polict we were told in writing that the money goes towards the set up fees and the costs of the person who sold us our policy.
and in response to the fact we didnt have a claim we were sold a policy by and IFA in 1993! which i know is after the rules and regulations came in but the man who sold us our policy is no longer trading and is not traceable on the FCS list.
What that suggests is that the individual was probably covered by LAUTRO rules at the point of sale. This never gave any protection to consumers if the person became de authorised before 1995 and didnt go on to become regulated by the PIA. Therefore they never contributed to the FSCS and no protection was offered by the FSCS.maybe if we had have waited and let emc advisory help us they may have got furthur as they are proffesional claims handlers, and we are not.
Wouldnt have made any difference. They cant circumvent the rules and legislation that was in place.
Professional claims handlers... dont make me laugh. No qualifications required. No financial services training, knowledge or experience required and if you looked at the sort of letters these claims companies send in you would soon change your views. In many cases, a 10 year old could do a better job.my brother and his wife used EMC for three pension endowment mortgages they had and recieved £4255 in compensation and thats there cut after emc took there fee.
That is very low for a pension mortgage. Typically the redress payments on those are much higher than conventional endowments. They are also pretty easy to complain about and get an upheld complaint.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
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