Act now on mis-sold endowments: new article

shiza

RobertE wrote:

I took out an endowment policy in 1983, I have complained about the mis-selling of this policy but without success. The original advisor is no longer in business, the FSA is not interested because it commenced in 1983. Do I have any other avenues open to me.

i'm in a similar situation, having taken an endowment policy with norwich union in 1986. no-one seems to want to take responsibility. i'm the same boat as you in that the agent who sold it to me was independant agent, who has gone bust. i've even approached one of those companies who take a commission for getting compo, and both them and the fsa have told me the only option left is taking person to court!! not a likely scenario. i think because we bought policies before 1988 we have no protection. i too would welcome any advice
shiza

Dianne_Bowen

Just wanted to say thanks to all the info from Martin have managed to get £4000 from two endowments. Two years ago I received replies saying my complaint would not be upheld so "tough" basically.

I persevered and although it has taken over 2 years to get all information together am now awaiting cheque.

Thanks again

lairdie

I have two endowment policies running with Standard life. Each was arranged by different companies at differant times.
I have gone through the complaints process with no success. the companies in question simply dispute the claim. The FBS seem powerless and now don't even reply to my letters.
Has anyone had a simmilar experience or one where the FBS has actually achieved something.

lairdie

Abbreviation in Lairdie message should be FOS for Financial Ombudsman Service - my apopogies

bucksliz

I posted this a week ago and now can't find the thread so apologies for repeating my enquiry.

We were sold our endowment mortgage in 1988 and when we remortgaged in 2002 we cashed in the endowment as it obviously wasn't performing as it should have. Can I still claim mis-selling if we no longer have the policy? I'm not even sure I have any paperwork left either.

kubota

After following Martin's advice 4 weeks ago, I am delighted to report that I have just recieved a compensation offer of £3000 from Northern Rock in respect of two endowments sold to us 15 years ago.
A big thankyou to Martin for his info and advice

vinno65

bucksliz wrote:

I posted this a week ago and now can't find the thread so apologies for repeating my enquiry.

We were sold our endowment mortgage in 1988 and when we remortgaged in 2002 we cashed in the endowment as it obviously wasn't performing as it should have. Can I still claim mis-selling if we no longer have the policy? I'm not even sure I have any paperwork left either.

The simple answer is yes but you will need to at least find the policy number and the company involved.Also you may be out of time to refer to the Financial Ombudsman (though not necessarily court) It will depend on when you first recieved a "red letter" from the firm. Also any redress due to you (if any) will calculated up to the point where you switched to a repayment.
Post some more details then people may be able to offer more advice
regards Vinno

goblin

My endowment is due to pay off my mortgage in 2014, but now looks set to fail by nearly 50%. I believe I was missold this policy, but because of the date I took it out I'm told I can't complain to anyone. I took it out in July 1988. The company I bought it through have gone out of business so the Ombudsman can't look at my case - but because it was pre Aug 88 the FSCS won't look at my case either.

I'm told there's nothing I can do, and I'm furious - if I'd taken it out 6 weeks later I could complain.

defender_of_the_weak

Who are the company responsible for the advice not all brokers were actually brokers .Slim chance but post the details anyway

goblin

The company was called Money Matters - a tiny local firm - from what I remember they were (in those days) considered 'independent'. I have done a search for who they may have sold their business to, but nothing comes up.