Act now on mis-sold endowments: new article

rdbaxter

Thanks for this. Will give them a call on Monday.
Was a pleasant surprise to be honest this morning that someone wanted to put some money in my hand that doesn't happen very often.

Rachel

nomorekids

Wow Rachel well done

I was actually staff at Friends Provident and forced into buying their endowment inorder to get one of their staff morgage deals. i have no doubt that my teamleader creamed off the commission at the time. They rejected my claim for compensation because I was insurance savvy (hello I worked the reception and didn't have a glue)

I have had no warning letters from them whatsoever and yet when I took my claim to the ombudsmen, jFriends Provident produced copies of warning letters they apparently sent so the ombudsman rejected my claim.

My question is this, the warning letters if you can call them warning letters, warn of a short fall but one of the recommendations in taking actions is to

wait and see

surely if I had have received these letters and took the 'wait and see' action, I would effectively time bar myself? has anyone took civil action? to me the ombudsman is just taking the institution side

dunstonh

I was actually staff at Friends Provident and forced into buying their endowment inorder to get one of their staff morgage deals. i have no doubt that my teamleader creamed off the commission at the time. They rejected my claim for compensation because I was insurance savvy (hello I worked the reception and didn't have a glue)

You were not forced. FP offered a staff mortgage on interest only terms and endowment as their option. You could have gone elsewhere.

When you complain, you are making a complaint about the advice you were given. Staff deals rarely involve advice and are transacted on execution only. Hence why they usually get rejected.

has anyone took civil action?

Yes, a few have but they rarely succeed.

to me the ombudsman is just taking the institution side

The FOS generally favours the consumer slightly on the basis that the firm has to prove the advice was correct. Whereas a court would require you to show the advice was negligent. However, as I said above, the court wouldnt accept your claim as you never sought advice. You bought rather than being sold.

davetmorgan

how can I find out who I sold an endowment mortgage to the insurance company wont tell me because I am no longer the name on the policy please help

dunstonh

how can I find out who I sold an endowment mortgage to the insurance company wont tell me because I am no longer the name on the policy please help

Only the insurer can tell you but if you are not the owner then the insurer is correct in not telling you.

trilin

I sent a letter to Norwich union regarding our shortfall, they weren't interested, I wrote to the onbudsman, they in turn sent a letter saying I did not qualify, I would like to know like you if it depends on the company, I know for sure the Standard Life have settled most of their complaints,and I am annoyed that their position is and was the same as mine, why should we have to grovel for this? we have now been given our cheque from the Norwich and have to settle with the bank in 10 months. My feelings are were were all mis-sold, we didn't have any knowledge of the mortgage system and took the advise from the Company.

Sirshocking wrote: »

Hi

I have 3 endowments set up around 1990 which expire in 2011

1 with Norwich which was a life insurance policy that I upgraded to an endowment

1 with pearl, again was an upgrade from a life insurance requested by me but implemented by there local door 2 door salesmen

1 with Norwich again which I asked a small time broker to set up to pay for a bigger house purchase.


Do I have any chance in gaining compensation because they were requested by me?

Has anyone been successful in these companies in a similar situ.

Would be glad of a reply, claiming on one is a headache, but three, i have left to drag on a bit and should sort this soon before its too late. perhaps I don't have a chance from the way I bought the policies?


Steve

dunstonh

I would like to know like you if it depends on the company

No.

I know for sure the Standard Life have settled most of their complaints

No they havent. More get rejected than upheld. Plus, SL endowments were quite frequently bought direct (so no consumer protection) or through solicitors, accountants and what are now IFAs. SL has no liability on any of those. Plus they have a lot of pre regulation cases as well which dont get consumer protection.

why should we have to grovel for this?

You dont. If you qualify for consumer protection then you have the right to complain. If you dont qualify then you do not.

rayvon_2

Well put Dunstonh.


I am an Independent Financial Adviser.

Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.

paulmc18

Hi,

Have a query, was sold an endowment about 5-6 years ago whilst in my old house. I was seriously broke and not financially savvy AT ALL!!!! (Which I still ain't!!!) I was told that the shares scheme would pay off and more than likely get a lump sum back at the end of the term.....in 25 years! I had no choice at the time and took it out.....

I am paying £115 (or the BOE Base Rate) each month (£15K was borrowed). Now I hear that Standard Life have defunked and that they wouldn't reach the final amounts any how.

So, Have I got a claim here? If so do I start with the Which website??

Also, had Georgeson on saying I had unclaimed shares........linked to the standard life endowment.

I have since sold that house and am elsewhere, different house, different lender etc etc....

Anyone know where I stand????

Many Thanks

PaulMc

dunstonh

was sold an endowment about 5-6 years ago whilst in my old house

You must have been one of the last to buy an endowment.

Now I hear that Standard Life have defunked

Where did you hear that? There is no news suggesting that anywhere I can see.

and that they wouldn't reach the final amounts any how.

The last versions issued by Standard Life were unit linked/unitised WP and 2002/3 wasnt a bad time to start to be honest.

So, Have I got a claim here?

Having an endowment is not a mis-sale. How it was recommended to you and explained is where the potential is. I would have to say that a 2002/3 endowment would almost certainly be documented very well as thats about 7 years past the point where it was known they were not as good as they used to be.

You would have to look at how it was recommended to you and what the documentation is like (i.e. are risk warnings on there or not).