Act now on mis-sold endowments: new article

gaz_lewis

Thanks for the info. I think my next step is to contact SW and FP.

shazbat69

About 5 years ago I spent several months and a lot of paperwork trying to claim for a mis-sold endowment. I went through all of the banks and government agencies and filled in all of the official claim forms.

Eventually I recieved a reply saying that i was not allowed to claim, as I had taken my endowment out in January 1989 and they only covered endowments taken out before December 1988!!

I was actually given the misleading advice for the endowment in December 1988 but they wouldnt accept this.

I now notice on your forum, that there seems to be people claiming for mis-sold endowments that were taken out after January 1989.

Is there anything I can do?

dunstonh

I went through all of the banks and government agencies and filled in all of the official claim forms.

Why would you go through all the banks and which Govt agencies are your referring to?

Eventually I recieved a reply saying that i was not allowed to claim, as I had taken my endowment out in January 1989 and they only covered endowments taken out before December 1988!!

That dates dont match any of the regulatory dates. 29th April 1988 was when FOS protection came in for firms that were PIA/SIB/FSA authorised. For firms that have ceased to trade and have no assets then Aug 88 was when FSCS protection started. Lautro firms that didnt join the PIA [by 1994/5 ish] have no protection.

I was actually given the misleading advice for the endowment in December 1988 but they wouldnt accept this.

I now notice on your forum, that there seems to be people claiming for mis-sold endowments that were taken out after January 1989.

Is there anything I can do?

If you think your complaint was rejected unfairly you can go back to the firm and tell them you dont think they have their dates right and can they review it. Complaints and the responses to complaints are kept on file and they can check what was in your rejection to see if the dates are correct or not. If they are not, they will have to re-open it.

Clearly the dates as you have put them are not right.

akrot1

Does anyone know any websites or anywhere where I can find out what types of products different companies (e.g. Prudential) are receiving complaints about. Need to get rough idea of the different investment products that they are receiving claims for and some kind of estimate as toi the number received each month/ year.

Thanks very much

dunstonh

Does anyone know any websites or anywhere where I can find out what types of products different companies (e.g. Prudential) are receiving complaints about.

No. The FSA have refused to publish that information so far.

Need to get rough idea of the different investment products that they are receiving claims for and some kind of estimate as toi the number received each month/ year.

Asking about providers wont tell you about products. Just the advising firms that retailed them. The FOS do publish stats on product types though.

barton_white

before i got a mortgage i had two policies,to me they were making me money,then i went to get a mortgage from the Halifax building society.It was explained about the two different mortgages but not in detail and as i had 2 policies already we went down that route but at the time the repayment mortgage would have been more money,i did not get told in detail about what happens in a repayment mortgage and needed to have a extra endowment to cover the rest of the mortgage.you thought it would be better at that time as they told you it was higher and mortgage rates were high at the time around 1987-88 and money was tight at that time so i went with the endowment mortgage and still have it,2 policies inc the one they sold look like not hitting the target,does anyone think i have been mis-sold?

dunstonh

does anyone think i have been mis-sold?

Based on what you have said, No.

You did what most people did back then and went for the cheapest monthly option. Not hitting target doesnt make it a mis-sale.

mayb_2

If it was not explained to you that there was a risk of this happening and that the result would depend on the fluctuations of the stock market I would say this was missold. In the end you were being sold a product to pay your mortgage at this point. If it was not clear to you that there was a risk of this not paying your mortgage at the end of term, it was missold as your attitude to risk would not have been assessed before the sale was made.

ystalyfera

dunstonh wrote: »

Based on what you have said, No.

You did what most people did back then and went for the cheapest monthly option. Not hitting target

doesn't

make it a mis-sale.

what do you mean by this?we kept increasing ours by what ever we could afford, i think its about £50 a mth at the moment, we were in the black to until whats happened of late:mad: suppose we'll be back in the red in the next statement:eek: but at one time we would have owed the Bradford about £250,which thinking about how bad others are was not to bad at the time.

treliac

mayb wrote: »

If it was not explained to you that there was a risk of this happening and that the result would depend on the fluctuations of the stock market I would say this was missold. In the end you were being sold a product to pay your mortgage at this point. If it was not clear to you that there was a risk of this not paying your mortgage at the end of term, it was missold as your attitude to risk would not have been assessed before the sale was made.

Welcome back mayb - you've been greatly missed. :j