Act now on mis-sold endowments: new article

mayb_2

I am so pleased to hear your news pencilpot. It doesn't change the hard facts but it helps to soften the blows.

micmac1955

Hi everyone. I am new to this forum but hope someone can help me & I apologise if it's already been answered. With regard to my missold endowment, Winterthur have said they are "upholding my complaint and are offering to pay redress which is due to put you in to a position you would have been in if the correct advice had been offered at the time." They say they can calculate the redress in one of 2 ways: either by using my exact mortgage details OR using an assumption method which assumes I had a Standard Variable rate mortgage with the Halifax. The assumption method is quicker but the exact method may give a higher or lower redress amount. Does anyone know which is best or advise me please?
Thanks to all

learning_in_earnest

I get niggled again everytime I read this thread.

When I initially wrote and asked if I could make a claim on my 1986 endowment I was told yes. I wrote with all the details, policy number etc., and - wait for it - was told I couldn't claim becuase I was sold my endowment policy though a broker and not direct!

So...despite the fact that PHOENIX LIFE have been receiving my premiums for the last 23 years, despite the fact that they paid the man who sold me the policy commission for doing so, and despite the fact that they acknowledge the policy AND the sale having been okayed by them all those years ago, I am entitled to nothing simply because he was a broker and has since closed down...

WARNING TO OTHERS - this means that ANY INSURANCE POLICY/ENDLOWMENT POLICY is NOT covered by the company you pay your money to if sold by a broker!

Shame on you Phoenix Life!!

troutangler

devdas212005 wrote: »

Hi guys,

I was mis-sold an endowment. I was not told the endowment would be linked to shares so could cause a shortfall. I was just told endowment was cheaper then repayment mortgage and I may even get a surplus. I complained and after 12+ weeks, I got a letter saying the bank accepts the endowment was not appropriate for me. They don't accept that I "was led to believe that the mortgage would be paid off and there would be a surplus because I was not present at the meeting with our member of staff."

Since I didn't have any documentary evidence, they have not upheld this complaint even though I was told the mortgage would be paid off and I may get a surplus. What can I do about this? It was very common back then for sales advisors to promise a surplus and not to mention the chance of shortfall. What am I meant to show as proof? I have nothing in writing either.

Hi Devdas 120005

You can get this decision overturned quite easy and you don't need documented proof. I had none but I still won.

Check out how I got my complaint decision overturned in the Reporting Endowment Success forum. The article is entitled "Success after Fighting for Eight Years.

If you go to the Financial Services Authority web site library and enter in the search box the following: Consumer Complaints about Mis-selling of Mortgage Endowments, John Tiner's letter will come up. This letter was sent out to all firms selling mortgage endowment policies because they were not dealing with complaints fairly.

Study the 9 key points on the last two pages and then examine in every detail the reasons given in your decision letter as to why your complaint was not upheld. Write back to the firm stating that you do not accept the decision and that you demand that the complaint is reviewed. Challange every reason given by applying all of the nine key points which are applicable to your complaint.

I got turned down after I sent this type of letter so I went on to the next stage and it produced dividends. [EMAIL="tnydooley@yahoo.co.uk"]tnydooley@yahoo.co.uk[/EMAIL]

If you need help feel free to contact me and I will supply you with copies of the letters I wrote.

If you start working on this right away you could have your compensation within the next three to four months.

Good luck

Cheers :j Happy days are coming.

mayb_2

Good advice and a generous offer of support troutangler.

learning_in_earnest

So does anyone know if thats true then please - that you CANNOT claim compensation of any kind re mis-selling if you purchased through a broker that has now gone bump? Even though the Insurance company are the ones who hold and receve premiums for your policy?

Thanks to all who post.

dunstonh

that you CANNOT claim compensation of any kind re mis-selling if you purchased through a broker that has now gone bump?

Depends.

If you bought before 28th August 1988 then you have no-one to claim off. End of the road

If you bought after 28th August and the firm was FSA authorised (PIA at the time) then the FSCS will consider complaints.

If the firm was FIMBRA authorised but ceased trading before 1994 (ish - cant remember exact date) then there is no one to complain to. End of the road.

The law society regulated some individuals and they will have a different position.

Even though the Insurance company are the ones who hold and receve premiums for your policy?

The insurance company have no liability if they were not the retailer.

learning_in_earnest

Thanks for the clarification Dunstonh - guess I lucked out, as my policy was purchased in 1986...

troutangler

Ktel1 wrote: »

My endowment taken out in 1987 was with Royal Life. The ownership of these funds have been passed by Royal Life to Resolution and currently is now run by Phoenix Life, which I believe is a closed funds company and basically just "caretakes" the product in order to stay within FSA rules.

I am in process of making claim against them and requested a full copy of all information they hold about my case. They have replied by letter saying that they only hold information that goes back the past 6 years and that is iaw FSA guidelines. They are in effect stating that all the original documentation as taken by Royal Life and the financial advisor that sold me the policy right back at the start has now been destroyed.
Is this true?? Can anyone advise on this?

I still have much of the original documentation. However, cannot seem to find original policy document.

Has anybody else claimed against Phoenix and who can recommend a strategy to take?

Thanks

Hi Ktel1

Check out how I recently tackled Phoenix and won. The details are to be found in the Reporting Endowment Successses forum and the post is named, "success after fighting for eight years".

Beat of luck.

Tony

garyrjb

I have been offered compensation for mis-selling on my endowment of about £1000. Should I accept

Purchased in 1987 I realised things were wrong in about 1991 when I tried to move from my house with £35,000 mortgage to another house aproximately £50,00 mortgage. I was in negative equity with a shortfall of about £2000. The mortgage companies would not allow me to move as I had no more money to put in. I enquired how much would I have paid of if I had been with a repayment mortgage. It transpired that I would have been £1500 in positive equity I would have been able to move. because of this the move was put on hold I rented a 3 bed house cancelled the endowment changed to an repayment and rented out the house. I eventually sold the house in 2002 and have since moved into a house very similar to the one that I would have owed £50000 on however I now have a£150,000 mortgage!! And I am probably again close to negative equity!!

The offer said that it was designed to put me in a similar position to where I would have been, it clearly doesn't.

So should I accept or is there another route for me to take?

PS thanks for the help the site has given so far.