Act now on mis-sold endowments: new article

vickig_3

Forgot to say, policy was with Scottish Amicable, but then transferred to Prudential. Also, I was paying extra on my mortgage, hoping to reduce the number of years, but when I came to transfer it to another provider, I was told that the excess had been put towards my shortfall, without my consent. Can they do that?

dunstonh

but when I came to transfer it to another provider, I was told that the excess had been put towards my shortfall, without my consent. Can they do that?

The mortgage is one thing, the endowment is another. The lender wouldnt have a clue of the status of the endowment to put it towards a potential shortfall. Plus, altering the endowment would change the qualifying status of it and depending on your timescale, you may be not be able to alter it anyway. Many providers didnt allow an alteration if you asked for it.

So, it is unlikely that the payments have gone towards Prudential when you increased your mortgage payment.

Many more Pru endowments have gone back into surplus and they are one of the strongest providers out there. They are one a few where you can have some confidence that there is a good potential for you to return to an on target or surplus position. I recall reading earlier this year an article that said they expect the majority of their endowments to be on track again within a couple of years. It doesnt mean they will but when you look at the quality of their with profits fund and even some recent investment decisions they made, it does look good.

parky46

Hello,

I was sold an endowment policy (Standard Life) in 1992 by a independant broker who as since gone into liquidation.

Do I take my claim up with Standard Life or do I go to FSCS.

Any help would be appreciated.

Regards

dunstonh

Was the IFA a sole trader/partnership or a limited company?

Was the IFA a member of FIMBRA when sold or PIA?

parky46

dunstonh wrote:

Was the IFA a sole trader/partnership or a limited company?

Was the IFA a member of FIMBRA when sold or PIA?

The IFA was part of an Estate Agent (only 1 branch) and not sure if it was a partnership or a Ltd Co, although I would have thought the latter.

As far as being a member of FIMBRA or PIA, I have no information on this. Is there anyway I can get this information, bearing in mind they are no longer trading.

Kind regards

dunstonh

As far as being a member of FIMBRA or PIA, I have no information on this. Is there anyway I can get this information, bearing in mind they are no longer trading.

Only from documentation issued at the time.

I would put the complaint into the FSCS at this point. If they feel that the company or representative still has liability, then they can always refer you back to them.

A sole trader/partnership has a lifetime liability for the advice they give. A limited company has liability until they shut down. That is unless they are shutting down in an attempt to dump their liabilities onto the FSCS and then restart with a new name. But thats another issue.

FIMBRA authorised individuals that ceased trading before (IIRC) 1994 and didnt go on to PIA authorisation (now FSA) did not come under the remit of the FSA, FOS and FSCS. They are a minority of advisers but it is still one that pops up periodically on here.

Standard Life have no responsibility for the sale of the policy unless it was a Standard Life rep that sold it to you. You mention it was an independent, so that avenue is closed for you.

asdaprice

I am unsure if I can claim I was mis-sold an endowment because I dont still have the mortgage and it seems to be performing okayish - but if the mis-selling relates to how it was sold rather than how it performs, here is why I think I may have a claim

I was told (by the "independant adviser" working at a Nationwide) that the only type of mortgage they would offer me was an endowment, as I was high-risk due to being single parent and having asthma (low level, controlled via inhalers) and had to have a medical
Any ideas?

hot_chick_2

Can anyone tell me if we could claim compensation for an endowment sold to us in 1988, which we surrended about five years ago.

Thanks for any help

Norwich Union Endowment bought through Halifax

Head_above_water_2

Afternoon all,
Hoping for positive response to info I have accumulated prior to submitting application for possible miss-sold policy :

1. The person who recommended I take Friends Provident (FP) as the endowment company cannot be traced and the Company (Cornerstone Estate Agents in Northern Ireland) has disappeared or been taken over.
2. To the best of my knowledge ( 1993 era ) she was employed as an IFA, working for Cornerstone Estate Agents, a then independent group of estate agents "aligned" to Abbey National Building Society.
3. Usual non-advice re risk and no fact find carried out and policy would definetly pay off the mortgage.

There is significant shortfall in the projected target value of the Policy with FP.

I have composed a standard letter (using this excellent thread and the "Which" letter generator but am still unsure who I send it to :

FOS, FSA, FSCS or Friends Provident ?

Any info would be greatly appreciated.

Many thanks,
Head above water (just !)

defender_of_the_weak

Head above water

Your complaint should go to Friends Provident. From the era you describe cornerstone were working as appointed representatives of FP so FP take responsibility for the advice.