Act now on mis-sold endowments: new article

dunstonh

They have written back to say we are out of time, but we can complain to the ombudsman. Is it worth bothering?

If you believe the time bar to be set incorrectly then you can. However, most FP endowments are now time barred using correct dates so its unlikely to be incorrect.

Secondly as the advice was supposedly joint, will the payment have to be shared with her ex?

No. The ex husband would have been removed as a beneficial owner (assuming assignment was done correctly).

The projected figures are ridiculous for the endowment.

They are only projections. It doesnt mean you will get that amount. I did a review of an FP endowment recently which hasnt fallen below 10% a year growth for the last 4 years. The projections were heavily understating that sort of performance. Although 6-8% was the likely long term average.

What grounds are there for the Ombudsman do over rule the three year rule.

A significant event that stopped you complaining for three years is the only time the FOS overule.

shaymenRup

Thankyou for the advice. I've submitted an appeal in any case to the FOS. By the sounds of it we will be timebarred. The only thing I have found is that the first RED ALERT letter we received was in April 2004. However we did get a letter in 2003.

mayb_2

If you received your Red Alert letter in April 2004 you should not have been time barred until April 2007 as it is dated from the red letter I believe. You made your complaint before April so within the time limit. You should also have received a letter warning you that time was running out for you to take action.

vinno65

Hi Shaymanrup

it all depends on the wording of the red letter sent in 2003 if it says there is a "high risk" of a shortfall and shows an illustration of a shortfall at all 3 percentage rates then the FOS will class this as a red letter.

Unfortunately Red letters didn't actually have to be red, and the letter you recieved in 2003 was probably titled a "reprojection letter". The FSA changed the rules in May 2004 that stated that red letters had to inform people that they were infact a red letter( although I still don't think they had to be red).They also had to provide a date by which you had to complain by.

The reason this new rule was brought in was that the House of Commons select committee deemed the original "red letters" as unfair. However the FSA in their infinite wisdom decided that the rule change would not be retrospective. So hundreds of thousands of people time barred on the basis of so called "red letters" sent in 2000 remained time barred!.

I took FP to court where they tried to have my case time barred on the same said letter sent to me in 2000. The judge ruled that the letter in itself was not sufficient to start the time bar clock ticking. So go figure, they are not good enough for a court of law but fine for the FSA/FOS.

regards Vinno

shaymenRup

Yeah 2003 letter mentions high risk and gives projections at 4%, 6% and 8%. The 2006 letter gives a final claim date on January 2007.

Oh well. We have made alternative arrangements.

qcvs2000

I have a standard life endowment policy that I took out in 1989, it is not linked to a mortgage, the policy matures in 2019. I am still eligible to make a compensation claim even though my policy is not linked to a mortgage directly?

Does anyine know how to go about making a claim??

JC

Mr_helpful

qcvs2000 wrote: »

I have a standard life endowment policy that I took out in 1989, it is not linked to a mortgage, the policy matures in 2019. I am still eligible to make a compensation claim even though my policy is not linked to a mortgage directly?

Does anyine know how to go about making a claim??

JC

In what way was it miss sold?

qcvs2000

I dont know the criteia but the saleman almost promised and expediatal growth that would assist with a property purchase and possible have some equity. I have noit used the endownment directly to a mortgage but the endownment will seriously under perform tothe tune of 20k at a current estimate.

dunstonh

I dont know the criteia but the saleman almost promised and expediatal growth that would assist with a property purchase and possible have some equity. I have noit used the endownment directly to a mortgage but the endownment will seriously under perform tothe tune of 20k at a current estimate.

If you dont know if it was mis-sold why are wanting to put a mis-sale complaint in?

Performance is not grounds for complaint and unless you have proof that the salesman said that it was guaranteed to pay out a certain amount, you wont get anywhere on that front.

brock-cruse

Hi
Got sold an endowment policy from Norwich Union when the mortgage was with The Leeds Permanent Building Soc (1992). Can anyone let me know what address I send my complaint letter to?
Thanks