Act now on mis-sold endowments: new article

mayb_2

Vinno that is a lovely link and I think it could be the answer to each and every post from Mrhelpful - unfortunately, although he has seen it he doesn't appear to read it. Anyway he knows far more about what people did and why they did it than the FSA and all of the consumers put together! When will you understand we were not missold our policies - we were the victims of sales training and a too perfect memory.

vinno65

Mr_helpful wrote: »

http://www.publications.parliament.u.../394/39406.htm

Seen it before this is largely where the FSA realised Sales training works and people can be sold things easily and largely have poor recollection of the sale. In truth no one really has much of a clue as to what was miss sold and what wasnt because they wernt at the sale but unfortunately often when preople are claiming they have a too perfect memory

Mr Helpful,
Seeing when the evidence was collected, in 2000 before the lying, compensation claiming British public jumped on the bandwagon, and before the advent of the criminal inspiring "Which" site. how do you explain the fact that over 50% of people interviewed said that they were told that the endowment would "definately", or was "guaranteed" to pay off the mortgage.
Maybe because thats what salespeople told them at the point of sale? Or do you still believe they all got together to come up with the big lie? Or even they all came up with the exact same big lie by coincidence?

Vinno

dunstonh

60% of people interviewed admitted they had commited insurance fraud.

http://www.guardian.co.uk/uk_news/story/0,3604,1040326,00.html

69% would themselves make a dishonest claim if they thought they
could get away with it;

http://www.claimerfraud.co.uk/Downloads/Anti_Fraud_Committee.pdf

So, 50% of the public interviewed said they were told their were guarantees. 60% of the public interviewed admitted they had committed insurance fraud and 69% admitted they would if they could get away with it.

Endowments were mis-sold in significant numbers but there is a significant number that have also jumped on the bandwaggon with opportunistic complaints. I dont know why you wish to twist comments that say there have been opportunistic and fraudulent complaints into suggesting that all complaints are but that has been the trend for a while here.

People with genuine complaints should complain (or at least speak with their with their adviser first as that may eliminate a number of misunderstandings that often exist with complaints where there is no mis-sale).

Mr_helpful

dunstonh wrote: »

60% of people interviewed admitted they had commited insurance fraud.

http://www.guardian.co.uk/uk_news/story/0,3604,1040326,00.html

69% would themselves make a dishonest claim if they thought they
could get away with it;

http://www.claimerfraud.co.uk/Downloads/Anti_Fraud_Committee.pdf

And these people are the ones honest enough to admit they would be dishonest. What about the really dishonest people

Just for Mayb That fiver I gave to charity is doing rather well I split the 20 i found and gave 10 away and won 70 at my first time at Bingo. So now I am going to give away 35 when I find a worthy cause.

Crazy_Saver

Hi everyone.

I know this isn't really relevent to your current discussion but I thought I'd keep you all posted.

I've listened hard and fast to everyone's advice and here's what's happening now.

I have a surrender value of £15,020 for my endowment.
Surrenda-link have offered me £15,800 for it.
My FA is looking into the best way of recouping some of the shortfall back using ISAs etc. I have to admit, I think I actually sounded as though I knew what I was talking about when I spoke to her thanks to all the advice I have received here. Thanks to everyone here, I feel confident that if she were to mis advise me I would realise and deal with it straight away. Although I do have every faith in her.

Finally, I have appealed to the FOS regarding my claim. I am pushing the "churning" point following all the advice received here, and I have sent a copy of a letter regarding the original policies which at the time were forecasting an estimated £48k surplus. I raised many other concerns/points regarding the FOS report, but I'll shall just have to wait and see.

Thanks for all you support so far.

Regards

Crazy Saver

Mr_helpful

good luck with the appeal but dont you think the fact that surrenda link are offerering you over the odds tells you something?

Crazy_Saver

Originally posted by Mr helpful
good luck with the appeal but dont you think the fact that surrenda link are offerering you over the odds tells you something?

Hi Mr helpful.

I did ask that very same question in an earlier thread, but the lack of response, (except from mayb) made me think that possibly I was being presumptious.

http://forums.moneysavingexpert.com/showpost.html?p=4966812

mayb_2

Thought it might be worth posting the first two paragraphs from dunstonh's link.

"More than 60% of people in England and Wales admitted in a survey that they had padded an insurance claim, paid cash to avoid taxation or kept the money when given too much change. In western Germany, the proportion was even higher, at 70%.

Article continues Two scientists from the University of Keele told the British Association science festival at Salford yesterday that 70% of Britons questioned felt that they themselves had been ripped off or been made victims by businesses, banks and tradesmen."

As you can see it is not saying quite what dunstonh would wish us to believe it said. No mention of endowment misselling claims being made here - but 70% believing they had been ripped off. Thanks for that dunstonh very useful stuff. I gather from your post dunstonh that you are under the impression that 1) we are in constant touch with our advisors and 2) those individuals are or want to be in touch with us. That is your world again - where people pay you for your advice. Our world companies pay the advisers for making the sale and then duck and dive to avoid the consequences when it goes wrong.

Where is the survey of advisers who admit they sold a mortgage to get the best commission for themselves for instance? Or the one where they lied through their teeth to get you to sign on the dotted line? Or the one where they didn't actually understand the product themselves? They would make interesting reading.

dunstonh

Where is the survey of advisers who admit they sold a mortgage to get the best commission for themselves for instance? Or the one where they lied through their teeth to get you to sign on the dotted line? Or the one where they didn't actually understand the product themselves? They would make interesting reading.

As would the one with bent consumers telling lies to get compensation.

mayb_2

If you were not intimating that your link showed that already why did you post it dunstonh? - We are not talking insurance claims here after all and I do think most people understand that when they buy insurance it is not going to pay their mortgage.

They also understand that insurance premiums are unnecessarily high because the insurance companies are not going to cover the cost of bumped up claims on their own shoulders. Anyone who has made a genuine claim on their insurance knows that the result is an increased premium next time around. Car insurance is also more expensive than it needs to be because of the number of claims made by those involved in accidents with uninsured drivers. I could go on but this thread is not about insurance claims is it?:rolleyes: