Taking endowment complaint to Court

JohnG

Many Thanks Guys!

I greatly appreciate your input, advice and indeed support, especially as a will have come across as a bit hostile at times on the subject.

Yes, I think I will revisit the question of the RSA endowments as I do have a nagging feeling about Phoenix creaming off any profits they may accrue especially now the stock market has picked up. It really smacks of daylight robbery to me! :mad:

I think the last time I posted the info it was a bit confused - a bit like how I feel about everything on this subject.

As you say, there are others who will have had similar luck though I can't help noticing alot of people have also been successful in receiving some compensation whilst others like myself havn't due to various technicalities.

What sometimes makes it worse is hearing about people that receive compensation even though they don't actually even need the endowment money to pay off their mortage - that's like having your cake an eating it.

Whoops, sorry must stop feeling sorry for myself!

Anyway, thanks again, I will post details hopefully soon (Should I do it on a new thread?)
John :beer:
I'm not bitter but you can call me "Angostura"

dunstonh

Phoenix are a vulture capital company (venture capital company but you get the idea). They see these failed insurance companies as a licence to print money. Buy a number which have already failed so they cannot be blamed directly. Then put all the admin in one low cost centre and managed the funds to have low risk from a solvency point of view and then cream off 1/9th of the returns for shareholders. Keep buying up the failed companies, the larger that fund becomes and that 1/9th starts looking very attractive. Especially when you consider that they are still making money on the charges on the plans still running which were designed to cover costs of administration which was higher in the past than it is now.

EdInvestor

JohnG wrote:

(Should I do it on a new thread?)
John :beer:

That would be better.:) If you knew how much HBOS was making out of "administering" the Equitable WP fund under their secret agreement the members (owners) of Equitable (including you) aren't allowed to see, you'd be even more annoyed. :mad:

Time to get your money out of there and stop feeding these zombies and their greedy friends.

vinno65

Hi All,
I have just taken a firm to small claims court. The firm tried to have my case dismissed as out of time. They tried to bar it on the basis of a reprojection letter sent in 2000.Amongst other things I argued the section 32 case (in does override the 15 year long stop) I argued that the firm had upheld my original complaint on the grounds of unsuitability(i was single no kids at the time). I argued that section 32 applied because the salesperson was aware of my circumstances (and hence that an endowment was unsuitable) but still went a head with the sale. I won my case by virtue of the fact that the Judge did not believe that the reprojection letter was enough to enough to start the clock ticking but she made a comment that she did not believe that section 32 applied as the salesperson would not have been aware back then that endowments were risky (pity us poor punters then!!)
So although i believe section 32 applies a judge thought differently(although for different reasons) Maybe someone will get a ruling in their favour one day but it might be hard to prove.