Misselling of Endowments in Scotland

Reiki_Sheelagh

We have been told you can't make any headway with this in Scotland and several MSPs are trying to do something about it. Anyone got any comments?

Oscar

I compained to two well known and large companies about two endowments sold late eighties early nineties and were successful with one. A work mate complained to the same company and although they decided that he had not been missold they found another discrepency and gained a rather large cheque. Worthwhile filling in the complaints forms and if there is no joy with the company everything is ready to be sent off to the FSA for their judgement. Nothing ventured, nothing gained!!

[Deleted User]

I'm no expert, but as far as I know the problem is that if you bought your policy through a building society or bank, you are entitled to the same "protection" as anyone else - complain and if misselling is "proved" you can get a level of compensation commensurate with your loss. However, if you bought the policy on the advice of a solicitor, you are basically knackered. You have to complain through the solicitors' trade union, the Law Society of Scotland and even if you were sold a pig in a poke that could never have paid off your loan, and can demonstrate misselling, the maximum compensation payable is £1000.

No wonder the politicians are getting interested.

WR

keenybum

My sister tried for compensation, but was getting no where, she contacted https://www.ecc123.com based in Coatbridge and is confident they will get her compensation.
They operate on a no win no fee basis.

Unfortunatly we bought our endownments from lawyers, so at present cannot claim, but this may change.