Mis-sold endowment

cherie_s_d

Hi Can any one help me i have complained to Legal and General about policy with profits endowment which i took out in 1988, i did the which letter and have now recieved a questionaire asking me to describe fully the discussions i had with the adviser and discussions we had about policy quotes and how the policy was explained.This was 20 years ago i can only remember that i was guaranteed to pay off my mortgage and a large sum would be left.Would this be acceptable? has any one had the same?

dunstonh

This was 20 years ago i can only remember that i was guaranteed to pay off my mortgage and a large sum would be left.Would this be acceptable? has any one had the same?

Effectively, you are complaining that you were not told about the risks and the various risk warnings were not given. Yet you say you cant remember as it was so long ago.

Basically, they are looking for evidence from you that differs from their evidence. If their evidence is missing or not completed to a satisfactory standard then you dont have to say much at all. However, if their evidence is strong and well completed then it really doesnt matter what you say unless you have evidence to the contrary.

You should tell the truth but realise that saying you remember something explicitly can work against you if there is evidence showing the opposite (in other words dont lie). Equally, being too vague and saying you cant remember can work against you as it suggests you wouldnt remember the risk warnings and everything else said. BY sticking to the truth and not going to deep, you should be fine.

cherie_s_d

Thank you for advice,
i have requested my endowment file which is incompleat ,they say that the advisor has it, which i find hard to belive he would have kept it for 20 years he worked for L & G. My case is that i was 19 years old i was a first time buyer ,single with no know previous investment experience and had no requirements for the life cover provided, no repayment mortgage was disscussed.
My premiums stated at £96.20 going up to £192.40 in 1998, with life cover of £87,000.

dunstonh

i have requested my endowment file which is incompleat ,they say that the advisor has it, which i find hard to belive he would have kept it for 20 years he worked for L & G.

You are not entitled to see the endowment file so its possible they are holding bits of it back. L&G do operate a salesforce using self employed individuals and companies that are tied to L&G but are not run by L&G. So, it is possible that L&G dont have very much at all in the early stage and are waiting for the advising firm to provide it.

My case is that i was 19 years old i was a first time buyer ,single with no know previous investment experience and had no requirements for the life cover provided, no repayment mortgage was disscussed.

If thats that case, then you state that. You dont need to go into war and peace. The complaints process favours the consumer slightly on the basis that the company has to show it wasnt mis-sold. If you say too much then it can actually do more damage in that you can accidently say something that can be used against you. So keep it short and sweet.

cherie_s_d

Thanks for your help, I really apreciate your advice.
I have stated this in the first letter i sent but was worried about leaving some questions unanswered in the questionaire.
I will keep you posted as to what happens.

EdInvestor

dunstonh wrote: »

The complaints process favours the consumer slightly on the basis that the company has to show it wasnt mis-sold. If you say too much then it can actually do more damage in that you can accidently say something that can be used against you. So keep it short and sweet.

The strong likelihood is that your file no longer exists and thus they have no evidence to prove that they didn't missell the policy and are fishing with their questionnaire.So don't give them any additional info.

cherie_s_d

Thank you both for your help i will let you both know what happens.
Fingers crossed