Another Endowment Mis-selling Success thanks to MSE!

caleb2003

dunstonh wrote:

I would like to think that the quality of the documentation from IFAs is better than tied agents. In my experience and those IFAs i know it is. However, I would be kidding myself it I thought that to be the case every time



Financial consultant sounds like a title of tied agent working for the insurance company. IFAs tend to use the title IFA (or partner, director etc if applicable). You write to the company that provided the advice.

The company is called Ashton Financial Consultants, so should I first find out if they are tied to L&G and if so contact L&G? if so who can tell me this?

Thanks

dunstonh

According to the FSA register, they are tied to Legal & General so complain to L&G.

caleb2003

dunstonh wrote:

According to the FSA register, they are tied to Legal & General so complain to L&G.

Great, thanks very much for checking.

dreamylittledream

dunstonh wrote:

I would like to think that the quality of the documentation from IFAs is better than tied agents. In my experience and those IFAs i know it is. However, I would be kidding myself it I thought that to be the case every time

*Hollow Laugh*

Most IFA's automaticaly reject complaints as most PI insurance will not pay out unless the Ombudsman uphold the complaint.

That and about 50% of people who get rejected at the first stage don't appeal their case to FOS...theory of numbers

dunstonh

Most IFA's automaticaly reject complaints as most PI insurance will not pay out unless the Ombudsman uphold the complaint.

That and about 50% of people who get rejected at the first stage don't appeal their case to FOS...theory of numbers

If you want to throw figures at it. The UKs biggest network is getting around 1000 complaints a month and only 25 are being upheld on average as actual mis-sales. However, a further 225 get compensated as the files are insufficient to prove it wasnt mis-sold. That is without referring to the ombudsman.

dreamylittledream

dunstonh wrote:

If you want to throw figures at it. The UKs biggest network is getting around 1000 complaints a month and only 25 are being upheld on average as actual mis-sales. However, a further 225 get compensated as the files are insufficient to prove it wasnt mis-sold. That is without referring to the ombudsman.

I was refering to non networked IFAs

But then again the current Ombudsman uphold rate is 63% which suggests a lot of those rejections are playing the theory of numbers...

pottersfolly

Mean_Scot wrote:

Hi Everyone,

Just wanted to let you know that as a direct result of reading the information on here about mis-sold endowments.

Many thanks MSE - if it hadn't been for your persistent reminders to do something about endowment mis-selling I wouldn't have bothered. (and if it hadn't been for the info about the percentage no-win no-fee companies take if you win - I would have ended up paying someone else my money!)

...............I also had a little windfall not a big one but £700 is better than nothing

VickyM_2

.. And I need to add a big thank you to Martin and MSE too. My OH and I both had endowments sold to us in 1994, both had red letters, and we both thought 'well, there's no point in even trying, they'll never compensate us.' But I read this site, followed the advice, nagged my OH into writing a letter too - and in the last week we've both had compensation offers! To a total of £4,500 between us, which will reduce our mortgage very nicely indeed!

fruitpie

VickyM, well done ...and to others too.

What do MSE's think to our situation, I know there has been so much written about Mis- selling, and like many others have been putting this situation on the back burner.

Was sold/pushed an Endownment, it started in January 1988. Received a letter from Guardian FS in March 2000 saying that my Homebuilder Plus Policy currently contains a guarantee to repay the mortgage. At the time I thought, well at least it would pay the mortagage off, but I feel I was mis-sold as their will be no "extra" as promised when I first took the policy out. Do you think its worth persuing ?

EdInvestor

Do you think its worth persuing ?

No. Compensation for a missold endowment is designed to put you in the position you would have been in if you had instead invested in a repayment mortgage, which pays off the loan at maturity.

Since your endowment will pay off the loan, no compensation would be indicated.