Phoenix (Royal life) Homestyle Endowment Plan

maharg104

Cheked the paperwork and it appears to have 9 (nine) life policy schedules - all indicating under the wording fund "Managed" hope that helps - regards

vinno65

Hi Maharg104,
don't know if you still look at these posts but here's my two pence worth. It is not up to you to prove misselling it is up to the company to prove a sale was compliant. The fact that you may have been aware that there would be a shortfall at the end is not in itself grounds for dismissing your complaint. Firstly the firm has to show that an endowment was most suitable for your circumsatnces at the point of sale. Also before selling you an endowment thay have to explain how an endowment works and then ascertain your attitude to risk. They should have done this by performing a fact find. I would suggest that write again to the company and state that you are not happy with their reply. Ask to see copies of the fact find that the salesperson should have done. If they haven't got a copy then they are on shaky ground. I agree with the other posts. This sounds like a bog standard reply letter and they are hoping that you will go away with your tail between your legs. Write to them again and if you are still not happy then complain to the FOS only be prepared for a long wait as they are snowed under at present with people complaining about endowment miss-sales!
Regards Vinno

defender_of_the_weak

Key element regarding risk.

Would you have taken on a policy that would leave you needing to find thousands of pounds at the end of your mortgage? Of course not.

It is usually simpler just to say I would not have taken this risk rather than try and explain your perception at the time of the sale.

Often statements such as perhaps and maybe are used as indications that discussions took place, some of the FOS decisions and rulings are really quite poor

maharg104

Many Thanks for the help I will indeed write to them to ascertain the fact find

maharg104

I have written to them and have asked them to provide a copy of the Fact Find details, illustration and any copy of any computer records they hold on us. See where we go from here.

G

maharg104

vinno65 and defender of the weak,

Update to my previous post.

Had a reply from Phoenix today in the post.

"Under Financial Services Authority Guidelines we are only required to retain original proposal forms and details of original selling agents for 6 years and therfore we no longer have the proposal relating to the policy.
Please accept our apologies for any inconvienience etc"

This was after they rejected my claim after looking at all their data.

What are my next steps?
complain to the FOS?
and should I be careful how I word things?

In anticipation regards

G

maharg104

Just filling in my complant to send to the FSO.

Question - How do I answer this one?

How would you like the firm you are complaining about to put the matter right for you?

Kind Regards

defender_of_the_weak

Review fully and calculate redress under the guideline of RU89

vinno65

Hi Maharg 104,
good luck at the FOS but be prepared for a long wait. Just some info on how the FOS works. You complaint will be initially looked at by an Adjudicator. This is not an Ombudsman. The adjudicators job is to try and resolve the case without an Ombudsman's involvement. If you are not happy with an adjudicator's findings you can insist on your case going before an Ombudsman but they tend to back the adjudicators views. Remember also that it is up to the firm to prove that the sale was compliant. It's not for you to prove it wasn't. This excuse about the paperwork is a great one isn't it?!!!
Sell you something that doesn't mature for 25 years but get rid of the paperwork after 6. I don't care if the requirement is for only 6 years common sense would say keep them for 25 years, haven't these people read the Limitations Act?! Also the fact that you are now aware that endowments may not pay off mortgages doesn't mean you were made aware at the point of sale. It seems that some of these Mortgage Questionaires have now been designed with leading questions specifically to trip people up.
Anyhow good luck and as I said be prepared for a long wait, apparently FOS are rather busy these days what with endowments, pensions, split trusts etct etc etc!
regards Vinno

BACKFRMTHEEDGE

Good luck from me too. :money: