Endowment Misselling Complaints Deadline

whyone

Hi,

Sorry to dig this thread up from the 'dead'.

Some years ago I spent time making a claim against Abbey National (as they were then) that my wife & I were mis-sold an endowment policy linked to an interest-only mortgage.

This claim ended with the Abbey accepting in writing that the endowment policy had been mis-sold, but concluding that we had not been 'financially disadvantaged' therefore no compensation was due.

The endowment policy is now due to mature in a couple of months and it looks highly likely that it will fail to meet the original mortgaged amount it was opened to cover by a 5-figure sum.

Does anyone know if there is a course of action we can pursue with Abbey/Santander in the light of this allied to their assertion that whilst we were mis-sold our policy, we have not been financially disadvantaged?

Many thanks in advance,

dunstonh

This claim ended with the Abbey accepting in writing that the endowment policy had been mis-sold, but concluding that we had not been 'financially disadvantaged' therefore no compensation was due.

Not an uncommmon outcome.

Does anyone know if there is a course of action we can pursue with Abbey/Santander in the light of this allied to their assertion that whilst we were mis-sold our policy, we have not been financially disadvantaged?

No. You made your complaint and Abbey confirmed that if you switched to repayment at that point that you would not be worse off. If you then decided to stay with endowment rather than switch then that was your choice. They did not provide you any advice in making that choice. So, are not liable for the choice you made.

Pug4

(I think this quote is about 5 years too late really but)..whilst putting some of the decs away, I have come across some old documentation ref to a joint policy (endowment) that my wife and I held until approx Jan 2009. I had been made redundant the month earlier and, after enquiring about the mis selling of the policy some several months earlier, only to be told that we should have acted on response of a dispatched red letter, we opted to cash them in - it was pretty much a case of needs must at the time. The policy was with Standard Life and I recall trying to trace the IFA who sold it to us but he had moved out of town, and I couldn't find him. I have to say, probably rather foolishly / lax whatever, I didn't pursue this any further due being bogged down with job hunting and trying to keep a roof above us. The dust has settled now some years along and I just wonder would it be worth trying to retrieve any form of compensation (do the financial institutions recognise any mitigating circumstances or has anyone received anything after these stipulated timescales?) Many thanks and happy new year to all from David.

dunstonh

The dust has settled now some years along and I just wonder would it be worth trying to retrieve any form of compensation (do the financial institutions recognise any mitigating circumstances or has anyone received anything after these stipulated timescales

You have no chance of the IFA agreeing to you re-open the case are you a long timebarred. You would have to have jusitication for not complaining for the whole period going back to the start of the time bar. Probably something like 7-8 years now. Typically, the FOS consider things like incapacity and serious family issues (death) as reasons for delay. What could you use to cover the whole period?

Pug4

dunstonh wrote: »

You have no chance of the IFA agreeing to you re-open the case are you a long timebarred. You would have to have jusitication for not complaining for the whole period going back to the start of the time bar. Probably something like 7-8 years now. Typically, the FOS consider things like incapacity and serious family issues (death) as reasons for delay. What could you use to cover the whole period?

You're quite right in the fact it was a good while ago. My wife did nurse her father through ill health for some of the time until his sad parting and I think this was relayed to Standard Life - come to think of it, I seem to recall saying at the time to them, something on the lines of if you can't reimburse us then show some appreciation to our local hospital (and I actually gave them the ward sisters name) I didn't follow that one up (as I said before, my hands were a bit full at the time) maybe they were charitable. Alas, nothing came this way but thanks for your knowledge anyhow.

dunstonh

I seem to recall saying at the time to them, something on the lines of if you can't reimburse us then show some appreciation to our local hospital (and I actually gave them the ward sisters name)

Standard Life have no liability for the sale of the product. It is the IFA that is liable (assuming it is post April 1988 if still trading or post Aug 1988 if not)

maybe they were charitable.

Standard Life????? erm - no.

markbrennan

can anyone clarify the following?
I have NEVER received any notification of shortfall from the financial services firm which sold me my endowments, neither a direct mail nor an enclosure via the FS firm from my providers.
Can I therefore claim for misselling against the FS firm on the grounds that THEY have never contacted me - it is 15 years since I took out the policies.

Also, are there any endowment providers who still operate no time limit on claims, despite the FSA ruling?

dunstonh

I have NEVER received any notification of shortfall from the financial services firm which sold me my endowments, neither a direct mail nor an enclosure via the FS firm from my providers.

So, are you saying that your annual statement has never shown a projected shortfall? In which case, why would you complain if you are on track?

Can I therefore claim for misselling against the FS firm on the grounds that THEY have never contacted me - it is 15 years since I took out the policies.

Did you agree and pay for servicing? i.e. do you have a contract and are you paying a retainer for them to provide ongoing services? Most firms, especially those of 15 years ago are transactional and not servicing. Its mainly IFA firms that offer servicing agreements.

Also, are there any endowment providers who still operate no time limit on claims, despite the FSA ruling?

Not many. Over 3/4 of endowments are now timebarred. Those that are not are mostly those on target (so no point complaining) or are still in the three year period.

magpiecottage

markbrennan wrote: »

I have NEVER received any notification of shortfall from the financial services firm which sold me my endowments, neither a direct mail nor an enclosure via the FS firm from my providers.

The firm that sold the endowment has no control over that and is not required to provide statements to you.

Can I therefore claim for misselling against the FS firm on the grounds that THEY have never contacted me - it is 15 years since I took out the policies

That is not misselling unless they contracted at outset to do so.

Also, are there any endowment providers who still operate no time limit on claims, despite the FSA ruling?

That will not be relevant to you if they are not your provider AND they were responsible for its sale.

markbrennan

The FS firm DID contract to review these endowment polices in that they advised me that they would review the policies regularly and contact me with appropriate advice; I accepted this offer ( I certainly didn't decline it) so there is an element of a contract via an offer made and accepted; they never contacted me again ( except to try to sell me life insurance once or twice) about the endowments.