Independant Financial Advisor and Endowment Mortgages

pmclough

Hi,

I was sold my endowment mortgage via an IFA , (Independant Financial Advisor). Clerical Medical wrote to me some time ago and stated that the £140,000 endowment would not be reached and that there will be a shortfall over over £50,000.

I have contacted various endowment companies to try and claim against this but they have advised that its unlikely that I would get a result as its an IFA , not a bank/building society.

Can anyone advise, can I pursue it ? Is it realistic that I would not get very far ?

Can anyone advise if they have the same issue and what can be done ?

Anybody help ?

dunstonh

I have contacted various endowment companies to try and claim against this but they have advised that its unlikely that I would get a result as its an IFA , not a bank/building society.

That is not a valid reason by itself. IFAs have just as much liaiblity for the advice given as any other class of advisor.

It could be that reason in conjunction with another reason. Such as you signed the application form before 29th April 1988.

Or it could be that the firms you have contacted are cherry picking easy complaints and done want to waste their time pursuing a complaint which may involve a bit more work.

defender_of_the_weak

Most claims companies won't touch IFA cases and dunston is right they cherry pick the easy cases. We even saw a letter from what used to be the biggest company in the market saying 'we don't deal with IFA cases because of the low success rate' and whoever wrote the letter did not even realise the IFA was Nationwide BS.

Our view on IFA cases is different in that we tend to approach the IFA on an innocent until proven guilty basis rather thn lob a full complaint in. On the other hand maybe it has something to do with the dates involved

When did you get the advice to take the policy and who is the IFA