Independant broker sold endowment in 1986

patsat

i tried complaining directly to com union (now norwich union) but they say i have to complain directly to the independant broker who sold me the policy. they are not registered and the patnership it was has split.
Also someone told me that an independant broker stands to loose a substantiall amount of money just to investigate the sale. the broker is now a one man business, is it possible and even ethical to pursue such a claim against such a local small time advisor

regards
patsat

EdInvestor

If it's before 1988 when regulation came in, you won't get anywahere with a claim against a small broker unfortunately.

patsat

Thanks for the speedy reply. i had guessed that would be the case. policy down nearly 50%

patsat

Happychappy

Hi Patsat

I am in a similar position, bought an endowment mortgage through an IFA independent shark with Standard life, also extended the mortgage, and again independent shark sold another endowment with Standard life who must having been paying top commission. I have all the literature showing me projected worth in 2009 and how it should double, also have literature from Standard life supporting the claim that the endowment policy was also a savings policy etc

Anyway, upshot is one of the sharks got arrested for fraud, the Associates title of the IFA group became a one man band, and I have no claim but a projected shortfall of £15000. Still see the shark most days, wandering around and still remember him saying how mad I would be to go for a repayment mortgage as an endowment would double and leave around £30k over yep, double glazing, second hand cars and endowments all seem to attract dreamers, but there again they also manage to find the fools who buy from them. :mad:

BACKFRMTHEEDGE

Not such a happy chappy then! At least !!!!!! turpin wore a mask hey. :eek: Do you still own these policies? :rolleyes:

Happychappy

Yes, still hold the policies, should have got out a while ago, but with all the !!!!!! coming out of Standard life about windfalls etc, thought I would stick with them.

Just wish when I was younger, I knew not to trust people who were being paid commission to line their own pockets, human nature really, just never thought the same people who sold double glazing, timeshares, and cheap motors, would be involved in endowments, but as you get older you live and learn :rolleyes: