Endowment - missold although no longer linked to house?

AstonDB6

When all's said and done, it's got to be worth going for it. The worst that can happen is I get little or no compensation, which is exactly what will happen if I do nothing anyway.

I am a member of Which? so I'll go to their website and get the forms filled in and sent off. I'll let you all know what happens.

Thanks to all for all the help and advice.

Alan

dunstonh

When all's said and done, it's got to be worth going for it. The worst that can happen is I get little or no compensation, which is exactly what will happen if I do nothing anyway.

Which is exactly why the disgraceful compensation culture in this country now exists.

vinno65

Hi Dunstonh
It's not compensation if Astondb has his complaint of miss-selling upheld he will only recieve money to put him into the position he should have been. He will not get anything above and beyond that. This is why it is called redress. And if he has been miss-sold why the hell should he be expected to pay for it?
If he has been wronged he deserves his redress. You can tell by his tone that he is fed up by the whole process and this is what firms are banking on and why some make it so difficult for people who complain. Many firms including some of the major so called respected ones have been fined for mis-handling complaints. But this does not seem to stop them but maybe thats because the fines thay have recieved equate to no more than a couple of hundred upheld compaints, but if they can put 1000's of people off from complaining then it's money well spent
regards Vinno

dunstonh

Its not just specific to endowments. Its the whole culture of having nothing to lose so make a claim, even if no wrong doing was done.

In the case of financial services, every case referred to the ombudsman costs the advising firm money. So they have to waste money, the cost of which does get passed on to current consumers. So someone else is paying for it

I have absolutely nothing against valid complaints but this compensation culture is vile and its the "have nothing to lose" attitude whether you are right or wrong that is the worst part of it. This isnt targetted towards AstonDB6 but it was just that phrase he posted that made me comment that way.

I have to pay out nearly £2500 a year to the regulatory bodies and another £4000 a year in indemnity insurance. If you were paying out £6500 a year wouldnt the attitude of "costs you nothing" get on your nerves a bit too?

We can debate the issues of responsibility. As a partnership I have a lifetime liability for the advice I give. I tell you something, that is something all advisors should have because it totally sharpens the mind knowing that if you do wrong, it can bankrupt you. There is no employer to pay the compensation. Yet I still have to pay for the !!!!!!s that dont have that lifetime personal liablity and I have to pay for the false and fraudulent claims put in by some individuals.

EdInvestor

In the case of financial services, every case referred to the ombudsman costs the advising firm money. So they have to waste money...

I see, paying up for misselling is a waste of money, is it? Tell me, why do ALL advisors reject ALL complaints, whether or not they are justified?

Surely they are doing exactly what you are accusing the victims of doing -taking a punt on the possibility the customer will give up and not go on to the Ombudsman?

Missold MSE posters are advised ALWAYS to take any rejected complaint to the Ombudsman, it costs you nothing except some time.

If companies and advisors were honest in the first place and paid up when they know they are guilty, I wouldn't need to say this.

There is massive evidence of people being missold and then cheated over correct redress.Several companies have been fined huge amounts by the FSA for incorrect complain procedures. One of them is Friends Provident.

And now it is offending all over again with timebars - this forum is full of examples.:mad:

The industry is just incorrigible -the more it is hit in the pocket the better until it starts displaying an ethical attitude to business.

Anyone who's been missold should take the perp to the Ombudsman, every time.And if that doesn't work, take him to court.

dunstonh

I see, paying up for misselling is a waste of money, is it? Tell me, why do ALL advisors reject ALL complaints, whether or not they are justified?

Dont try and SPIN what I am saying. I repeat that the current system does cost money and fraudulent claims cost money. Those costs are passed on to consumers and other companies who have nothing to do with that claim.

Missold MSE posters are advised ALWAYS to take any rejected complaint to the Ombudsman, it costs you nothing except some time.

If you were mis-sold, then thats fine. If you are just taking a punt because it costs you nothing and you never know, you may get lucky, then that should not be supported.

There is massive evidence of people being missold and then cheated over correct redress.Several companies have been fined huge amounts by the FSA for incorrect complain procedures. One of them is Friends Provident.

If only several companies have been fined, then how can there be massive evidence? What you mean is that there are a few companies which have handled it badly, have been caught and are now being punished for it.

The industry is just incorrigible -the more it is hit in the pocket the better until it starts displaying an ethical attitude to business.

So, you decide that the actions of a few companies means that everyone in the financial services industry is bad. Dont ever get ill and see a bad doctor.

Anyone who's been missold should take the perp to the Ombudsman, every time.And if that doesn't work, take him to court.

Many, including myself, would prefer the courts to be involved. We can then claim costs back if the complaint isnt upheld. The majority of complaints are not upheld so that stop the fraudulent complaining.