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Prudential reject missold claim. Help required

Andrew4444
Posts: 56 Forumite
Two issues with this:
1. They said I had two warning letters a few years before my third Red letter (which I did) so they time barred my complaint. However, the two 'Warning' letters were both Green and said target amount on track so Ididn't complain.. as I didn't think I had anything to complain about ! Red one was last month.
Are they justifies in using the compalint date of Green letters as time barr??
2. Do all Warning letters have a complaint date? If they do then sureky the complaint date is pertinant to the date of letter so as my last warning letter is last month I should still be in time?? I could not find a complaint date on the last letter but I thought it was 6 months from the date of notification?
1. They said I had two warning letters a few years before my third Red letter (which I did) so they time barred my complaint. However, the two 'Warning' letters were both Green and said target amount on track so Ididn't complain.. as I didn't think I had anything to complain about ! Red one was last month.
Are they justifies in using the compalint date of Green letters as time barr??
2. Do all Warning letters have a complaint date? If they do then sureky the complaint date is pertinant to the date of letter so as my last warning letter is last month I should still be in time?? I could not find a complaint date on the last letter but I thought it was 6 months from the date of notification?
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1. They said I had two warning letters a few years before my third Red letter (which I did) so they time barred my complaint. However, the two 'Warning' letters were both Green and said target amount on track so Ididn't complain.. as I didn't think I had anything to complain about ! Red one was last month.
Are they justifies in using the compalint date of Green letters as time barr??
Whilst many Pru endowments went back into surplus before 2008, they were in a shortfall postition prior to that. So, the last few may have been green but earlier ones may not have been. Many providers used 2003 and 2004 as the start date for the time bar.2. Do all Warning letters have a complaint date? If they do then sureky the complaint date is pertinant to the date of letter so as my last warning letter is last month I should still be in time?? I could not find a complaint date on the last letter but I thought it was 6 months from the date of notification
There is normally a date given by which you run out. It usually appears on the final warning or last two. It has to be given.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for your reply.
But is it reasonable for them to expect me to raise a complaint of mis sold policy if all appears well? The Green letters seem to tell me all was OK. On what grainds would I have made a complaint !!
If all warning leters have a complaint date then surely the complaint date is revised on production of the next letter? If The complaint date remains extant on the fist letter why give me another date on the sencond letter? QED my latest complaint date should be 6 months after the date of the third letter (1 month ago).
Do you think my points are reasonbable?
Thanks for your opinion.0 -
But is it reasonable for them to expect me to raise a complaint of mis sold policy if all appears well?
Yes. You were either mis-sold or you were not. Hedging your bets is something that the complaints process for endowments was set up to avoid.The Green letters seem to tell me all was OK. On what grainds would I have made a complaint !!
Investment returns are not something you can complain about anyway.If all warning leters have a complaint date then surely the complaint date is revised on production of the next letter? If The complaint date remains extant on the fist letter why give me another date on the sencond letter? QED my latest complaint date should be 6 months after the date of the third letter (1 month ago).
What date have they said you were time barred?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
What date have they said you were time barred?
They said the complaint end date (1 Oct 2007) of the second Green letter was the end date to complain. However, the last letter I got was 1 month ago. I find it strange that their 1 Oct 2007 complaint end datee has not been repalced by the production of the third letter. It appears that the 2nd letter complaint date repalced the first letter complaint date, so why has the 2nd letter complaint date been repalced by the third letter complaint date?0 -
Under FSA rules, you have to be told to complain within three years of your first warning of of shortfall or within 6 months of receiving a second red or amber warning. Whichever comes last.
So, on that basis they are probably using a 2004 value to activate it under the three year warning system or you had already received two amber/red warnings in the past. Pru didnt time bar complaints until much later than everyone else but they can back date the qualification providing it was in shortfall at the earlier dates and they give you at least 6 months warning before the time bar is due to take effect. You should have had a warning around March/April 07 telling you that the time bar would apply from 1st Oct 07 (it may have been earlier as its at least 6 months. Some write out earlier than that. Often the statement before).
If you really have doubts over their time bar process you should ask them to provide the timescale and evidence showing you were notified.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Under FSA rules, you have to be told to complain within three years of your first warning of of shortfall or within 6 months of receiving a second red or amber warning. Whichever comes last.
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Thanks. This is reaaly my bone of contention as the first two letters (Green) were not warning me of a potential shotfall. They said the polcy was on track to meet the target.
I will ask them for the two letters and take it further.0 -
This is reaaly my bone of contention as the first two letters (Green) were not warning me of a potential shotfall. They said the polcy was on track to meet the target.
I reckon they are using a 2004 shortfall and doing three years from that.I will ask them for the two letters and take it further.
Thats all you can do. Plus getting it in writing is much easier than dealing with insurance companies on the phone. The staff on the phone are prone to giving out inaccurate information on things that they are not really knowledgeable about.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The rule is you must complain within 3 years of receiving a red letter warning of a shortfall.
So you should call their bluff.Trying to keep it simple...0 -
EdInvestor wrote: »The rule is you must complain within 3 years of receiving a red letter warning of a shortfall.
But from what Dunstonh said above the start date is from my green letters (had 2 greens and now first Red). Are you saying the clock has been reset to the date of recent Red letter??0 -
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