Prudential reject missold claim. Help required

Andrew4444

EdInvestor wrote: »

Dunstonh says the same.

Sorry for confusion on this.

Are you saying that the ' warning of a shortfall' is when the Red and only Red letter is received? And that the Green letter is not considered as a warning of a shortfall??

EdInvestor

Green letters do not warn of shortfalls normally, they state the endowment is on target.Isn't that what your green letters say?

Andrew4444

EdInvestor wrote: »

Green letters do not warn of shortfalls normally, they state the endowment is on target.Isn't that what your green letters say?

I'm sure you are rught but as the Green letersr said all was Ok I did not keep them. I thought that Dunstonh had implied in this thread that the warning letters were any colour Green, Orange or Red. In the letter I had today from Pru they said the two Green leters I had were warning letters but I didn't consider a letetr saying that all was on track a warning. This is the point I put to Dunstonh further down the chain and he seemed to imply that the Green letters were the trigger for the clock to start.

I've asked for copies of these 2 letters so see what the wording was. The question seems to be are these two Greens warning letters even though they did not warn of a shortfall.

dunstonh

Shortfalls include amber and red. At some point in the past you must have had a shortfall. The red/amber/green wording is not always used. I suspect the 2004 statement is what they are using as the shortfall point.

The fact they went green later doesnt matter. Pru started later with time bars but can give you 6 months notice if you have had a shortfall in the past. The fact you may have been green at that time doesnt matter. The trigger point would have been earlier.

Andrew4444

I'll need to check the Green letters when I get copies from the pru but as far as I'm aware I got first Green letter 2003 saying no shortfall, send Green 2007 saying no shortfall and third letter Red last month saying shortfall. I've never had a letter form the pru stating I will have a shortfall until last month (Red letter).

EdInvestor

Andrew4444 wrote: »

I'll need to check the Green letters when I get copies from the pru but as far as I'm aware I got first Green letter 2003 saying no shortfall, send Green 2007 saying no shortfall and third letter Red last month saying shortfall. I've never had a letter form the pru stating I will have a shortfall until last month (Red letter).

This seems to be in accordance with the performance of the Pru's WP fund. The time bar definitely only start running with the issue of the red shortfall letter, so if the recent one is the first, I should stand my ground.

Have you formulated the basis for the complaint yet?

Andrew4444

EdInvestor wrote: »

This seems to be in accordance with the performance of the Pru's WP fund. The time bar definitely only start running with the issue of the red shortfall letter, so if the recent one is the first, I should stand my ground.

Have you formulated the basis for the complaint yet?

Unless I'm being naive, my basis of complaint (re Prus's decision) will be that I am not time barred as the Red warning letter is within the 6 month time scale. They have referred to my two Greens as warning letters but my view is that were not advising me of a shortfall hence I did nothing. If the clock only starts when you get the first Red clearly stating you are heading for a shorfall, then I believe I am not time barred.

To confirm 1st letter Green 2003 no shortfall, 2nd letter green 2007 no shortfall, third letter Red saying shorfall and got last month.

Do you have any other ideas re basis of complaint to FO?

dunstonh

If the clock only starts when you get the first Red clearly stating you are heading for a shorfall, then I believe I am not time barred.

They use an amber to start the clock. It doesnt have to be red.

Andrew4444

dunstonh wrote: »

They use an amber to start the clock. It doesnt have to be red.

Thanks for clarification. I assume you would still agree with my assessment that the clock for me, only started when I recived my first Red (1 month ago) assuming the only previous correspondence where the two Green letetrs in 2003 then 2007?

dunstonh

I assume you would still agree with my assessment that the clock for me, only started when I recived my first Red (1 month ago) assuming the only previous correspondence where the two Green letetrs in 2003 then 2007?

What about the statements in between 2003 and 2007. Where an of those showing a shortfall? Remember that the traffic light coding wasnt mandatory. If the mid rate showed a shortfall then they could use that. If it was green all the way through then they cant start the clock.