Pre '88 Standard Life Endoment

miko

I took out my endowment Mortgage with Standard Life in July '87, it matures( for want of a better expression!!) in 2010. Having contacted the seller and the FSA in an attempt to get some form of financial compensation. The FSA say that because it was bought before April 88, there is nothing they can do about it. Does any one out there know what I can do to get compensation? There must be thousands like me buying before the FSA ruling came in. It seems grossly unfair that we have paid out more, having paid out longer, and dont appear to be entitled to recompense. I cant afford to lose this kind of money. Maybe there is something that we can do en masse! There must be something! If there isnt, then we have to do something!! I look forward to your advise and comments. Cheers Mik

silvercar

I think your only option would be to go to court. You then have to PROVE mis-selling as opposed to SL ( or whoever sold you the policy) proving it wasn't missold.

A lot of cases of people getting compensation are based on the seller or provider no longer having evidence that it wasn't miss-sold. In court you would have to prove that it was missold to you, I much harder task.

Milarky

miko wrote:

I took out my endowment Mortgage with Standard Life in July '87, it matures( for want of a better expression!!) in 2010. Having contacted the seller and the FSA in an attempt to get some form of financial compensation. The FSA say that because it was bought before April 88, there is nothing they can do about it. Does any one out there know what I can do to get compensation? There must be thousands like me buying before the FSA ruling came in. It seems grossly unfair that we have paid out more, having paid out longer, and dont appear to be entitled to recompense. I cant afford to lose this kind of money. Maybe there is something that we can do en masse! There must be something! If there isnt, then we have to do something!! I look forward to your advise and comments. Cheers Mik

The FSA has only given general guidance on this. Whilst what you have been told is true for all policies sold before/after that date, Standard Life will, as a exception to this, consider complaints for its pre April-1988 policies. But there may be no more time left to complain however - the deadline being about 3 years after you first learned/were notified of a likely shortfall.

Ask Standard on Monday about making a complaint. They will have all your particulars and should be able to tell you whether you can at least complain.

However the option to complain and the chances of a complaint upheld are two different things.

Meanwhile you will have shares in the Summer - you should hold out for these.

miko

Thanks for suggestion. Looks like it could be quite a hastle. I wonder how many have had success using this method. Cheers Mik

miko

Thanks. I have asked sl about complaining after no joy with FSA and they refer me back the original seller who initially said they couldnt do anything because of the date, whish was why i went to the FSA. I'll try again on Monday as you suggest. Thanks

defender_of_the_weak

Whats the name of the original advising company.

miko

A Company called: Plan Insure Ltd., Macclesfield, Cheshire. I have the full address and MDs name. I also have their replies to my letters which i could email. Is it etiquette to post the address? ( My first posting) Or should I send it privately. Cheers Mik

JCL

I would try them again privately before posting further firm details on here.

Also, what is the situation in terms of your endowment? How much have you paid in and how much is the expected maturity value?

Froggitt

Only Banks, Building Societies and Insurance companies who sold the policy in the first place will look at pre-1988 misselling cases. I doubt you will have any luck with Joe Shmo above or with the company the endowment is with.

BACKFRMTHEEDGE

I agree with Froggit you don't really stand much of a chance. :rolleyes:

miko

Endowment Paid since '87 to date: £21,657. Their Feb 06 statement minimum amount theyll pay at maturity £38,451. I'll take your advice and try once again.