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Mis sold endowment
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wingey
Posts: 1 Newbie
Hi all - this is my first post, so I am not sure if I have posted this in the right place!! - And I KNOW this will have been talked about and probably answered a million times over, but I just want to make sure I have covered every angle, before I give up!
I was sold an endowment policy, at the tender age of 20, and from memory it was sold as a savings policy that would pay off my mortgage and leave me with some money left over - so I would be mortgage free by the time I was 25 (obviously I was a very naive 20 year old)!! This policy was sold by and IFA, who now no longer trade, and the policy is with Abby LIfe.
I was sold this in April 1988, and the policy is due to mature in April 2013. It has been underperforming for ever really, I can' tactually remember a piece of paper coming through the post where it said, heh you are on target etc etc. It has been "red alert" for years now. I have tried to complain before, but a bit half heartedly.
I now find that the IFA are no longer around, and that the FSA won't deal with it because it was before Aug 1988 (4 months)!!
Is there anything I can do? Abby LIfe I assume won't want to know as it wasn't one of their sales people who sold this to me.
I did have a separate very small add on, through the same org much later than 1988, which I guess I may have a claim on, but the first one was for £45,000, the second one for £2,100.
Any advice greatly received. I am now a much more savvy 40 year old, hence finally finding this site!!
Many thanks
wingey
I was sold an endowment policy, at the tender age of 20, and from memory it was sold as a savings policy that would pay off my mortgage and leave me with some money left over - so I would be mortgage free by the time I was 25 (obviously I was a very naive 20 year old)!! This policy was sold by and IFA, who now no longer trade, and the policy is with Abby LIfe.
I was sold this in April 1988, and the policy is due to mature in April 2013. It has been underperforming for ever really, I can' tactually remember a piece of paper coming through the post where it said, heh you are on target etc etc. It has been "red alert" for years now. I have tried to complain before, but a bit half heartedly.
I now find that the IFA are no longer around, and that the FSA won't deal with it because it was before Aug 1988 (4 months)!!
Is there anything I can do? Abby LIfe I assume won't want to know as it wasn't one of their sales people who sold this to me.
I did have a separate very small add on, through the same org much later than 1988, which I guess I may have a claim on, but the first one was for £45,000, the second one for £2,100.
Any advice greatly received. I am now a much more savvy 40 year old, hence finally finding this site!!
Many thanks
wingey
0
Comments
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I now find that the IFA are no longer around, and that the FSA won't deal with it because it was before Aug 1988 (4 months)!!
The FSA dont deal with any complaints. The FOS wont deal with it as the firm is no longer in business and the FSCS didnt exist until August 1988.is there anything I can do?
No. Its end of the road.Abby LIfe I assume won't want to know as it wasn't one of their sales people who sold this to me.
Correct.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 -
Wingey
what a bummer for you. I am having a beer so will crack one open for you.
It's all you can do.
Cheers!0
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