Where do I turn now?

Castonmoniale

This one's a bit complicated and long-winded, but I know some of you out there are real experts....

I was missold my endowment in 1989 which is in shortfall - at H&O (solicitors office) by an IFA. They are governed under the Law Society so apparently only the Limitations Act 1980 applies which timebars me- (though there is a clause regarding disability which I don't fully understand - and I have been longterm ill).
In 2003, H&O ceased trading as financial advisors and turned all financial business over to a company PF CENTRE (who are FSA registered). They now readily take commission payments for servicing my policy from STANDARD LIFE .
STANDARD LIFE have given me until 1st June 2006 before my timebar. But clearly they neglected to give me the full 3 year notice in these particular circumstances (the FSA agreed duration of time to complain).
So where do I turn?...

1) H&O say I'm time barred (under Law Society regulation) - and say they can ignore FSA rules or the letter stated by STANDARD LIFE.
Are H&O within their rights to use the 15year Limitations Act 1980, even though I've been ill for 3 years, and still within the time stated by Standard Life?

2) PF CENTRE, now taking the commission from my policy (since 2003/4) are FSA registered, but don't want to know and just refer me back to H&O.
Should the PF CENTRE where the business was transferred to, take over responsibilty and liabily too? - They're happy to take ongoing commission (not much I know) to actively continue to service my policy - ie it wasn't merely an introductory commission.

3) STANDARD LIFE feel they're not responsible for any compensation claim because I got my financial advice from an untied IFA.
But should STANDARD LIFE now be liable for their negligence and omissions as they failed to give me 3 YEARS VALID NOTICE (as STANDARD LIFE agreed to with the FSA); having been aware that my policy commenced via an advisor regulated by the Law Society and therefore on a different time bar?

4) LAW SOCIETY has no teeth for anything prior to 1999

5) The FSA can't do anything about a Law Society firm

6) The FSCS fruitless (even though H&O ceased trading as advisors ) - because H&O are not FSA registered and sold me the policy prior to 2001

7) I thought that if you bought your policy post-1988 (as I did) things were regulated and protected providing that you complained before the timebar (which I THOUGHT I did).

So am I stuck or what's to do? I've also been longterm ill and not very on-the-ball.
Please help and many thanks...

dunstonh

Should the PF CENTRE where the business was transferred to, take over responsibilty and liabily too? - They're happy to take ongoing commission (not much I know) to actively continue to service my policy - ie it wasn't merely an introductory commission.

No. When the policy was transferred to the new company, liability for past advice is not likely to have been transferred. It can happen but its not common. Its a bit like me taking on a new client and transferring the policy details to my agency. I have no liability to what went on before with anyone else. The transfer of agency can be on bulk and not on individual basis. So if an advisor retires, he can transfer all his agencies to me but I do not take on the liability. So, my guess is that PF Centre are down as current servicing agents rather than selling agents. The renewal commission is probably under a pound a month.

3) STANDARD LIFE feel they're not responsible for any compensation claim because I got my financial advice from an untied IFA.
But should STANDARD LIFE now be liable for their negligence and omissions as they failed to give me 3 YEARS VALID NOTICE (as STANDARD LIFE agreed to with the FSA); having been aware that my policy commenced via an advisor regulated by the Law Society and therefore on a different time bar?

Standard Life did not advise you so have no liability. All they got is an application in the post. They didnt tell you to take out a SL policy.

5) The FSA can't do anything about a Law Society firm

That is correct for cases written prior to FSA authorisation.

6) The FSCS fruitless (even though H&O ceased trading as advisors ) - because H&O are not FSA registered and sold me the policy prior to 2001

The FSCS is financed by advising companies that are FSA registered. If the company isnt FSA registered and therefore doesnt finance the FSCS, then you cannot claim under it.

7) I thought that if you bought your policy post-1988 (as I did) things were regulated and protected providing that you complained before the timebar (which I THOUGHT I did).

That is for IFAs not SIFAs. (solicitor IFAs).

Hopefully DOTW will be along soon to comment on your chances as I am not fully sure of your options with solicitor IFAs cases pre FSA regulation. However, I do believe that all FSA related options are not available to you.

Castonmoniale

dunstonh, many thanks for that - so fast too .... I'm a novice here, what's DOTW?
Yes, I would still really appreciate advice from other experts regarding;

1) any options within the Law Society regulations (for a policy purchased in 1989) through a Socilitor's Independent Financial Advisor. SIFA

2) need to understand the extension of time Clause within the Limitations Act 1980, due to disability / illness.

dunstonh

DOTW - Defender of the Weak. He is a claims specialist who posts on this board. He is by far the most knowledgeable poster on endowment claims on this board. However, he tends to post 2-3 times a week and plays catch up each time. It may be a couple more days before he responds.