Endowment mis-selling agency commission??

boo-boo-kitty

Does anyone know if these agencies rip you off? I have been contacted by EMC Advisory Services who will pursue a claim for me. At the time I said yes but now wondering if I've done the wrong thing as
I can't seem to get a figure of their charges. Just wondered if anyone else has any experience of these agencies? Would really appreciate any advice offered...:rolleyes:

dunstonh

Can you clarify what you mean? I will answer a couple of different things on what you may mean....

You are not able to claim any commission on a mis-sold endowment. Mainly as the seller has to pay the redress payment which takes into account the charges of the product which in turn are used to pay the commission.

As for putting in a complaint against an endowment now, you are very late. Over three quarters of all endowments are now time barred from complaint. So, check yours to see if that is the case before you complain as it may save a lot of hassle.

If you are not time barred and you feel you were mis-sold then it is a simple letter that is all that is required. No more than 5 minutes saying you think you were mis-sold and why. Claims companies have no more success than anyone else. Indeed, template letters statistically have a lower success rate than personalised letters (often as templates include things which are easily refuted and can lead to your credibility being undermined where a balance of probability decision is required). You dont have to go into war and peace. You just need to give simple bullet points with your reasons and show them your evidence where you have some.

boo-boo-kitty

Thanks for your reply... What I meant and you probably answered for me was that this company will pursue a mis-sold claim for me in return for commission. It's the commission aspect that I am wary of. I think it's probably too late for me to get out of as I have signed paper-work (naive or what!!) I think I will then be tied to them. I really didn't realise I had an option to pursue this myself until recently. As it is I might pay around 25% of anything I receive to this agency. Do you know if there's a limit to how much commission they can charge me for their service? I do know that it's a no win, no fee situation?

dunstonh

Do you know if there's a limit to how much commission they can charge me for their service?

No. I have known cases where the person has had to pay the claims company more than they got paid in redress. Although a percentage case wont see that happen. 25% is potentially a lot of money for 1 minute's work by the claims company.

its a bit of an irony that they charge these massive amounts yet many of their complaints against the banks claim the amounts are not justified. I wont be surprised if we see claims companies putting in complaints against claims companies soon.