FIMBRA Clause

Allig_3

Hi,

My friend was speaking to her financial adviser last week about complaining about a mis-sold endowment.

She was advised that because her endowment was taken out in 1995 during the time that FIMBRA were regulating their business she wouldn't receive any money from the mis-selling of her endowment as FIMBRA are no longer in existance and therefore no-one is liable for their regulatory work.

Can anyone advise if this is the case and, if not, what are the steps she can take to take the matter further?

Thank you.
Allig

dreamylittledream

Allig wrote:

Hi,

My friend was speaking to her financial adviser last week about complaining about a mis-sold endowment.

She was advised that because her endowment was taken out in 1995 during the time that FIMBRA were regulating their business she wouldn't receive any money from the mis-selling of her endowment as FIMBRA are no longer in existance and therefore no-one is liable for their regulatory work.

Can anyone advise if this is the case and, if not, what are the steps she can take to take the matter further?

Thank you.
Allig

If the firm is now regulated by the FSA then she will be able to complain under the legacy rules.

If they are not regulated now then unfortunatly he is correct...

Allig_3

Thank you for your reply.

I've informed my friend and she advises she is going to write a letter of complaint regarding her endowment anyway and see where it gets her.

Nothing ventured, nothing gained!