Endowment mis-selling advice needed

Lord_Furcum

Hi

I have been prompted to finally make a complaint about the mis-selling of my endowment, although it has always been in the back of my mind I have always convinced myself that I wouldn't get anywhere with complaint so why waste my time complaining when I figure I'll just get stitched up by the financial bods anyway.
This view changed slightly when a company phoned me about making a complaint, straight way my guard went up, as I never discuss financial matters with people that I haven't contacted first. Anyway It got me a thinking again and I've looked on this website for advice, I've also spoken to a company (Solar Accounts...anyone used these people before?) and they've told me that I do have a case. They've sent me paper work to read and sign, but before I do I thought I would see if it was something that I could do however in the literature sent from SA they are saying that 60% of complaints fail when made by an individual, they claim this information was from an FSA consultation paper 2002. I've looked on the FSA website but haven't found anything there to verify this statement.
Has anyone heard this before?

If this is the case then I'm thinking maybe it would be better to let SA take up my claim and let them have their cut, but if it ain't then I'm thinking why not have ago myself, nothing to lose after all!

The question that I have, if I go it alone is; the Financial Advisor (FA) who sold the Endowment was working out of the Halifax Property Service as it was called then back in 1990, I checked and the Halifax is still there but is known as the Halifax Estate Agents, however he was an independent FA.
Am I right in thinking that I have to track this FA down first or can I send my claim to the Principality Building Society, which it says on there paper work was there representative?
If I have to attempt to make a claim against the FA (if he is still in business) what is stopping him just ignoring the letter?
Or do I go the Financial Services Compensation Scheme route?
Am I right in thinking I only have one stab at this?

Sorry for the long narrative, any advice gratefully received

edwara

Hi

can;t help you with all your query but I can tell you that we have successfuly claimed on what is now a Phoenix Endowment that my husband was sold by the financial advisor in a halifax estate agency in 1996. We wrote a letter stating that if he had been told of the risks he would never have taken out the product as he is risk averse and that the product had been sold to him as very portable so ideal as he moves. This is obviously no more true than a regular mortage.

We did not have to track down the advisor just complained to the endowment company direct and then filled out all their forms. It took best part of 4 months but got nearly £4,000 back. We hadn't been going to bother until my sister said "Don't not complain becuase you think you should have been bright enough to know the risks".

It was no hassle to complain in our own right and we are now £4,000 better off. Now just got to decide what to do with the endowment.

best of luck and what have you got to lose except a bit of time.