Any other Friends Provident claims?

Financial_Savvy

Hi, I am doing an endowment claim for my Mum and Dad, and it is being returned to the Financial Omb. very soon.

Has anybody had any success with claims with Friends Provident?

Thanks

clippert

Financial_Savvy wrote:

Hi, I am doing an endowment claim for my Mum and Dad, and it is being returned to the Financial Omb. very soon.

Has anybody had any success with claims with Friends Provident?

Thanks

yes

got about £1600 compensation on a £26k endowment/mortgage which was going to have a £14k shortfall.

Financial_Savvy

Thanks for the response clippert.

Did you have to go to the FSA to get the money?

vinno65

Hi Savvy,
I am afraid you couldn't have picked a worse firm to complain to. FP are one of the mostcomplained about firms on this board and others also. You don't explain why your comlaint has been passed to FOS. What was FP's response to your complaint. Post some more details and we might be able to give you some pointers
Regards Vinno

Financial_Savvy

The shortfall is £6K, and the sales people 'sold' around a £5K surplus as well. We complained to FP first, they acknowledge the complaint but said that they (Mum and Dad) are no worse off. Then went to FOS, and they have told FP to calculate the loss using the FOS procedure, not the FP made up one! The papers have just (today am) gone back to the FOS signed to accpet any compentation according to the FOS.

Does this help? If you need anymore info just shout.

Also forgot to say, Mum and Dad weren't going to bother with the complaint, but I nagged at them and did some of the work and have agreed that I get 50% of any compensation. So fingers crossed!

dunstonh

If the FSA redress calculation has been done correctly and shows no loss, then the "compensation" as you put it will be nil. It is not unusual to have an upheld complaint but no redress paid. Especially since the stockmarket has recovered as it has over the last 3 years.

I dont know what made up method FP use as I have no experience there but it would be interesting to see what the difference is, if any, to the FSA defined process.

EdInvestor

Unfortunately the charge to use this calculator is 52.50.

Financial_Savvy

Guys see this post

http://forums.moneysavingexpert.com/showthread.html?p=2458130#post2458130