Mortgage Endowment

seekhelp_2

Forgive me if this question has already been posted, but time is running against us

Have attempted to claim on a mis-sold endowment. The facts are as follows:

My husband is currently 67 years of age, our policy only matures in 2013
At the time of taking out the policy no-one advised that there could be a shortfall. We were told that this was the best investment. Having lived abroad, this was our first morgage here in the UK. Ignorant as we may have been, we didn't know any different and took the advice on face value. It is a Standard Life policy purchased in January 1988.

The response received from the agents who we approached indicated that they had heard from the Standard Life regarding the sale of the policy, and that they had confirmed that the advice on the sale of the policy was given by a solicitor who at the time were acting as an independent broker or some other form or insurance agent.

As the Financial Services Act 1986 became law with effect from 29th April 1988, and as our so called advice was given prior to that date, giving us no stuaturory protection, no right of referral to the Financial Ombudsman Service or the Financial Services Compensation Scheme.

The reply went on to say that Some large organisations such as banks and building societies are dealing with complaints conerning advice prior to April 1988 although not obliged to do so. However, firms of independent financial advisors or "agents/brokers" are not taking the same view.

In simple terms we were told that there is no "target to shoot at"

I would sincerely appreciate any contribution that could possibly help us solve our problem.

aloiseb

Lots of people in the same boat in the Sticky thread at the top of this forum called something like "endowment misselling - Act now!" - go down to the last few pages. Unfortunately it would seem there is not much you can do if your advice was given before the regulations were in force. As a last resort, maybe try Moneybox at the BBC (Radio 4?) they do seem to be quite good at getting unrepentant firms to take a sharp U-turn!

dunstonh

The reply went on to say that Some large organisations such as banks and building societies are dealing with complaints conerning advice prior to April 1988 although not obliged to do so. However, firms of independent financial advisors or "agents/brokers" are not taking the same view.

In simple terms we were told that there is no "target to shoot at"

I would sincerely appreciate any contribution that could possibly help us solve our problem.

A solicitor giving advice did not have FSA protection (or equal equivalent) until much later than financial advisers.

You are basically at the end of the road.

seekhelp_2

dunstonh

Many thanks for your quick response. Your answer is pretty much what we expected. Seems we have no alternative but to admit defeat.

Once again many thanks
seekhelp

dunstonh

Here is a copy and paste of the rules from the FSA website. Just to confirm the status.

If you bought an endowment on advice from a solicitor (who was authorised to conduct investment business through the Law Society of England and Wales) the Society has the legal powers to deal with a complaint you might have about inadequate professional services. If you bought the endowment between 29 April 1988 and 31st March 1991 (inclusive), it will not be able to award compensation.

If you bought an endowment on advice from a solicitor between 1st April 1991 and 30th November 2001 (inclusive), and you have a complaint for inadequate professional service, the Society is able to award compensation up to £15000 if your complaint is upheld.

Since December 2001, solicitors offering financial advice have been regulated by the Financial Services Authorit