turned down on a missold endownment what next

never_give_up_2

Hi.
Can someone help
We were missold an endownment in 1986, complained in 2000, got turned down by the mortgage company and told to complain to the Personal Investment Authority Obudsman Bureau Ltd, they also turned us down and directed us to the Office of the Banking Ombudsman, we did so but never heard from them so assumed they could not help either as the others had all said we had taken out the policy before 1988, then in 2007 heard Martin Lewis on the radio saying we still could claim against misselling, so we raised our complaint again, now after nearly 2.5 years of corrispondence the Financial Obudsman Service has turned us down too, saying we should not have waited untill 2007 to chase up our previous complaint,
Where can we go for advise or help?

Regards Kevin

dunstonh

got turned down by the mortgage company and told to complain to the Personal Investment Authority Obudsman Bureau Ltd

The Personal Investment Authority was one thing. The financial ombudsman service another. Not sure where Bureau Ltd come in

they also turned us down and directed us to the Office of the Banking Ombudsman

The banking side has never regulated endowments.

the Financial Obudsman Service has turned us down too, saying we should not have waited untill 2007 to chase up our previous complaint,

Correct. You have 6 months to appeal the decision. Its a shame that it took 2.5 years to tell you what anyone could have told you in 5 minutes.

Where can we go for advise or help?

You have no more avenues of complaint apart from legal action but not many try that as the success rate is low and you can end up with lots of costs. Plus, the if selling agents no longer exist, you have no-one to take to court.

If you need advice on the products then you should use a local IFA.

opinions4u

There is a time in life when, however hard done to you may feel, you have to give up.

This is one of them.

- it was sold prior to regulation.
- every possible step of a complaints process over the last decade has been exhausted.
- you're done for.

Time to sit down and work out how you're going to repay the mortgage.