Report Endowment Misselling Compensation SUCCESSES

Sally_Henry

MSE_Martin wrote: »

This thread is especially to report your successes taking on the banks/insurers to get compensation for missold endowments.

The aim is to show others that it is possible and it works.

Please report your successes here, if possible in the format

Bank/Provider:
Compensation:
The story: (just a few sentences)

• Read the article
  Act now on missold endowment (includes when and how to claim at no cost to you and without giving a claims handler a cut!)

Please don't use this thread for general discussion on endowment misselling compensation - go through the article's discussion links for that.

My exhusband cashed in his Royal and Sun Alliance endowment policy in 2004 which he had taken out in 1989. He received 15K. He then tried to claim compensation through a solicitors in 2007 but was told his chance to claim had been 'timed out'. I wasn't happy about this and decided just a month ago to contact the insurance company (now called Phoenix Life) to tell them that the reason my ex hadn't claimed in time was because he had suffered from mental health problems. They were great - sympathetic and fast. I dealt with all the paperwork for my ex and this week he got 4.5K. We didn't have some of the paperwork but the insurance company said they had copies of the relevant letters etc - all I needed to do on his behalf was fill in a claim form, get a Doctors letter and give proof of address. Easy! So if you have lost paperwork, even the policy number! Don't be put off - if there is a genuine reason for not claiming - put your case to the insurance company. If they turn you down the ombudsman will often take up the claim for you, but we didn't need to do this as Phoenix Life were swift to overturn their earlier decision to 'time out' my ex's claim. I hope some of you reading this will be motivated to make a phone call to your endowment company...

brendamike

Hi All,
I got £10K back.

My best advice is do not give up.

After following the advice and using the templates on this site I got a complete rejection of my claim.

They admitted that they no longer held any records of my case and they could not provide any evidence one way or another.

But then they followed this by stating that after a thorough review they found no evidence to support my claim!

I then sent a letter spelling out very clearly and firmly what my grounds for a claim was and what evidence I had and that my next move would be to pursue it through the ombudsman ......... Almost by return I got a cheque for £10K (no explanation or explanatory letter, just a cheque).

Smacks of just trying to fob me off, so please don't meekly accept a rejection of your claim if you believe you are in the right.

Mike.

decadentlywasted

£2k compensation from Furness Building Society on a £23k, 25 year NU policy, taken out 1986. Used the standard letter from the Which? website. Initially tried one of those "we'll get you your compensation" outfits, who said it wasn't possible to get anything!

mayb_2

I wish I could claim my money was decadently wasted as at least I would have enjoyed losing it - but no I did all the right things and lost all of it in rubbish endowment policies!! Glad to hear you got your money though.

Tim_Whalley

Hi All
Well success :beer:

Took out various life policies protection policies and wife an endowment 12 years ago Just found out never paid much into any (about £400) but give it a go and sent letter asking why we were advised to take all these policies out to my amazement Got 3 Cheques Total £2600
Thanks to this website :money:

Good luck to everyone else PERSEVERE

troutangler

In 2001 I complained to Century Life that their agent mis-sold the endowment policy to me in 1990. Century Life's Compliance Officer investigated my complaint and due to the agent denying misselling the policy my complaint was thrown out.

At the point of sale the agent (who happens to be a family member) worked for Century Life. He told me that there would be sufficient funds to pay off the mortgage in 17 years or else I could let it run it's term of 20 years and receive a tax free lump sum.

Five years after he sold the policy Century Life closed down the office where he was a sales manager and terminated his contract. He became an Independent Financial Adviser and also operates a property company.

When my complaint was being investigated he lied to the teeth and stated that he could understand me being unhappy about the way the policy performed and also about the high charges that were applied but what he couldn't understand was why I should say he mis-sold the policy.

Century Life's answer to this was that a family member would not to this to their own family and that the burden of proof lay it me.

Over the years I have plagued Century Life with further correspondence demanding that they look into this complaint again. Each time they have refused.

Last week I wrote to them again and asked them to provide me with details of exactly how much commission the agent received for selling the policy because I intended to take him to court to recover his ill gotten gains.

I also demanded a history of all policies he sold as well as those sold by the sales force in that office and how many complaints they have received from all these unhappy clients.

I informed Century Life that I would be filing a Summary Cause action in the Sheriff Court against the agent in the very near future. Once I have the Decree awarded against the agent I will be filing court action against Century Life in the County Court.

I guess I must have too much time on my hands right now because I have nine bank charge cases sisted (stayed) at the present time. No ! I cannot make up the shortfall from these cases as none of them are mine, they are all friends. I was in at the outset for myself and family and got the money back 18 months before cases got sisted.

Dont get mad, get even.

I would appreciate it very much if anyone has any experience of going down this route that they could pass on to me.

dunstonh

I would appreciate it very much if anyone has any experience of going down this route that they could pass on to me.

Give up now because what you are asking for, you are not going to get.

ast week I wrote to them again and asked them to provide me with details of exactly how much commission the agent received for selling the policy because I intended to take him to court to recover his ill gotten gains.

They will give you the cost of advice figure that was shown on the illustration. That is all. They is almost certainly not the amount he was paid though as tied agents had different figures to show.

You cannot take him to court to recover a commission because you didnt pay the commission. The provider did. His remuneration is an issue between him and his employer and has nothing to do with you. The court would throw it out.

Plus, he doesnt carry the liability so you would be taking the wrong person to court and it would be thrown out.

I also demanded a history of all policies he sold as well as those sold by the sales force in that office and how many complaints they have received from all these unhappy clients.

That is none of your business and would be a data protection breach if they were to supply it, which they wont. You have no right to any information and again a court would throw it out.

I would appreciate it very much if anyone has any experience of going down this route that they could pass on to me.

Very few people succeed in court as you mainly have to show it was mis-sold. Also, the court will take more notice of documents issued than the FOS does when it reviews a complaint. You will have to provide evidence of mis-sale. They will provide evidence in the form of illustrations issued, that state that the amounts are not guaranteed and you could get back less, key features documents with a section called "what are the risks" which again state the risk, policy terms and conditions in the policy booklet etc. None of which the FOS take any notice of but the court would. You will be asked to present your evidence and it appears you have none. You will probably say something along the lines of "I would told it would pay off my mortgage and pay a lump sum". They will reply that you were told "it could pay off your mortgage and pay a lump sum" and that after 19 years it would be hard for you to prove otherwise. So, unless you have good evidence of mis-sale its likely to fail in court.

Those that have succeeded in court, and its not very many, have usually found that its a technicality on another point that has gone their way.

If you pursue the court action on the points you have mentioned so far you stand more chance of being treated as vexatious client and the courts awarding all costs against you and banning you from any further action.

Crazy_Saver

Hi Everyone.

2 and a half years and 3 adjudicators down the line we have had yet another "Final Decision" letter.

At least this time they have upheld the churning part of the complaint!

HUGE THANKS TO ALL THE FANTASTIC PEOPLE ON THESE BOARDS WHO HAVE GIVEN ME SO MUCH INVALUABLE ADVICE:beer: :T

I don't think we will get much in the way of redress. As many of you know, the firm will be asked to pay us the equivalent of the payments we made into the endowment plus a small amount of interest less the amount that we sold the policy for. We sold the policy for slightly more than we put in so everything will probably even out, although it was always more about the principal than the money to us anyway.

The FOS still refuse to uphold the mis-sold claim so we have asked yet again that our case be reviewed by an ombudsman.

On a better note, we have documented proof that we would have been circa £16,500 better off if we had kept our original policies and the adjudicator has agreed to consider asking the firm to put us in the position we would have been in if we had kept our original policies.

As far as I am aware this is the first time such a request has been considered by the FOS so we live in hope.

Fingers Crossed

Regards to all

Crazy Saver;)

treliac

Crazy_Saver wrote: »

Hi Everyone.

2 and a half years and 3 adjudicators down the line we have had yet another "Final Decision" letter.

At least this time they have upheld the churning part of the complaint!

HUGE THANKS TO ALL THE FANTASTIC PEOPLE ON THESE BOARDS WHO HAVE GIVEN ME SO MUCH INVALUABLE ADVICE:beer: :T

I don't think we will get much in the way of redress. As many of you know, the firm will be asked to pay us the equivalent of the payments we made into the endowment plus a small amount of interest less the amount that we sold the policy for. We sold the policy for slightly more than we put in so everything will probably even out, although it was always more about the principal than the money to us anyway.

The FOS still refuse to uphold the mis-sold claim so we have asked yet again that our case be reviewed by an ombudsman.

On a better note, we have documented proof that we would have been circa £16,500 better off if we had kept our original policies and the adjudicator has agreed to consider asking the firm to put us in the position we would have been in if we had kept our original policies.

As far as I am aware this is the first time such a request has been considered by the FOS so we live in hope.

Fingers Crossed

Regards to all

Crazy Saver;)

This is brilliant news Crazy Saver. Congratulations. It's a great tribute to your integrity and your refusal to accept derisory treatment. Do hope you end up with what you deserve by way of redress.

I shall be PM'ing you and mayb!!

Bilko99_2

Bank/Provider: Abbey National
Compensation: 2100
The story: As with others here, just filled out the standard forms. I thought that i wouldn't be entitled to anything, as i hadn't any proof that they had missold me the endownment. Expected nothing, and then got the letter that they were offering 2100. Amazing. )
Thanks
john