Report Endowment Misselling Compensation SUCCESSES

Jo-or

dunstonh wrote: »

You have two potential time bar issues here.

1 - you only have 6 months from your complaint being rejected to take it to the FOS.

2 - You get three years from being first notified in your statement that there is a high risk of a shortfall. This is an FSA ruling that the FOS enforce. Some of the early 2000-2001 warnings were deemded not good enough and the time bars werent allowed to use those and had to start in 2003-4. With your complaint being made in 2008 you are well past the time bar point. Most time bar warnings are issued with the annual statement.

We have registered the complaint with the FOS just inside the 6 months but have yet to send off the form and paper work. Windsor life say they informed my wife in 2000 but there were some mitagating circumstances here and if you say certain warnings were not deemed good enough then I think this would such a case.

There was a warning in 2003 and within the 3 year period I contacted the FSA for advice. Iwas told that I could only complain to the original seller of the policy. They advised that should identify this from the endowment company by writing and asking the question “to whom was commission paid?”. Windsor Life wrote back stating that did not have to tell us. I contacted the FSA again, got the name of the original agent and who he now worked for, wasting time etc.. When we realised it was Windsor Life all the time we had passed the deadline. Windsor life stated in their rejection letter that they have, printed in the back of some correspondance, a notice that complaints should be made directly to them.

There were no time bar warning deadlines with the annual statements.

Jo-or

mayb wrote: »

If you did receive a letter telling you of the shortfall and that you had six months left in which to claim, then you are timebarred if your claim is not made within that six months. If you did not receive such a letter as I see it then you could make a claim with the FOS.

Thank you Mayb. Not sure that I understand. Do you mean that they must inform us in writing that we have 6 months left of the 3 year notice period to complain, Because they certainly did not.

mayb_2

That is my understanding and I am sure others will be able to confirm that you must be given a cut off date by which to make your complaint.

dunstonh

We have registered the complaint with the FOS just inside the 6 months but have yet to send off the form and paper work. Windsor life say they informed my wife in 2000 but there were some mitagating circumstances here and if you say certain warnings were not deemed good enough then I think this would such a case.

The tone of the warnings wasnt deemed good enough with many early ones (typical FSA, act after the event not before or during). So, it took until the 2003 ones for the many of the time bars to start the 3 year clock.

As mayb says, they must give you the expiry date in the last warnings. I dont know how Windsor would have done it as I have no experience on theirs.

When we realised it was Windsor Life all the time we had passed the deadline.

As long as the time gap between you first asking who the agent was and when you were told it was Windsor is not too great then I would expect the FOS to overule the time bar if Windsor themselves dont. If however, you experienced long unexplainable gaps betwen asking the questions then it will be harder for you to justify why the time bar should be overuled.

Part of the problem may actually be how you asked the questions. If you asked "to whom was the commission paid" but didnt say it was in relation to finding out who was liable for the complaint you wish to make about the sale of the endowment then you would expect Windsor to reject your request when its about their employee/agent. Tied agents dont always get commission but get bonuses or part of the money with the commission figure on legacy plans being largely made up to satisfy FSA/PIA rules. In effect, it would be like somebody writing to your employer asking how much you got paid.

If you did state it was in relation to an endowment complaint then you have the evidence you need to show that your complaint was started before the 3 years and that Windsor held it up past that point.

Jo-or

To dunstonh and mayb. Thank you both for your valuable comments. You have both given me important information to use in the case to the FOS. I have now collected and photocopied all the evidence and sent it off. I will keep you post. Many thanks once again

technicaltaff

Bank Abbey
Comp £4600

I started this nearly three years ago. Abbey sent me a 13 page form which I couldn't be bothered with initially, but picked it up again about 6 months ago.

They calculated the compensation on the difference between an endowment mortgage and a repayment plus interest.

I'm really glad I did it, don't be put off by the six years and three years time barring rules. My claim fell outside both of those and they still paid up.

danlojo

WOOOOhoooooooo.......FINALLY......after 2 1/2 years I won my misselling of our endowment!

Seller - M*andrake
Comp - £7,182.75

Although from this they are deducting savings rate tax at 20%. Anyone know if this is right?
Still, it's money back in my pocket!! :beer:

Yayyyyyyyyyyyyyyyyyyy:j

mayb_2

?? savings rate tax - I don't remember paying tax on my recompense money but it was a long time ago now - not something you would forget really as it is not savings and tax was paid on the money earned to pay the endowment. Your recompense is meant to put you back into the position you would have been in if you had a repayment mortgage at outset - it is not giving you back your savings. Hope somebody can give you more info on this one.

dunstonh

Although from this they are deducting savings rate tax at 20%. Anyone know if this is right?

If the redress payment includes an element of interest (e.g. refund or premiums plus interest) then tax is payable on the interest element.

danlojo

If the redress payment includes an element of interest (e.g. refund or premiums plus interest) then tax is payable on the interest element.

Yes it does but is 20% right?

Thanks