Report Endowment Misselling Compensation SUCCESSES

spaine

Found that the FA was delared in default in Jan 2006.
As far as I'm aware I'm not timebarred yet.

Checking the fscs website.

Thankyou

dunstonh

As far as I'm aware I'm not timebarred yet.

I would suggest a quick phone call to Aviva to ask to be sure. Aviva have been active in putting timebars in place. Typically, the only ones left that are not timebarred are those that are on track for hitting target or high enough to be better than comparable to repayment mortgage.

pamore

I thought that I would join in this discussion to let other people know how I'm getting on with this.

My partner and I have an Aviva endowment policy for £70,000 taken out in 1999. It has a projected shortfall of £23,500 when it matures in 2024. After receiving several Red Alert letters, I was finally prompted into action as things didn't look as if they were going to get any better and we were told that it would pay off our mortgage with an added bonus. I couldn't find any paperwork from when we took the policy out and I suspect that we were not risk-assessed. We are not timebarred yet and had until May 2012 to put in a complaint. I contacted Aviva who gave me the name and address of the seller of the policy whom I contacted and they sent a form in return, which I completed and sent back a month ago and now we are just waiting to hear. I will update this thread when I hear some more!

magpiecottage

dunstonh wrote: »

Aviva have no liaiblity as they didnt sell it to you ....

Next thing to do is check to see if the financial adviser was regulated by the PIA or LAUTRO.

If the adviser was regulated by LAUTRO, they would have been a Company Representative (as they were then called) of the provider - so it would have been General Accident, Commercial Union, Norwich Union or Provident Mutual - all of whom are now part of Aviva, who would therefore be required to answer the complaint.

If they carried on trading, the fell under the PIA/FSA regulation which also gives FSCS protection. If they ceased, then they never fell under that regime and no consumer protection exists.

If the adviser was regulated by FIMBRA and later regulated by the PIA then, provided they still exist, you can, if necessary take them to the Financial Ombudsman Service. That applies to a sole trader or any partner in an unincorporated partnership at the time of the advice. In theory it also applies to a Limited Company but it may have been wound up.

If they were only ever regulated by FIMBRA then you cannot take them to FOS.

However if the adviser's firm is unable to meet a claim for redress (because the firm has been wound up or all the partners are dead/bankrupt) then you can go to the Financial Services Compensation Scheme - but only if the advice was given on or after 28 August 1988.

If they did

dunstonh

Got my FIMBRA and LAUTRO mixed up there. Memory fading of which initials did what!!!

bobdavid

Bank/Provider: legal and general
Compensation:£1567
The story: me and my husband were sold this isa ,we only had it 3 yrs lost money so cashed it in.
when we sold our home after reading this forum last week this policy was from when we were 21 yrs old i am 34 today so well out of time but just recieved offer today only emailed them monday
thank you for this site we really need this money at the moment cant thank you enough and i am surprised how helpful l&g was i sent them no paper work just the policy number saying that i believed we had been missold x

nutty_nat

magpiecottage wrote: »

In 1991 Halifax were authorised representatives of Standard Life. Therefore it is Standard Life, not Halifax, that must deal with your complaint.


If it really was an endowment then it would amount to churning and a complaint would probably be upheld. However, you would need to show not only that it was an endowment but that it really existed. That may not be easy after all this time.



It will depend what the letters said. If they gave you a deadline to make a complaint and it has expired then you will have missed the opportunity.

I have only just become aware that you can claim for this, I spoke with the FOS this morning and that are sending me the paperwork to log a complaint. Do we stand a chance with this or are we far to late, I don't want to waste people's time. Also we were never ever advised that our policy would not cover our mortgage infact we were told we would get extra money from it. We paid £52.00 a month for 14 years which we completely lost. Out of interest if a claim is one what can you expect to get back.

Thank you sorry to ramble on

[/QUOTE]

Just an update with my case the paper work has now been passed to Standard Life as we thought it would. But I have found out from Standard Life this morning that there was no time barring on my old endowment does this make my case a little more hopeful.

pamore

An update on my first post from 14th September.

Success story!
We received an offer of £2,300 which we have accepted and will now put it to good use against our mortgage.

Thanks very much to Martin, this site and to everyone who contributes - it is such a fantastic resource when you are trying to make sense of money matters in today's world!

Isaac1605

Hi a question for my mum. In 1991 my mum took out 2 endowment policies with Wesleyan Assurance, she paid £15 and £34.60 respectively for 20 years. In 1999 she took out a £4k loan against them. In January 2011 the first endowment was paid out - my mum received just short of £3000, second endowment was paid out last week and was paid out at £8000. My mum was told by a financial advisor from Wesleyan that the £4k loan has cost her £11k is this correct? I'm picking up all paperwork from her tomorrow to look into this. Any advice appreciated

dunstonh

My mum was told by a financial advisor from Wesleyan that the £4k loan has cost her £11k is this correct?

Would sound about right for the timecale.

It would not be a mis-sale (or a mis-sale success which is the topic of this thread)