Report Endowment Misselling Compensation SUCCESSES

dunstonh

I tried to claim missold but was told that yes I was missold but I would have to go to court which would be expensive as just before the date for reclaims. Can I now claim ?

It is pre-regulation. So, you have no avenue to complaint to the person that sold it using the current complaints method. So, your only option is court. However, you have missed the boat on that now as the other party could apply the timebar (15 years). Plus, even if that didnt exist, the onus in court would be for you to prove a wrong doing.

celiacelia226

Anyway, hope that the elderly in his later years to be happy!

sobie

Endowment: £47,000.00 taken 1998
orginally Commerical Union - then Commerical General Union, Now Aviva.
Pay £75 per month.

Where we are at:
Endowment now will pay out: £17,000.00
Bonuses (what a joke!) £3000.00
"Promised" ammount from Aviva £8,000.00
Will pay: £28,000.00 leaving us with a shortfall of £19,000.00

Basis of our complaint:
1) in our orginal offer from Norwich & Peterbrough our needs where highlighted as "Repay & Protect Our Mortgage"
2) we were also placed at level 1 for risk taking - ie not willing to take risks.

So WHY on this earth was an Endowment policy recommended? we already had a repayment mortgage for our previous property.

Our orginal offer was based on
5% £33,000.00
7.5% £48,000.00
10% £59,000.00

Our Claim:
Aviva have rejected our claim stating "We were aware of repayment mortgages (already having one previously) and that we were provided with figures that ilustrate our endowment might not reach its target, therefore we we're not missold the endowment"

So what can I do now? Do we stand any chance of getting anything from F.O. ?

shays_mum

Received my first amber alert on my standard life endowment policy this year, but the policy actually made money from the previous year.
Was advised would pay of mortgage when taken out 2000, should i be worried & cash it in? or wait till the next statement?!.

Any advice is appreciated, thanks in advance!

catrobs34672

Nothing to say. Most probably above discussion make a good result.

davidandmonty

I took out a with profits endownment with Scottish Life in 1994 on the advice of my sister in law who worked for the company (in an admin role not as a Financial Advisor). I naively believed the policy would without question pay my mortgage with possibly an extra lump sum. I have no doubt when she persuaded me to take out the policy she also believed that this would be the case. The shortfall on a £45,000 policy is exepected to be about £20,000.
The red letter warnings arrived a few years ago, I wrote to Scottish Life compaining I had been missold the policy on ther basis I was not advised there could be a shortfall ( as I said naive. They denied liability claiming my sister in law wasn't a qualified financial advisor.
I then made a complaint to the FSA who essentially supported the stance taken by Scottish Life. I seems it's a win win for Scottish Life. They get a policy sold following advice by an employee of their company but escape an liabilty because she wasn't a qualified financial advisor. It seems the FSA have a very cosy relationship with the financial institutions. When I suggested this to the lady at the FSA when she rejected my claim she seemed quite upset that I had made this comment.
Has anyone come across simliar circumstances?

dunstonh

They denied liability claiming my sister in law wasn't a qualified financial advisor.

Which is logical. You cannot complain about advice unless you use an adviser.

I then made a complaint to the FSA who essentially supported the stance

The FSA dont handle consumer complaints. Do you mean FOS? However, given the logical and correct response by Scot Life, it doesnt matter.

It seems the FSA have a very cosy relationship with the financial institutions.

Just because you dont like the answer does not mean there is this cosy relationship. Its largely a matter of law.

They get a policy sold following advice by an employee of their company but escape an liabilty because she wasn't a qualified financial advisor.

Scottish Life dont even employ financial advisers. So, its not a case of qualifications or otherwise. What you got is no different from a man down the pub telling you to buy xyz and you get the same level of consumer protection as that.

When I suggested this to the lady at the FSA when she rejected my claim she seemed quite upset that I had made this comment.

Again, assuming you are not talking about the FSA but the FOS, I can imagine she would. 1) as they are independent of firms and 2) your response is illogical.

Has anyone come across simliar circumstances?

Yes. Pretty much anyone who bought a product without seeking advice and then complaining about the advice [they didnt get] afterwards.

Eastender

I had not known that I could claim for misselling. I had a repayment mortgage as well as an endowment policy from Allied Dunbar in 1991. I was young at the time and my parents were easily mislead by a financial advisor to take up the endowment policy, even though both were under my name.

My endowment policy has matured and I cashed it few months ago, even though I received several warning letters along the way increased during the final years of the policy, about the potential shortfall. When it matured it was quite short of the indended target and the value of the mortgage. Allied Dunbar had packed and then it was managed by another company.

It's about 5 months since the policy matured and I took out the funds, but is it too late to claim?

SMB1976

My husband (with my help) is complaining about an endowment sold to him in 1998. He was told the policy would cover his original mortage; £130,000, and provide a lump sum. Repayment mortgages were not discussed and he was not advised about the risks involved.
The advisor who sold him the policy is no longer trading so we wrote to the 'group' he was affiliated to.
They have sent us a questionaire which we returned last week.
I thought he would be too late to complain but he contacted Aviva, who the policy is with, and they advised he has until 2013.
Could anybody advise how likely we are to get compensation and if so how much? Also, does the fact that we are not complaining to a large organisation mean our claim is less likely to be successful?
Thank you in advance for any help, the latest red letter states that the shortfall may be over £50,000!:(

[Deleted User]

SMB1976 wrote: »

My husband (with my help) is complaining about an endowment sold to him in 1998. He was told the policy would cover his original mortage; £130,000, and provide a lump sum. Repayment mortgages were not discussed and he was not advised about the risks involved.
The advisor who sold him the policy is no longer trading so we wrote to the 'group' he was affiliated to.
They have sent us a questionaire which we returned last week.
I thought he would be too late to complain but he contacted Aviva, who the policy is with, and they advised he has until 2013.
Could anybody advise how likely we are to get compensation and if so how much? Also, does the fact that we are not complaining to a large organisation mean our claim is less likely to be successful?
Thank you in advance for any help, the latest red letter states that the shortfall may be over £50,000!:(

Hi,

Sorry to see your post. I'd be happy to look into this for you and see if I can provide any further information?

If you would like me to do so, please email the following details to [EMAIL="social@aviva.co.uk"]social@aviva.co.uk[/EMAIL] :

• Policy Number
• Full Name
• Date of Birth
• Postcode

Many Thanks

Stephanie

Stephanie Carrington
Aviva UK Social Media Support