Report Endowment Misselling Compensation SUCCESSES

Trudy21

Bank/provider: Friends Provident policy sold by Gerrards Financial Services (Now Barclays)
Compensation: £6,600

Encouraged by Martin's nagging to complain, I sent off the standard letter,
received a form to complete and within 3 weeks I received an offer of compensation. The policy was taken out in 1987 so I had been told I before
that I couldn't claim as it was pre-1988.

Thanks Martin.

Wanderlust

Bank / Provider - Clerical Medical
Compensation - £2200

Just a quick word of thanks for spurring me into action. Having completed the Which standard letter I had success after some further form filling within 2-3months.

Having moved house last week the unexpected settlement couldn't have come at a better time.

Very much appreciate the assistance given on your weekly newsletter and on the web site. Carry on the good work.

markolexus

Hello folk - new to this marvellous forum.

Endowment Provider: Was Black Horse Life - now Scottish Widows (just a re-branding exercise on LloydsTSB's part I think. Black Widows might be better!)

Mortgage size: £54000

Compensation received: £4400

Yes we were pleased with this. It tool quite a while - about 4 months. And we got an acceptance form to sign - with a deadline which we missed because I hadn't read it properly. Nonetheless compensation was give with no further complication.

JohnG

We were somewhat surprised and sceptical when we got a letter a month or so ago from Barclays giving us the opportunity to resubmit our "Complaint" for misselling which they had previously dismissed due to the fact that the endowments were taken out before 1988.

It's a complete mystery as to why they suddenly decided to look at them again? Indeed we wondered if it was just a wind up and were wasting our time refilling forms just to be let down again after, just about, coming to terms with having to cover what was likely to be around a 14,000 shortfall by surrending our endowments and placing the funds together with most of our savings in an offset mortgage?

Well, to our incredible surprise and absolute delight we received a letter today from barclays "Upholding" our complaint and offering just over £4,000 in compensation for our 38,000 endowments.

Absolutely fantastic, we had honestly given up all hope of reclaiming any part of the potential shortfall having been refused originally and having missed the six month cut-off by a whisker with the FOS.

So a big thanks to Barclays for their sudden change of heart - dare I say it's restored some of my faith in banks after all (With the exception of the Halifax :mad: )

:beer:

janedoe_3

Bank/Provider Bradford & Bingley - Policy with Royal Sun Alliance
Compensation : £14500 - £9800 from B & B £4700 from RSA

Basically we claimed for an endowment from 1988 to both companies using the Which website and fired off a letter to each company and they both sent forms to fill out which we did and after about 4-5 weeks they both offered us compensation for mis-selling which we took and kept the endowment policy which matures in 5 years time, we claimed for about 2 years ago. Our policy was sold to us 2 days after the date established to be able to claim. Not sure if it's usual to get compensation from both companies?

tanith

JohnG I think that all the financial institutions were ordered by the FSA to look again at the claims for misselling endowments and had a laid down criteria to adhere to when reassessing them... so its more likely Barclays are looking more favourably at claims to avoid being slapped soundly by the FSA ... anyway well done and spend it wisely ...:T :T :T

JohnG

janedoe wrote:

Bank/Provider Bradford & Bingley - Policy with Royal Sun Alliance
Compensation : £14500 - £9800 from B & B £4700 from RSA

Basically we claimed for an endowment from 1988 to both companies using the Which website and fired off a letter to each company and they both sent forms to fill out which we did and after about 4-5 weeks they both offered us compensation for mis-selling which we took and kept the endowment policy which matures in 5 years time, we claimed for about 2 years ago. Our policy was sold to us 2 days after the date established to be able to claim. Not sure if it's usual to get compensation from both companies?

Crikey you're very fortunate if the compensation was for the same endowment especially as one of them was the RSA? You might want to hang on to some of the money just in case they realise they've made a mistake and want some of it back - you never know with these people.

It kind of reinforces my concern though that this whole situation is akin to the Natl Lotto - Some people seem to get fair recompense whilst others don't. Personally I feel, once the shortfall problem became known, the companies concerned should be made to automatically compensate the customers with at least part (ie 50%) of any shortfall to at least help share burden regardless of whether proof could be found for misselling. Easier said than done no doubt but I think these companies are generally responsible and therefore should actively compensate without the need for customers to come crawling.....

janedoe_3

Hopefully they wont want any of the money back as it's all gone now, it was 2 years ago, RSA when they offered compensation we could have surrendered the policy at the same time but opted to keep it till maturity and just have the compensation.

Harri2

Seller was Norwich union Now Barclays and Mortgage was with Woolwich now Barclays.....

Compensation offerred is £1,300 against a projected shortfall of about £6000

Well its only taken a few weeks and I did use the link to the Which site and their standard letters which got me going.

Their findings were that they cannot demonstrate that I was aware of the risks but they could not uphold my complaint that i had been told it would defintely repay and provide a lump sum

I have now had an offer. It's the deal or get recalculated.... could go up or down sort of offer.

Anyone out there got some advice should I take it or risk re-calculation?

I hate this sort of blackmail take it or it could get worse stuff!!
Should I try the ombusdman?

Baglady_2

Bank/Provider: Nat West Home loans
Compensation:£3,000

Thanks for the prompt to do something. 3K is better than nowt. Following advice and the ?Which info, procedure was painless and swift. What more can I say. Thanks again.