help!!endowment company no longer around to claim

jmp410

hope someone can help me, don't know where to go next.

made a claim for my endowment to prudential they have written back
as my endowment was sold to me by an financial adviser they are not going to help me.
the endowment was sold in 1986 .
Phoned the FSA and the financial ombudsman and niether can help becase it was sold before april 1988 when the regulations can in.
have been told to claim against the financial company but they are no longer around think they went under years ago.

does not seem right .

what do i do next

dunstonh

You have been told correctly.

Prudential didnt advise you so they have no liability. The financial adviser gave the advice and they have the liability. However, the rules on liaiblity for advice didnt come in until 1988.

Bad news is that you have no other options. Good news is that Prudential are one of the better providers and a 1986, 25 year with profits endowment with them should have good potential for hitting target. Pru expect most of their 25 year endowments to be back on track within 2 years.

jmp410

many thanks hope it does well, will keep fingers crossed for the next few year