Advice Re Endowment Misselling please

Kathy2312

I’d really appreciate some advice on what to do regarding an Endowment I believe I was mis-sold back in 1989. It was a Norwich Union Low Cost Endowment to cover a mortgage of £58,000. The most recent statement says the surrender value is currently approx £30,000. Therefore, as the policy matures in 2014, I’m heading for a very large shortfall (even taking into account any terminal bonus or ‘promise’ from Aviva).

I sent the claim form off a few weeks ago and have just received a letter from the FSCS, the gist of which states the following:-

“The firm you dealt with was a partnership and we have not been able to determine that the partners of the firm are unable or likely to be unable to meet your claim for compensation. Unfortunately, this means we are unable to consider your claim”.

I admit that I don’t really understand what the above means?!

An added complication is that a relative was working for this firm (Fenton & Partners) at the time and asked me not to submit the claim until now as he didn’t want to get into trouble. Although I’m not actually time barred, I’m beginning to wonder if I should have sent the form off three years ago when I may have had more chance of success.

Can anyone advise me if I can take this further? Eg, the Financial Ombudsman Service? I really don’t know what to do next!

Thanks for any help.

dunstonh

I admit that I don’t really understand what the above means?!

It means that the firm you bought your policy from (or the partners of that firm) are not in default and therefore the FSCS cannot get involved.

An added complication is that a relative was working for this firm (Fenton & Partners) at the time and asked me not to submit the claim until now as he didn’t want to get into trouble. Although I’m not actually time barred, I’m beginning to wonder if I should have sent the form off three years ago when I may have had more chance of success.

If you are not timebarred then its not a problem.

Can anyone advise me if I can take this further? Eg, the Financial Ombudsman Service? I really don’t know what to do next!

You have to complain to the firm before you complain to the FOS.

Kathy2312

Thank you for such a quick reply.

I'll have to think about what to do next (if anything).