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FSCS - time to handle claim
mpet
Posts: 479 Forumite
Hi
Has anyone had any experience of putting a claim through the FSCS for endowment mortgage mis-selling. I had to go this route as the company of Independant Financial Advisors that sold me the policy have ceased trading.
I completed the FSCS claim form in November 2003 and was initially told that it would take at least 6 months to deal with. When I called them after 6 months, I was told 9 months, when I called after 9 months, I was told a year..... Recently I was told that they cannot say when it would be dealt with as they need to get information from third parties. On questioning them it seems that they need to get details from the mortgage company and the company that holds the endowment policy - 14 months and counting!!!! - seems a very long time to me - unless soneone here knows better
Has anyone had any experience of putting a claim through the FSCS for endowment mortgage mis-selling. I had to go this route as the company of Independant Financial Advisors that sold me the policy have ceased trading.
I completed the FSCS claim form in November 2003 and was initially told that it would take at least 6 months to deal with. When I called them after 6 months, I was told 9 months, when I called after 9 months, I was told a year..... Recently I was told that they cannot say when it would be dealt with as they need to get information from third parties. On questioning them it seems that they need to get details from the mortgage company and the company that holds the endowment policy - 14 months and counting!!!! - seems a very long time to me - unless soneone here knows better
0
Comments
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Seems about right. Just because the company is no longer trading, it does not mean that information on the sale cannot be investigated. The advisors involved will still be questioned, if they can be found.
The FSCS is bogged under and delays are normal.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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