Endowment settlement compensation

nightrider_2

I have been notified by the FSRC that I am eligible for compensation against the firm that sold me my endowment. They have sent a cheque for about 1000 pounds and advised that on cashing the cheque I have "accepted payment in full and final setlement ... you will transfer to FSCS your rights against the firm and third parties"

Can any one advise - do I just accept the amount or disagree and challenge their calculation and amount of their offer?

Thanks for any help

Thrugelmir

nightrider wrote: »

I have been notified by the FSRC that I am eligible for compensation against the firm that sold me my endowment. They have sent a cheque for about 1000 pounds and advised that on cashing the cheque I have "accepted payment in full and final setlement ... you will transfer to FSCS your rights against the firm and third parties"

Can any one advise - do I just accept the amount or disagree and challenge their calculation and amount of their offer?

Thanks for any help

Are you unhappy with the offer, if so why?

You'll need grounds for disputing the award.

dunstonh

do I just accept the amount or disagree and challenge their calculation and amount of their offer?

Do you have any grounds for believing that they have miscalculated the redress? Remember that the method used is defined. Its not a figure picked out a of hat.

nightrider_2

Thanks for the replies - sorry if it looked as if I was trying to be ungrateful or squeeze a few more drops out - but a colleague advised that the line .." you will transfer to FSCS your rights against the firm and third parties" means that it then becomes their claim (FSCS) to pursue for further settlements against the firm... so infact you are only getting a portion

Right or Wrong??
Tks

ERICS_MUM

nightrider wrote: »

Thanks for the replies - sorry if it looked as if I was trying to be ungrateful or squeeze a few more drops out - but a colleague advised that the line .." you will transfer to FSCS your rights against the firm and third parties" means that it then becomes their claim (FSCS) to pursue for further settlements against the firm... so infact you are only getting a portion

Right or Wrong??
Tks

I think you are right in wanting to make sure your compo is "commensurate" with the amount you have lost or opportunities you've missed. Another poster has said that the FSCS has a "formula" for calculating compensation so I think you need to check that out first.

Good luck - let us know how you get on.

Linda :beer:

dunstonh

but a colleague advised that the line .." you will transfer to FSCS your rights against the firm and third parties" means that it then becomes their claim (FSCS) to pursue for further settlements against the firm... so infact you are only getting a portion

The FSCS have that clause in case assets become available at a later date which enable them to recover the payout. Your colleague has misunderstood what the FSCS are and what they do and it therefore wrong. You are not getting a portion. The FSCS are taking on the debt and want to have the ability to recover that in future, should it later find out there were assets.