Legal & General Unfair charges

anthonyball

I took out a savings plan with L&G 17 years ago. By my calculations 31% of the overall fund has been taken away in charges.

I have raised my complaint with L&G for their excessive levels of charges and was turned away. The Financial Ombudsman took a year to look at my case and recently ruled that it wasn't in their jurisdiction to rule as to the level of charges L&G were allowed to impose; they are only able to gauge if the published charging structure was correctly applied.

Does anybody have any experience of successfully pursuing such a claim for an excessive charging structure in a unit-linked savings plan? All advice welcome!

Thanks
Anthony

opinions4u

5% up front and 1.5% a year?

Not cheap, but certainly not excessive.

Their charges are clearly published. You've bought the product. I can't see where you're going to succeed with this.

dunstonh

I have raised my complaint with L&G for their excessive levels of charges and was turned away.

Which was always going to be the outcome.

The Financial Ombudsman took a year to look at my case and recently ruled that it wasn't in their jurisdiction to rule as to the level of charges L&G were allowed to impose; they are only able to gauge if the published charging structure was correctly applied.

Again, that is the expected outcome as the FOS has no jurisdiction in that area. Also, its not expensive and unrealistic. Not the cheapest by any means but par for the course back then.

Does anybody have any experience of successfully pursuing such a claim for an excessive charging structure in a unit-linked savings plan?

You havent got a hope in hell.

1 - you agreed to that charging structure.
2 - you appear to misunderstand the charging process with explicitly charged contacts
3 - you are looking at a 17 year old contract against todays alternatives, not those from 17 years ago
4 - and most importantly, you are time barred from any legal action.