Help with endowment complaint please

bungalowbill

Hi, wondering if anyone can help,
I finally bit the bullet and complained using Martin's expert letter writing tips. Its now 7 weeks, and i think the deadline he recommended was 8 weeks. They haven't even confirmed they've received my letter. What do I do now?

Can't face ringing them, but what's the proceedure if they haven't answered at all? How do i know if they're still in business even,

Hope someone has got some pearls of wisdom for me ???

Ludders_2

A complaint must be acknowledged within five working days. Obviously something is wrong! Maybe your letter did not arrive? You can check the status of the firm on the FSA web site. https://www.fsa.gov.uk Search the register. When did you buy your endowment? Through which type of outlet? an IFA, a tied agent, bank, insurance company??

bungalowbill

Thanks for the reply, was about to give up! I checked under FSA, not listed, so then checked under companies house. Company was dissolved in 1995. Should have done that in the beginning I guess.

So is that it, do I have any other course of action? They were a FIMBRA company at the time, but I suppose that's not much help now.

Any ideas?

Ludders_2

Here is a link that might cheer you up!

http://www.fscs.org.uk/faq/endowment_claims/

Ludders

bungalowbill

Thanks so much, looks nice and juicy to read through, think I'll go and make a large coffee first! ::),


I only whizzed through the first bit quickly, but if after all, they are successful do they claim a commission, or if they are not successful, do I have to pay them anyway?

Thanks again
BB

dunstonh

ARGH. The FSCS is an expense that costs me £1800 a year presently to cover mis-selling of products that my company has never sold during a time that my company wasnt trading.

Although its a nice for consumers to have a protection net, its an expense that is costed into todays advice.

Its also open to abuse as well by certain companies and a few recent high profile cases have hit the headlines highlighting it.

Anyway, thats not your concern but i just felt like a rant

bungalowbill

Oh dear, well thanks for the warning anyway!
Do they pay successful compensation out of claimants pockets then? Or recoup the money from supposedly bad companies?

dunstonh

In the case of compensation coming from a "closed" IFA company, then IFAs trading today have to pay it.   Hence why i have to pay £1800 per year into the "pot".    Obviously that is a business expense which i recover in fees charged to current clients.

In the case of insurance companies that are responsible, the with profits plans have the bonus rate set after taking into consideration things like this so current policy holders end up paying for it. With unit linked plans, it would affect charges on other plans that are currently offered.