Mis sold endowment - should I claim?

magpiecottage

Hooray for 29 February. Without it EMCAS would have taken a full year to respond to Arutha.

One of the problems with a claims company calling you up is that you cannot see the giveaway sign that they are lying.

Of course what Hosker419 doesn't point out is that if you are owed £1,500 and EMCAS offers to get it back for you but take £500 of it you are also out of pocket.

andy.m_2

spam reported

magpiecottage

andy.m wrote: »

spam reported

Good move.

EMCAS used to regularly come out with about two dozen complaint points which had to be ploughed through and batted out. I have lost count of the number of times I have held a letter from them in one hand that told me quite categorically that the adviser never completed the fact find I held in the other hand.

The latest complaint from them was about an investment which I timebarred because although it had "bombed" all the investors knew about it over 10 years ago.

The reason I knew that was the case is because I put a few bob into it myself!

ChrisH999_2

An old thread but it has answered at least part of a query I had. I was also approached by EMCAS who assured me, even at this late date, that I would benefit by claiming for a mis-sold endowment (mortage) policy. An investigation has led me to this thread.

So it seems entering into a contract with them is a waste of time, and (looking at the small print of the contract they sent me) potentially costly. However, the question in my mind remains whether making a claim is entirely without merit.

In my case I didn't claim earlier because the original agent (an estate agent) who advised and acted as selling agent for the policy went bust years ago. Similarly, the original company (SunLife) disappeared from the scene and my policy was moved to Phoenix. I did have warnings that said I should claim aginst the original sellers but they had gone leaving no-one to complain to (I thought). Thirdly, I recently paid my mortgage using money from elsewhere so was not overly concerned that the policy would not provide the promised sum - so I just left it running. It was a 20 year endowment which matures next year.

Given the very brief outline above were EMCAS correct in suggesting a claim was worthwhile? If the answer to that is Yes, who would I complain to if I were to pursue a claim myself?

Thanks for your time.

dunstonh

In my case I didn't claim earlier because the original agent (an estate agent) who advised and acted as selling agent for the policy went bust years ago.

A key issue as you then have to complain to the FSCS and they only consider complaints on applications made after August 1988 (unless the estate agent was an agent of the insurer)

Similarly, the original company (SunLife) disappeared from the scene and my policy was moved to Phoenix.

The insurer has no liability for the advice you were given unless it was one of their agents.

I did have warnings that said I should claim aginst the original sellers but they had gone leaving no-one to complain to (I thought).

The three year warning system with a timebar after that is going to be your biggest problem.

Given the very brief outline above were EMCAS correct in suggesting a claim was worthwhile? If the answer to that is Yes, who would I complain to if I were to pursue a claim myself?

Your information seems to indicate you are timebarred from complaint. You cant complain to the original agent. So, you would complain to the FSCS. However, the minute the FSCS ask Phoenix if you are timebarred and they reply you are then you complaint is dead in the water.

ChrisH999_2

OK thanks, that is clear then. All I have to do now is get EMCAS off my back. My last response to them hopefully left them in no doubt.

melo01

Hi I have been contacted by EMCAS today the agent was called Stephen Fowler I had 2 endowments that have finished now one was taken out in 1986 and the other in 1991 now the both under performed and I told the agent this and gave him policy Numbers the 1st one the guy that sold it me died and his son took over the business and made it a ltd co so i was told I couldnt claim of the company and the second endowment the agent that sold it me had retired and I was told i would have to get a private investigator to locate the selling agent and sue him thats assuming he is still alive so with this info I just left it but the EMCAS agent reckons I have a claim and told me its no win no fee and if I should win anything they charge 35% plus tax which equates to 42% and I would get 58% of the payout.
Now on reading your post it seems as though this is a scam are there more hidden costs or are they a half genuine company

holly_hobby

Well tellingly, the individual whom called you has inadvertely revealled that he has no financial qualifications OR knowledge of regulated sales, and that your 1991 policy will be timebarred.

Thats because your first policy purchased in 1986 (which he told you, you could gain compensation under) was sold BEFORE the introduction of the Financial Services Act (which came into being 29 April 1988, and subsequently referred to as A Day), before which time there was no requirement for the adviser to ensure suitability of a product to the client.

As such the FSA have no requirement for Firms to assess any pre A day sales, and those that do, do so purely on a voluntary basis. (and to be fair the docs available wouldn't really help, even if they had survived the passage of time, as there will be no factind or Reason Why/Suitabilty lettter, due to the sale being pre A day).

Secondly, in respect of the 1991 policy (and 1986 if the firm agreed to consider), you can not be compensated for loss of expectation ie poor performance, only an unsuitable sale - which you haven't said they are.

Thirdly, the industry commenced the issue of revised estimated maturity values on low cost endowments linked to mortgages circa 2000, from which you had 3 yrs from receipt of your first amber or red letter to raise issues regarding the suitability of the contract.

As such I would be amazed if neither of them were subject of a time bar several yrs ago.

This firm is an ambulance chaser, they neither pursuade FOS nor a Firm to uphold a complaint, but like you to think they do .... they are scavangers exploiting the laymans lack of knowledge of the arbitration system .....

If you want to compalin (and arent' timebarred) go direct .... there is plenty of help here to guide you or advise that the complaint won't be jusitified before you waste the price of a stamp.
You've been warned ......

Hope this helps

Holly

dunstonh

I have been contacted by EMCAS today

Everyone's favorite scam company.

The EMCAS agent reckons I have a claim

do a search on the board. They tell everyone that and also put in fake complaints.