Prudential - Miss sell Endowment

beefster

I am currently going through the complaints procedure with regards to the miss selling of an endowment policy back in 1988. The Pru have sent me some paperwork to fill in and asked "what woulld you like us to do about your complaint". Should I be asking for anything other than acceptance of a miss sell and compensation???

Also if anyone has had dealings with the Pru on the same Issue I would welcome any pointers and/or aadvice.

Thanks.

philuws

I'm guessing that your complaint is at the initial stages (known as acknowledgement) and its probably a question that they ask to all clients.

You could ask for all sorts of things but basically (except in extreme circumstances) all they will offer is redress via RU89 (in line with FSA requirements) or a refund of premiums plus net interest, depending on the nature of your complaint.

Have they sent you a mortgage questionnaire to fill in? Does it ask about your attitude to investment risk? If so, make sure that you say that you had a secure atr (1 on a scale of 1-5) and also state that no other options were discussed with you at the time of the sale such as a repayment mortgage.

Generally most companies will not be able to defend these points and should make you an offer.

Hope this helps

beefster

Thanks for the reply.
Mortgage was via the Abbey Nat. Took only the endowment out via the Pru. Typical scenario with a young couple....... Wifes dad had made good via the pru and their door to door salesman was on first name terms etc etc!

Never discussed any other options. We requested a with profit policy to encompass a savings plan too, though this was not in writing. We did have a secure attitude to risk and this was, i believe, evident at our meeting and by our request for a with profit product.

Questionaire is "Endowment Mortgage Questionaire".

One dodge they seem to have made, May be coincidence but........
From the Which Endowment action page....

"If you were sold your policy before 29 April 1988, unfortunately you do not automatically have the right to take your complaint to the Ombudsman if you are unhappy with the outcome of the complaint from the company."

The date of the policy is 28th April 1988! The last day before new legislation came into place regarding the FSA and the ombudsmen!!! With a commencing date of 1st July 1988!! Not sure how we stand on this??.... more complications!

dunstonh

It means that Pru can refuse to pay any compensation if they wish to.

However, if it was sold by a tied agent of Pru, then they may deal with it ignoring that date.

Froggitt

philuws wrote:

Have they sent you a mortgage questionnaire to fill in? Does it ask about your attitude to investment risk? If so, make sure that you say that you had a secure atr (1 on a scale of 1-5) and also state that no other options were discussed with you at the time of the sale such as a repayment mortgage.

Only state these things if they were true.

Froggitt

beefster wrote:

"If you were sold your policy before 29 April 1988, unfortunately you do not automatically have the right to take your complaint to the Ombudsman if you are unhappy with the outcome of the complaint from the company."

The Pru, along with all other Banks, Building Societies and LifeCos, have agreed to allow the Ombudsman to deal with your complaint whether or not it was pre-1988.

As yours is pre-1988, there was no requirement for them to sell you something that was suitable for your circumstances......however they still owed you a duty of care, and thats what you hang 'em with.

However it it was sold via an intermediary, they may refuse to allow a complaint to the ombudsman.

beefster

1. It was sold to us by a Pru employee.
2. Have phoned Ombudsman help line and they confirmed that the Pru are happy for them to deal with any complaint.