Does no-one cares? Pre 1988 endowments

ktel1

So, I have two endowments that are pre 1988 and it appears there is no-one in this green and blessed land that is willing to investigate pre-regulation (pre 1988) endowments.
Financial Ombudsman has told me they don't cover it and then referred me to the FSCS and guess what? They don't want to know either!!!!!!!!!!!!!!!!!!!!!!!!!!!

So basically, products I took on in good faith and that should now be paying out what I bought them for are now useless and the scumbag companies who sold them to me are untouchable.

I feel so sick about this I could cry but I am a bloke and we are not supposed to do that, so I want to rip someone's head off instead. I wish I knew where the IFA is who sold them to me all those years ago!!



Are there many of you out there who feel as bitter as I do??????

DOES NO-ONE CARE?

Meeper

I feel bitter about a lot of things.

I don't feel bitter about your situation, however, because I'm afraid you haven't given any details. Perhaps if you were a little more specific about what has occurred, you might get some guidance, thoughts or at least reasons from the people on the forum.

PZH

Ktel1 wrote: »

So basically, products I took on in good faith and that should now be paying out what I bought them for are now useless and the scumbag companies who sold them to me are untouchable.

Wasn't there a time limit on claiming for missold endowments ?

[Edit]: - thought as much - http://www.moneysavingexpert.com/reclaim/endowments-miss-sold

I successfully claimed on both of mine - albeit several years ago and I was put back to a situation where I would have been given the right information at the time.

Now Mortgage Free :j So not bitter at all.

PS: ok - still have an outstanding £500 - but that is due to personal reasons :rotfl:

Froggitt

Ktel1 wrote: »

So, I have two endowments that are pre 1988 and it appears there is no-one in this green and blessed land that is willing to investigate pre-regulation (pre 1988) endowments.
Financial Ombudsman has told me they don't cover it and then referred me to the FSCS and guess what? They don't want to know either!!!!!!!!!!!!!!!!!!!!!!!!!!!

Search back my old posts circa 2004. I had a pre-1988 endowment (bought thru Halifax) that misselling claim was rejected, I went to the FOS, and hey presto, Halifax caved in and stumped up mis-selling compo.

I was interviewed at home on Working Lunch on BBC2 as it was a landmark for a pre-1988 claim.

dunstonh

So, I have two endowments that are pre 1988 and it appears there is no-one in this green and blessed land that is willing to investigate pre-regulation (pre 1988) endowments.

The reason is in your statement. Its pre-regulation. I.e. before the laws changed.

You dont prosecute smokers for smoking in pubs 20 years ago because the law changed a few years back. Or you dont prosecute drivers for speeding at 50mph 10 years ago on a road that reduced to 30mph last year.

feel so sick about this I could cry but I am a bloke and we are not supposed to do that, so I want to rip someone's head off instead. I wish I knew where the IFA is who sold them to me all those years ago!!

IFAs didnt exist until 1988. So, if its pre regulation then it would not have been sold by an IFA. He may well of later become an IFA but was not one at the time.

Are there many of you out there who feel as bitter as I do??????

No. Things in life change. Far more people did better out of endowments than repayments and even those that have ended with say £6000 shortfalls or less are still better off than had the endowment paid a surplus. They just dont realise it and why.

Annisele

The Financial Ombudsman Service does cover some pre April 88 cases, but by no means all. (As a rule of thumb, if the selling agent is now a bank, building society or insurance company, FOS probably covers it. If the selling agent is now an IFA, FOS probably doesn't. If you want to get technical it depends on whether the seller joined FOS's voluntary jurisdiction; most - but not all - big firms did, and most small firms didn't).

However, the fact that FOS tried to refer the OP to the FSCS suggests that whoever sold the policy to the OP is no longer trading/no longer has any money to pay claims. The FOS doesn't deal with complaints where the firm involved can't afford to pay any award because the FOS doesn't have a fund of its own to compensate consumers with. The FSCS can't deal with pre August 88 claims.

It's also not clear why the OP wanted to claim. Is it because the performance was poor? Is it because he thought the policies were guaranteed to repay his mortgage? As Meeper says, we're a little short on details.

karnold

Can someone please tell me why the FSCS wont deal with claims before AUG 1988 when the regulations came in before that date in APR 1988.

My endowmwnt was sold to me between these dates and the FCSC have been my last hope and wont help.

hcb42

I took out endowment mortgage pre 1988 - I was 19 at the time.

Surely you have had statements for the last 23 yrs, and had time to correct it - this cannot be a shock to you...?

SueMaggie

karnold wrote: »

Can someone please tell me why the FSCS wont deal with claims before AUG 1988 when the regulations came in before that date in APR 1988.

My endowmwnt was sold to me between these dates and the FCSC have been my last hope and wont help.

This factsheet on endowment mortgage claims from the FSCS says:

Our rules don't allow us to investigate any potential claims that relate to investment advice or arranging before 28 August 1988. Unfortunately if you only received advice from a firm before this date we cannot help you, as this activity was not protected by a compensation scheme at that time.

Froggitt

I think it depends on who sold it to you.....I had a 1987 endowment that was sold by Halifax that I got compo for. All big banks etc should be covered, little IFAs aren't.

silvercar

I have a pre-1988 legal and general endowment and l&G were prepared to accept a mis-selling claim. They then calculated that I wasn't entitled to compensation!