Endowment Question

PhilCCFC

We started our endowment when we bought our first house together in 1998, it was a new build estate and we bought the house and endowment via the builders financial advisor - this way the company paid a 5% deposit on the house. The endowment was through Commercial Union and I am not convinced that he sold us the policy clearly and he certainly didn't explain the potential pitfalls. I now want to start the ball rolling on a complaint but the thing is Norwich Union bought Commercial Union so (and this may be a daft question) should I complain to Norwich Union or do I need to go to someone else (Financial Ombudsman) ?

dunstonh

to neither. You place the complaint with the advisor's company that gave you the advice. IIRC, CU didnt have a sales force in 1998 so it is nothing to do with Arriva.

If you check your paperwork, you should have the trading address of the company that advised you. If you kept your terms of business letter, it will have the complaints address on it. If you cant find that, you just place the complaint with the advice company and they will pass it on.

payless

DD ( can't understand his name change) is correct in saying check with Terms of Business to confirm who advised -

If an IFA then your review is down to them, if direct salesforce or agent (AR)
its down to the life company

So many name changes -
Can't remember the exact dates but think CU had already gone to CGU by 1998 ( could be wrong)

I do believe CU / CGU ( later CGNU/ NU/ Aviva ) still had a salesforce ( one that comes to mind is CU homelink- t/a Agency Financial Services , who I believe was later merged into the GA property services / Your Move financial services and still had links with certain agents/ builders)

In any case a call to NU will clear it up who sold it/ is responsible for carrying out your request for a review

PhilCCFC

Thanks I'll call them tomorrow.

dunstonh

<OT mode on>

Whilst DD ( can't understand his name change)

When i signed up for the board i made the mistake of typing the dunstonh name in (copy and paste error). With YABB I was able to change it but when the board moved to VBB it used this name and I cannot change it.

<OT mode off>

dibbs26

hi phil,
I am in exactly the same boat as you......so this will be interesting in what we get back....try to keep you posted
cheers

philuws

Hate to say it but I'm guessing it's unlikely that any offer of compensation would be made to you.

As the policy was sold in 1998 it's extremely likely that a full fact find was completed at the time and you were left with lots of documentation.

Most complaint handlers would find this sufficient to defend the basis of the sale on and therefore no offer will be made.

I still think that you should complain but just pointing out that in my experience it's unlikely you'd be offered anything.

Sorry

Phil

scottishlizzie

philuws is right to say that point of sale documentation would be better in 1998 but he is also right to say that you should still complain. Don't be put off if you genuinely feel that you were not advised of the risks.

I work on both sides of the complaint fence - long story, not important - and personally I would contact Norwich Union in the first instance because there is always a chance that the adviser was tied to them and even if not, you will get a contact number and the name of a NU employee. If you talk to them nicely - playing dumb usually works - they may well be able to pint you in the right direction with regard to who to complain to next.

Good luck.

scottishlizzie

Or perhaps even point you in the right direction - shouldn't have had that last glass of wine ...

dibbs26

phil,
got a questionaire through from yorkshire building society about my complaint re my commercial union/norwich union policy. Crafty gits are asking for copies of all my doc's etc. I called nu this morning and they advised me that the original company who was tied to york bldg society was 'Brigham Brining'. Hope this may help if you got your mortgage through yorkshire.
cheers

dunstonh

Crafty gits are asking for copies of all my doc's etc.

What is crafty about that?

I have used that sort of documentation in the past to support a claim. The allied dunbar rep had written information down on it which I used to back up the complaint. Without that, it would have been the clients word against his and it probably wouldnt have been upheld.

It can work the other way as well though. The documentation may prove the advisor was correct and not you.

Remember that the advisor/firm will be supplying copies of the paperwork they have on file as well.