Mis-Sold Endowment - A Slightly Complex One

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
2 replies 974 views
SteveyStevey Forumite
39 Posts
Part of the Furniture 10 Posts Combo Breaker
OK - got a good one for you.

We had an Endowment from Legal & General in 1999 and received notice of potential shortfall in 2004.

We complained directly to Legal & General regarding this and after some correspondence they rejecting our claim of Mis-Selling in the same year.

I have all the documentation relating to this, including copies of the original Endowment application forms from 1999.

We then complained to the FSA in early 2005, sending a letter and supporting documentation. The FSA replied by sending us an application form with a unique reference asking us to fill it in.

Here's the crazy bit on my part - I then did nothing :embarasse

The question (which I'm not sure I want to hear the answer to!) is simple - if I was to now send details to the FSA using either the same reference the FSA gave me in 2005, or as a new claim, would there be the possibility of it being a valid claim, or did I blow it fairly big styleeee 6 years ago by not doing anything??

Any thoughts would be most welcome.

Thanks folks.

Replies

  • dunstonhdunstonh Forumite
    107.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    We then complained to the FSA in early 2005, sending a letter and supporting documentation. The FSA replied by sending us an application form with a unique reference asking us to fill it in.

    The FSA do not handle consumer complaints. Do you mean the FOS?
    The question (which I'm not sure I want to hear the answer to!) is simple - if I was to now send details to the FSA using either the same reference the FSA gave me in 2005, or as a new claim, would there be the possibility of it being a valid claim, or did I blow it fairly big styleeee 6 years ago by not doing anything??

    I am going to assume you mean FOS. You have 6 months after the rejection by L&G to take the complaint to the FOS. That period has long gone. The FOS can consider overruling the 6 month time bar where there is justification for delay. Typically that is being in hospital for the 6 months or bereavement of a direct family member. It is unlikely you would find anything to justify 6 years delay.
  • magpiecottagemagpiecottage
    9.2K Posts
    1,000 Posts Combo Breaker
    ✭✭✭✭
    FOS MAY still have your complaint reference from 2005 and be willing to reopen the complaint - though I suspect it may be sympathetic to L&G seeking to enforce a timebar.

    However, even if it does, it is likely to be an uphill battle. By 1999, Legal & General would have issued a "Key Features" document which explained the risk of a shortfall whilst the adviser would have given you a "reason why" letter that explained the "reason why" it was considered suitable for you.

    It is also possible that L&G rejected the complaint because an independent financial adviser sold the policy to you.

    You could still complain to that adviser but they have not heard from you about it until now and would simply argue that you were timebarred.
This discussion has been closed.
Latest MSE News and Guides

Tesco Clubcard rule tweaks

Be careful when converting points to Cineworld

MSE News

£148 of Ciaté nail polish for £35

Via its Advent calendar (norm £59 delivered)

MSE Deals