endowment complaint

driftaround_2

Dear all, I would welcome your advice/opinions/knowledge please.
I took out an endowment in 1992. :T (yes I know)

Following advice , I complained in 2003. Received a knock back letter saying that because I had asked for an endowment policy from the company (Reid Financial), my claim was invalid.
This has been seething inside me ever since because, looking at the grounds for complaint, it was never explained to me buy the seller what the risks actually were.
Any way, have I got licence to complain again this late in the day?
thanks
Driftaround

holly_hobby

It sounds as though they saying this was an execution only sale i.e you approached the company for the product, and neither sought nor received advice as to its suitability to your requirements.

Is this correct?

Holly

dunstonh

This has been seething inside me ever since because, looking at the grounds for complaint, it was never explained to me buy the seller what the risks actually were.

They are not meant to.

If you buy a product without advice under execution only (where you ask for the product), the adviser is not allowed to give advice, opinion or comment on the product.

Any way, have I got licence to complain again this late in the day?

No. you get one bite of the cherry with a complaint unless you have significant new information. However, even if you could complain again, it wouldnt make any difference. Complaints are not about the product. They are about the advice you are given. You asked to buy the product without advice (usually due to some discount you are given). So, you have nothing to complain about.

driftaround_2

thanks for the replies.
Ian