Advice please - endowment advisor company no longer exists

mollop

In hopeful anticipation that someone can help me, I don't know if there is anything further I can do.

I bought my endowment in 1990 and was advised to increase the amount to act as a savings plan (!). My £46K endowment is now worth £25K or less so I made a claim for my endowment through the FSA. They found out that the company no longer exists, but they did track down the guy that sold me the policy and he still practises. The FSA contacted him, but they've heard nothing from him and they won't tell me where he now practises so that I can chase this up.

Is there anything further that I can do?

Many thanks

UK007BullDog

If you know his name have a search for him on the FSA register https://www.fsa.gov.uk maybe you might be lucky and find him there.

I never sold endowments so know nothing much about them and have also never had one. Hope some of the others can help you, but mind you it is weekend now and new year coming up. Also have a read on this website for other posts on endowments. I am sure others were in the same boat as you before. You might want to bump your post back to the top on Tuesday when everyone is back.

Good Luck!

defender_of_the_weak

You need to identify his name and the legal basis of his former company or partnership. To make a claim against a 1990 sale you would have to show that

1. It was a limited company or partnership
2. Fully authorised at the time (ask the endowment provider for the SIB number)
3. That the company is now dissolved and unable to meet any liability for claims of loss, or a formally wound up partnership

Then the case would go to the FSCS as a rescue fund.

the FSA register is fairly useless for company searches as it only applies to registrations after 2001 (also the way some of the names are entered is quite bizarre) but try going back to the FSA website and run an individual search in the name of your adviser. You can also call the FSA helpline on 0845 606 1234, they should be able to help as well

mollop

Many thanks both.

Unfortunately, there are 3 gentlemen by the same name under the FSA list, 2 of which are inactive and 1 who is now based in London - the endowment was taken out in Birmingham.

I contacted the FSCS originally, they were the first people to tell me that the company no longer existed. It was a limited company, so would you be able to tell me how to go about asking for a rescue fund case.

Thanks again.

defender_of_the_weak

Go to your endowment provider and ask for the name, address, regulatory status and SIB number for the adviser responsible for the sale. Once you get this go to the fscs website and download the initial enquiry form. Everythin after that should be routine

payless

I know a lot of firms in Birmingham - no promises , but if you give me the info you know I'll let you know if I'm aware of them