Endowment help

louiseb

I have been told by my endowment company and FSC that I am not entitleled to compensation on my endowment. This is my first house and first mortgage which I took out in 1994 on the agents advice he told me to get a endowment. I cant understand why I am not getting compensation when I knew nothing about endowments and went fully with the advice of the agent. Is their anything I can do now? ~Does anyone have any advice?

Thanks

toonfish

what was the basis of your complaint?

dunstonh

and what was the basis of the refusal?

A guess maybe, seeing as you mention FSCS (thats what I assume you mean when you say FSC), was that he adviser was FIMBRA approved and not PIA approved (SIB/PIA/FSA over the years). If you used an adviser that was FIMBRA approved and didnt become PIA approved after 1994, then you do not get the protection of the FSA, FOS or FSCS.

louiseb

toonfish wrote:

what was the basis of your complaint?

Sorry taken a while to get back to you I am new to this and have only discovered I got a reply. I was told the endownment would be a good savings plan at the end of the endowment I would be guaranteed a tidy sum. I was told that the amounts would fluctuate each month but at the endof the year an amount would be added to my policy. The adviser told me I should take out an endowment. The financial ombudsman service took 2 years to come back with a reply and said they are unable to verify the exact nature of the conversations that took place and i do not have sufficient evidence to uphold a complaint. I dont know where to go now or what to do i am now likely to be £15-17K short on my mortgage of £46550 i am still in the same property.

thanks for an help

louiseb

dunstonh wrote:

and what was the basis of the refusal?

A guess maybe, seeing as you mention FSCS (thats what I assume you mean when you say FSC), was that he adviser was FIMBRA approved and not PIA approved (SIB/PIA/FSA over the years). If you used an adviser that was FIMBRA approved and didnt become PIA approved after 1994, then you do not get the protection of the FSA, FOS or FSCS.

Sorry taken a while to get back to you I am new to this and have only discovered I got a reply. I was told the endownment would be a good savings plan at the end of the endowment I would be guaranteed a tidy sum. I was told that the amounts would fluctuate each month but at the endof the year an amount would be added to my policy. The adviser told me I should take out an endowment. The financial ombudsman service took 2 years to come back with a reply and said they are unable to verify the exact nature of the conversations that took place and i do not have sufficient evidence to uphold a complaint. I dont know where to go now or what to do i am now likely to be £15-17K short on my mortgage of £46550 i am still in the same property. The brokers ~Thomas & Co are regulated by the FSA does that mean anything

thanks for an help
Louise

EdInvestor

Post some info on the endowment and we can see what you could do.

Provider's name
Guaranteed sum assured
Declared bonuses
Surrewnder value (ring up and ask)
Maturity date
Maturity forecasts
Monthly premium

Interest rate payable on mortgage

louiseb

Provider's name Broker Thomas & Co Financial Services origianlly taken out with General Accident now Norwich Union

Guaranteed sum assured - £46550
Declared bonuses - dont know what you mean by this
Surrewnder value (ring up and ask) ?
Maturity date 2019
Maturity forecasts dont know
Monthly premium £67.19

Interest rate payable on mortgage 5.79

As you may have gathered I dont know alot about this any help you can offer is gratefully received many thanks Louise