Missold endowment - anyway round timebarring?

shivering_sheep

I have just come across a whole load of correspondence from 10 years ago proving that the IFA who sold me an endowment promised me it would pay off my mortgage which of course it has not!

Ironically I came across all the paperwork while going through some old files relating to loans and PPI - I have now successfully claimed back PPI on several loans, so thank you MSE for the templates! Invaluable!

OK - back to the mortgage endowment. Armed with the proof about the endowment mis-seling I complained to the IFA's organization which of course came back and said I was 'time-barred' and that because of that I could not even complain to the Financial Ombudsman Service.

Does anyone have any suggestions? I read something on the FOS website which said that in the courts there is a 15 year rule which presumably means you can go back 15 years on an issue, provided you have the correspondence, which miraculously I now do - letters and emails from him sent at the time he recommended the policy saying that it would cover the mortgage.

Does this mean I would still have a chance of success if I took the IFA/Endowment provider the court? The endowment was supposed to pay out a minimum of £21,000 and after 12 years has only paid out £12,000.

Also I have an idea that if I can demonstrate 'exceptional circumstances' for not complaining before (which I believe I can) I might still be in with a chance of the FOS at least looking at it. Again, all advice welcome.
Many thank in advance - Linda

holly_hobby

From the face of things I would be surprised if it wasn't but ...

What basis did the IFA give you for rejecting your complaint as being timebarred ?

What would be the exceptional circs you intend to rely on ?

What figs did the revised emv letters you would have recd from the ins provider state ?

When did you recieve the revised emvs ?

Who is the ins company who provided the endowment ?

You say you hold documentary evidence that proves the IFA gted that the LCE would at least repay the mge. What constitues this form of evidence, what does it say ?

H

dunstonh

OK - back to the mortgage endowment. Armed with the proof about the endowment mis-seling I complained to the IFA's organization which of course came back and said I was 'time-barred' and that because of that I could not even complain to the Financial Ombudsman Service.

Which is not unexpected. Most timebars took place before 2008.

I read something on the FOS website which said that in the courts there is a 15 year rule which presumably means you can go back 15 years on an issue

You have misread. The law of the land has a 15 year stop gap but the FOS do not recognise it in financial services complaints. So, firms cannot use that particular timebar. However, they can use the 3 year timebar or the 6 year timebar. Both of which could probably apply now.

Does this mean I would still have a chance of success if I took the IFA/Endowment provider the court?

The endowment provider has no liability. You could go to court but the complete documentary evidence you have and what the IFA has would be used in the complaint. This would include things that the FOS would not generally take any notice of but the courts would. For example, the illustration issued by the provider which would have shown the lower projection giving a shortfall and the risk warnings that say that there is no guarantee on how much you will be paid and that there could be a shortfall. The IFA would have issued a report and the risk warnings in there would be used.

If there is one typo but its clear from the rest that its just a typo, then it would be unlikely your case would win and you could have costs awarded against you.

Also I have an idea that if I can demonstrate 'exceptional circumstances' for not complaining before (which I believe I can) I might still be in with a chance of the FOS at least looking at it.

You don't. You have to have exceptional circumstances as to why you are late for complaining. If we assume your time bar was in 2007, you would have to justify why it has taken you more than 4 years after expiry of the time bar to make the complaint. The FOS generally consider things like incapacity for the whole period as being exceptional circumstances.

What does the information you have actually say that you believe makes it cast iron for you now?

This is important as you have ex FOS staff and complaint handlers here who can give an opinion on the wording. Are there other warnings in the documentation you have?

Here are some valid wordings:
1 - Your mortgage will be repaid providing the target growth rate of x% p.a. is achieved
2 - Your mortgage could be repaid and a potential for an lump sum to be paid on top.