Financial Ombusman

Owen_Money_2

Has anyone tried to claim on a mis-sold endowment via the ombusman? I have started this process as have tried unsuccessfully to complain to our independent financial adviser (no reply from them :mad: ) and was interested to hear anyone elses experiences.

Cheers!!

dunstonh

About 34% is the current success rate when going to the FOS.

Are you writing to the right address for the IFA. You can verify the address on the FSA register. You should write to the principle.

Owen_Money_2

34% - thats not so good odds on a successful claim. Yeah I've made sure it's the correct address (I oringinally wrote to their old office then re-sent the letter after discovering they had moved).

Do you know the process of the FOS once they have received my (2 very long) forms?

dunstonh

34% - thats not so good odds on a successful claim.

If you break it down, its a bit higher for endowments than other areas. You shouldnt really look at the success rate though. Something like 12-15 companies account for over half of all complaints. So, if your advice came from one of those companies, statistically, the complaint has more chance of the FSA ruling in your favour. It doesnt work like that in the real world though.

At the end of the day, the FOS will be looking for the risk warnings on the reason why letter and that the risk profile was recorded and matches on the factfind. If the risk warnings are there and adequate then its not good news for you. If they arent there then its better news.

I am simplifying it a bit but hopefully you get the jist of it.

Do you know the process of the FOS once they have received my (2 very long) forms?

You now wait for up to two years for it to come out the other end. OK, thats a worst case scenario but 6 months or so is closer to the mark.

The advising firm would have already earned a black mark for not complying with the complaints proceedure. On grey areas that may work in your favour. Sometimes a judgement call on balance of probabilities is made and if they cant deal with the complaint within the FSA rules, then perhaps its the same on other things...