Endowment Reply from the company and need help

Kevin-H_3

i have written to Andrews Financial Services Ltd who were the agents who sold me my endowment policy in 1990 and they have replied stating the following -- you policy was arranged in 1990 and falls within the restrictions set by the limitation act 1990. the Limitation Act bars claims of this type being brought 15 years after the event being commented on . In your particular case, your claim became time barred in 2005.
A further consequence of the time that has passed is that when you received advice on your policy, Andrews Financial Services was an IFA (Independent Financial Adviser) and was regulated by an organisational body called FIMBRA.
As the company was regulated by FIMBRA and not the Personal Investment Authority or the current regulator, the FSA, iam sorry to advise you that you are unable to seek remedy from the Financial Ombudsman, The Financial Omdudsman only has jurisdiction over companies regulated by either PIA or FSA.

CAN ANYONE HELP ME WITH ADVICE ON THIS ???

defender_of_the_weak

Do Andrews FS Ltd still exist or have they closed and re-opened from a partnership to Ltd company. If they have closed and re-opened as many have, then you are probably sunk I am afraid, as the new company takes on all the assets (commission) but none of the liabilities. The 15 year long stop rule does not apply to endowments but gets quoted by rote from many advisers to make it sound as though this is correct

Kevin-H_3

The letter looks as if it it all the same company as they satrt the letter with --- Thankyou for your letter dated xxxxxx regarding the above policy.
Iam sorry to hear that you are dissatisfied with the faiancial advice provided by Andrews Financial services Ltd.
The Norwich Union endowment policy was arranged by Andrews Financial services Ltd, who were a company that offered advice from a range of different insurance companies.
I regret to inform you, however, that as your policy was arranged in 1990 it falls within the restrictions set by the limitation Act 1980 ++++++ and on and on

It is on Andrews headed paper and they dont seem to be advising that they are a different or changed company,

Thanks for your help, Kevin

dunstonh

If Andrews ceased trading by 1994 and didnt seek FSA authorisation after that date (or PIA as it was) then you have no protection under FSA or FOS rules. If the company continued to trade and became regulated by the PIA, then the protection from the FOS and FSA is there.

There is no company called Andrews Financial Services Ltd on the FSA register. So unless they are operating under a different name/company, it appears that they are not current regulated.

Looking at that headed paper, does it say at the bottom "xyz is authorised and regulated by the Financial Services Authority". If so, what is the name where it says xyz?

Kevin-H_3

At the bottom of the page it has - OEA , OFT, NAEA, ARLA, ARMA.
Andrews is a registered trading name of Andrews estate Agents Reg in England No 700540.
Andrews Mortgage Services is a trading name of Andrews Estate Agents Ltd which is an appointed representitive of Legal & General Partenership services Ltd which is authorised and regulated by the FSA for advising and arranging mortgages and insurance

Hope this is of assistance

dunstonh

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=51938

According to the FSA register, their membership goes back until 1991. It appears that in that year they switched from FIMBRA to PIA. Now, as I read the rules (http://www.financial-ombudsman.org.uk/publications/technical_notes/QG2.pdf ) if a firm went from FIMBRA to PIA, then the PIA took on responsibility for that period. So they shouldnt be using that as an excuse. However, they appear to be operating under a different trading name now and that is probably going to be your problem. Its a legal way of shirking your responsibilities. Joe bloggs ltd has problems and re-opens as joe bloggs and son ltd. The original firm goes belly up with debts but they cant after the new firm as its a different entity. Despite it being all the same people and from the same building.

They became tied agents of L&G in 2004 but appear to have been tied to Norwich Union before that. http://www.fsa.gov.uk/register/firmPrincipals.do?sid=51938

defender_of_the_weak

Worst of all worlds I am afraid. You cannot go to FOS because the new and old companies are not the same in terms of regulation and the FSCS will not look at it because Andrews still trade. This only leaves you with a civil action and that could be blocked by the 15 year long stop rule.

Kevin-H_3

Based on all this , what do you think would be my best approach ? it looks like these A** Holes are just ducking and diving behind a loop hole and need to be stopped at this game
Dont i have any comeback on Norwich Union who had tied this company to them

dunstonh

If it was sold whilst they were tied agents of Norwich Union then you possibly do. Were they tied to NU before 1991? There is no Fimbra register to look at online.

Kevin-H_3

Too be honest i dont know and i dont know how i could find this out.

What i dont understand is that Norwich Union have said to me that Andrews Financial Services had a FSA authorisation of 136098.
Why do Andrews say that Andrews Financial Services was an IFA regulated by FIMBRA and therefore not by the PIA or FSA, this makes no sense

payless

not sure it helps given the other issues

but the 15 yr limitation may not apply

http://www.financial-ombudsman.org.uk/faq/businesses/answers/mec_a4.html

---
Name & Registered Office:
ANDREWS FINANCIAL SERVICES LIMITED
ANDREWS ESTATE AGENTS, THE
CLOCKHOUS, BATH HILL, KEYNSHAM
BRISTOL
AVON BS31 1HL
Company No. 01538383

started in 1981 &
still in business ( although seems not giving advice--- maybe just collecting commissions!)