Endowment Reply from the company and need help

dunstonh

What i don't understand is that Norwich Union have said to me that Andrews Financial Services had a FSA authorisation of 136098.

Andrews Financial Services does not exist and that SIB number is not currently allocated. The website FSA register is only about 5 years old so if they did take that company into FSA authorisation then the FIMBRA exemption wouldn't apply and you could go to the FSCS. You would then spend around 2 years waiting for an outcome.

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

Andrews haven't been an IFA since 1991. FIMBRA ceased to exist 1994 and any firm that wished to continue beyond that date had to join the PIA (which later became the FSA). If that firm continued, then their liabilities under FIMBRA and regulatory requirements fell under the PIA/FSA. If they ceased, then the FSA/PIA and FSCS have no jurisdiction.

Kevin-H_3

what do you think about what thee other person has sent me ?
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

This seems to indicate that they are still alive ?

Kevin-H_3

Payless - where did you find the details of Andrews as you have sent me ?

dunstonh

doesnt matter if they still have bank accounts. If they didnt seek PIA authorisation by 1994 there is no jurisdiction for the FSA, FOS or FSCS.

They appear to have become tied agents of Norwich Union in 1991 under a different trading entity. If you got your advice from 1991 onwards, you were fine.

The shutting down of limited companies and re-opening with a slightly different name is a common occurance. The FSCS now have the ability to deal with companies doing that but the FSCS have no jurisdiction with FIMBRA companies that didnt become PIA authorised.

Your best bet is to write to the FSA and ask them if this company became PIA authorised or not. If they did, you then have the right to go to the FOS. If they didnt, its end of the road.

It sounds like you have an NU endowment. You may want to see if its worth the hassle of all this or not as NU endowments are not too bad. Most are close enough to waste your time (when you take endowment promise and terminal bonus into account - which the projections do not).

payless

Kevin-H wrote:

Payless - where did you find the details of Andrews as you have sent me ?

http://www.companieshouse.gov.uk/

although as mentioned

1. If they weren't PIA.... ( although maybe look at small claims if you think you have an claim )
2. NU ( was it CU ??? ) ... could be worse

Kevin-H_3

Based on all of what ive been told or found out i know the following details

Andrews Financial Services (AFS) is a registered company at the same address - 01538383

I have spoken to Norwich Union again this afternoon and they repeated to me that AFS had an authrisation code of 136098

Based on this and all else that has been said, is there anything iam able to do to move this forward or should i just give up

Kevin-H_3

Can anyone tell me if my Norwich Union policy is any good with the current 2006 statements details: as i dont understand this detail
Monthly payment = £46.85

Plan start date 2 August 1990
With Profits start date 2 August 1987
Plan end date 2 March 2012

Plan Value:
Value on Death £35,000

My 2006 regular bonus:

Minimum life insurance amount = £14,035.00
Bonus this year 2006 £0.00
Regular bonus from previous years £8,500.76
Total regular bonus £8,500.76

How the investments have performed:
UK Shares 10.4% of the fund
International shares 1.4% of the fund
Property 2.7% of the fund
UK fixed interest & Corporate Bonds 85.2% of the fund
Cash 0.3% of the fund

Returns achieved in the With Profit Fund
2001 -7.8
2002 -2.0
2003 +7.1
2004 +7.6
2005 +10.6

dunstonh

what is your NU mortgage promise figure (look on the 2001 or 2004 statement) and what is the current terminal bonus on your plan?

EdInvestor

Hmm, interesting policy

It seems you have paid in around 11,280, and are due to pay in another 2,820 up till the maturity date, total 14,100.

While the guaranteed value of the policy at maturity is 22,535 - all you have to do to get that, is keep paying in until 2012..

Nice one. Plus you get 35k's worth of free life cover.

kayla

Hi all, on the subject of changing company names, i have a question.
Im with a mortgage company that was set up by TML, who was originally called Preferred Mortgages. Although i havent had any real problems with them i am confused as they have at least 3 names that i am aware of. My mortgage statement comes letter headed Preferred Mortgages, any other letters are letter headed Capstone Mortgages. When i call the company it is Capstone Mortgages. However recently on my bank statement this months mortgage name was Southern Pacitic Mortgage. Is this legal having so many names, and can they change names without telling their customers this information? :huh: i just find it annoying not knowing what to call your own mortgage company!