Missing Broker Details

simon2007

As a first time buyer I was advised by an estate agent's in-house broker to take out an Abbey variable rate mortgage with an endowment policy from Legal and General. The advice on offer was minimal, not helped by the fact that I didn't know what questions to ask at the time. However, if I now wanted to pursue this for compensation for a substantial shortfall I understand I need the details of the broker who sold it to me in the first place, details I no longer have so many years after the event.
Can someone please advise the best course of action?

Many thanks

Simon

dunstonh

You complain to the estate agent as the broker worked in there.

Also, you cant claim compensation. It isnt how financial services works. If your complaint is upheld, the difference between a repayment mortgage and an endowment mortgage is calculated to this point in time and the difference, if any, is what is payable. This doesnt always result in a redress payment as not all endowments are bad or recently because the stockmarket has recovered enough for a number of endowments to get back on target again. Poor quality endowments or those with large surrender penalties can lead to larger redress payments. Good quality endowments or those with low or no surrender penalty can lead to no redress payments.

defender_of_the_weak

Send it to L & G as a formal complaint, they will either identify the broker as one of their agents, or provide the details of the company responsible.

If you send it as a formal complaint they should respond within set time scales, if you make a request for information this could take 16 weeks to arrive.