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Endowment Mortgage Broker query
tldkid
Posts: 28 Forumite
I sought advise and filled out the paperwork for an endowment policy at the start of 1988 before the Financial Services Act came into force on 29th April 1988. This was with a high street broker independant of the policy issuers.
I did not accept the offer, waited until July 1988, sought adise again and made a new application that month to the same broker and same insurance company. The policy came into force in Dec 1988.
Although I complained that the policy was mis-sold and that I was advised to cash in my old policy, the broker tells me that because I originally applied before 29th April, I have no case. I argue that it was not taken up and a new application in July means it is subject to the FSA. Who is right?
I did not accept the offer, waited until July 1988, sought adise again and made a new application that month to the same broker and same insurance company. The policy came into force in Dec 1988.
Although I complained that the policy was mis-sold and that I was advised to cash in my old policy, the broker tells me that because I originally applied before 29th April, I have no case. I argue that it was not taken up and a new application in July means it is subject to the FSA. Who is right?
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