Endowment misselling rejected - worth appealing?

Jonny_B_3

I'm a bit annoyed that my grievance has been rejected without even being asked any questions.

As a naive first time buyer at the time the person selling said that the endowment would give me a lump sum at the end to pay off the mortgage plus more.

The rejection letter states that they established my attitude to risk as 3-4 (1 being most cautious) which I would have thought would be a bit low to then be selling me an endowment but there you go.

My endowment with NU isn't doing that badly at the moment (touch wood) but its a matter of principle to me that we were sold this due to the salesman wanting his commission. Now I've been through the process a few times I realise we weren't sold correctly at the time. Fortunately whenever we've moved and I've topped up the mortgage its been on a repyment basis.

Anyway, just wondered if its worth appealing to the ombudsman or do they always side with the original findings?

EdInvestor

You can't claim for misselling based on performance.

Now I've been through the process a few times I realise we weren't sold correctly at the time

These are things you would need to point out to make a successful claim.

The rejection letter states that they established my attitude to risk as 3-4 (1 being most cautious) which I would have thought would be a bit low to then be selling me an endowment but there you go.

That's the correct classification for the product - but is it correct for you? Do you feel that the endowment was too risky for you? Why?

It rather sounds as though you haven't framed your complaint as well as you might have done. But when was the sale, and who sold it to you? IFAs tend to reject complaints automatically whether they have any merit or not, in the hope the investor will give up and go away.

MUSTBEFUNNY_2

I would definitely keep going as you have nothing to lose and everything to gain. Take some advice from Edinvestor and frame your appeal better. Good Luck!:money:

Jonny_B_3

I didn't do a lot wrong to start with!

All they have had from me is a letter, written from the standard template form as suggested. They haven't asked or been given anything else whatsoever.

I thought that letter would have started a chain of events between us but apparently not!

EdInvestor

Well, they've rejected your complaint.

So your next step is to refer it to the Ombudsman.

https://www.financial-ombudsman.org.uk

This is quite normal.

absolutebounder

So if your endowment isnt doing badly what are you hoping to gain? You appear jealous because someone made a bit of money out of selling you an endowment. They would have probably made near on as much selling you life assurance if you had ahd a repayment mortgage. All you will do is spend a load of time getting bitter and twisted as you spend hours concocting stories for the Ombudsman only to find in 2 yrs time they too rule against you.
Get a life and do something more profitable with your time.

thehairybuilder

JOHNY B

This is , as far as I`m aware , pretty standard practise although they should be refering you to the Ombudsman if you are still unhappy .

Simply contact the Ombudsman direct yourself as per Edinvestors advice and they will help you out . Just remember to keep all your answers to their questions simple and honest and you`ll not go far wrong

dunstonh

They will give a reason why its rejected. What was the reason given?

Jonny_B_3

absolutebounder wrote: »

So if your endowment isnt doing badly what are you hoping to gain? You appear jealous because someone made a bit of money out of selling you an endowment. They would have probably made near on as much selling you life assurance if you had ahd a repayment mortgage. All you will do is spend a load of time getting bitter and twisted as you spend hours concocting stories for the Ombudsman only to find in 2 yrs time they too rule against you.
Get a life and do something more profitable with your time.

Isn't doing badly doesn't means its on target, just not as badly as stories I have heard.

Don't think I'll bother answering anything else in your post. You sound like an idiot.

Jonny_B_3

dunstonh wrote: »

They will give a reason why its rejected. What was the reason given?

I was aware of the risk and other mortgages were discussed with me which I dispute.

Thanks for all the sensible replies

dunstonh

Does the documentation support that risks were disclosed and alternatives discussed?

Remember, the general position is that if it isnt documented, it didnt happen. However, if it is documented, then it would likely be end of the road.