Endowment update: payouts still falling

toonfish

mayb wrote: »

What in particular do you need protecting from I wonder.

frivolous complaints - never had one upheld yet, but several that have cost me £350 for the Ombudsman to look at. PI costs and FSCS levy are ridiculously high.

mayb wrote: »

I hope you haven't been miss selling anything!

Had the compliance people in the last 2 days - 18 random files reviewed, all fine thank you

EdInvestor

toonfish wrote: »

frivolous complaints - never had one upheld yet, but several that have cost me £350 for the Ombudsman to look at. PI costs and FSCS levy are ridiculously high.

You have to laugh.

The advisors reject all complaints automatically, whether or not they have any merit - "that's the way it works" - and then they complain about having to pay a fee when the victim takes the complaint to the Ombudsman.:rotfl:

Dysfunctional or what?

toonfish

EdInvestor wrote: »

You have to laugh.

The advisors reject all complaints automatically, whether or not they have any merit - "that's the way it works" - and then they complain about having to pay a fee when the victim takes the complaint to the Ombudsman.:rotfl:

Dysfunctional or what?

we do reject all complaints (so far), but only after following the due investigation process. As stated we have to pay even if the Ombudsman decides there was no mis-sale.

A similar fee of £350 for the complainant if they lose would be fair and just, perhaps with a bit of compensation for the advisers time spent in dealing with the complaint - after all that is what everybdy is looking for isn't it?

Mr_helpful

EdInvestor wrote: »

You have to laugh.

The advisors reject all complaints automatically, whether or not they have any merit - "that's the way it works" - and then they complain about having to pay a fee when the victim takes the complaint to the Ombudsman.:rotfl:

Dysfunctional or what?

I agree with toonfish. Of course I would reject any complaint. Ive never had one upheld against and as far as I am concerned never intentionaly mis sold anything so why on earth would I accept a complaint just because compensation culture wants me to. Its one area where it costs the innocent defendant dearly. i think if the case is thrown out the complainant should have to pay costs at least.

dunstonh

i think if the case is thrown out the complainant should have to pay costs at least.

That has been proposed by the Conservatives because of the high number of fraudulent complaints.

toonfish

dunstonh wrote: »

That has been proposed by the Conservatives because of the high number of fraudulent complaints.

they'll be getting my vote then, might even be able to start fox hunting again.

mayb_2

Originally posted by Mrhelpful

"If you want to stay small minded thinking of blaming anyone but your self and claiming a few thousand here and there thats up to you but you will never see the bigger picture will you?"

Couple of points you may have missed from past posts MrHelpfull.

1.My mortgage endowment missale was not disputed by anybody and the company paid out without any problems and with no need to go to the Ombudsman.
2. The money I received from cashing in my With Profits policy was spent on a really good holiday (yes it was really good) and some Premium Bonds which have so far earned me more interest in the year I have had them than my With Profits Policy earned in 12. Didn't cost the company anything to pay me back but I did have to pay them for keeping it for me for 12 years.
3. I am happy with my financial arrangements at the moment - all decided by and implemented by my husband and myself.

None of the above means that I should be content with the way the Finance Industry has conducted itself now or in the past, nor does it exonerate it from the difficulties it landed myself and many others in. Not all of those affected will be able to deal with the situation - I at least had some time on my side and a house bigger than I need to live in; if you have reached retirement age with a failed mortgage endowment and no pension then god help you because nobody else is about to - especially Mrhelpfull it would appear - so stop whinging and see the bigger picture why don't you. Oh yes I see the bigger picture now - is that a financial adviser or a mortgage adviser I see running away with your money?

I am also aware that this argument is not just about what happened to me or you for that matter - there are wider issues here which people are discussing - many of which don't involve mortgages at all - which I do understand you may not feel knowledgeable enough to contribute to in a more comprehensible way.

Mr_helpful

I have never complained about the genuine cases and if as a result of being mis sold the compensation paid off your mortagge and made you mortgage free then that is good. The big problem is though that as Dunston says there is nothing to stop the clever fraudulent claim and many advisers have been put through the mill not because they mis sold anything but because there is easy money for a white lie or two or a bit of selective memory. Every claim whether up held or not costs the adviser on his PI insurance.
How many advisers set out to deliberately con people? A few but then there are bent people in every occupation. These few should be rooted out and punished but remember they are a minority.
Whats the out come of this compensation culture? The much safer with profits contract has all but gone and investment companies have transferred the risk to the Mug Punter (edinvestors words) so that now everything is unit linked and no risk to the company when markets fall. I still say the public have well and trully shot themselves in the foot.
the vast majority of claims are very small minded and do not result in the claimants position being improved.

mayb_2

"Whats the out come of this compensation culture? The much safer with profits contract has all but gone and investment companies have transferred the risk to the Mug Punter (edinvestors words) so that now everything is unit linked and no risk to the company when markets fall. I still say the public have well and trully shot themselves in the foot."

I will leave it to the likes of edinvestor to explain to you all the errors in this statement Mr helpfull - it sort of starts with the concept of the safer with profits contract - please someone tell him what the heading on this thread is all about.

My mortgage was not paid off or anything like it - my mortgage was at £60,000 when I claimed and I recieved in the region of £17000 when I was 'compensated'. I have been left to pay off the rest - with little time left to do it in. It has meant an enormous hike in my repayments and I am now working full time rather than part time to address this and my pension needs. And before you start bleating on about poor me having to work full time - there are reasons why this is more onerous on me than it may be on someone else and at some point I may have to give up altogether. Look at the time I am posting on this site late at night and you may get some idea of the hours I sometimes work. Other times it is insomnia - while I lie awake trying to work it all through. I am not posting this to get you to feel sorry for me but to let you know that whilst you and others are making sweeping statements and accusing others of fraud and whinging and not seeing the wider picture there is actually a real human cost to these missales and misshandling of other people's money. This is to let you know you are right there is a wider picture - this is it.

So when someone puts a piece of paper under the nose of a customer and gets them to sign it without fully ensuring they fully understand the contents and then later produces it and claims that they knew what they were doing -look you signed it - and in the knowledge that they can produce this later and cover their own backsides from a claim of misselling - perhaps you might like to think again about clever fraudsters and whom that might refer to.

vinno65

Mr_helpful wrote: »

I have never complained about the genuine cases and if as a result of being mis sold the compensation paid off your mortagge and made you mortgage free then that is good.

I wish you would stop calling it compensation it is not. It is redress. The money paid in cases of endowment miss-sales only puts you into the position you have been had you been sold correctly a repayment mortgage nothing above and beyond that. You do not gain from winning a miss-sale complaint it ensures that you do not lose out. When I won my claim (on grounds of unsuitability) I would have been happy to keep the endowment to term so long as the firm guaranteed that my mortgage would be paid off which is what I was told by them in the first place, but how many firms with zombie funds and closed with profits would likely have agreed with that?

Regards Vinno