missold endowment

toscakeeper

Hope someone can help as I am really puzzled as to what to do. 23 years ago my ex-husband was sold an endowment and I have only just found some information which shows this was mis-sold. I have created a claim on Which's form letter, however it says to send it to the company which employed the person who sold it. I had always believed it was the building society the mortgage was taken with but it is on the headed paper of the estate agent. Do I send the claim to the estate agent or directly to the company which I have been paying all these years. Incidentally who have been taken over by another firm. I have no other paperwork apart from the estate agent.

McKneff

What makes you think he has been miss sold. If it is in his name he has to deal with it.
Just out of interest, why are you doing this if he is your ex.

More details required if you need help, it could very well be time barred by now.

holly_hobby

As Mc, states - why do you believe it was mis-sold ? (loss of expectation i.e failure to perform to estimated growth rates, is not the basis of a mis-sale)

Notwithstanding the above, you submit your complaint to the firm whom sold the policy.

If this is an estate agent, it MAY be that they were an Appointed Rep of an Ins Co - whereby it woudl be the ins co you would complain to. More info on this point please.

You/policyholder - should have been receiving revised EMVs for in excess of the last 10 yrs, now unless you have only been advised within the last 3 yrs that there is a possible shortfall (and before that time YOU WERE UNAWARE THAT THE TARGET AMOUNT WAS NOT GUARATNEED), you will find yourself out of time re making a complaint. (unless there are demonstrable extenuating circumstances that have physically prevented the prior registration of a compliaint re the suitability of the contract).


So a few q;s for starters really ...

Whom are the lives assured for the policy ?
Was this assigned to you as part of your divorce ?
Have you recd revised emvs showing a shortfall ? If so, when did you get the FIRST indication there may be a shortfall to target ?
Is the policy still used as a mortgage repayment vehicle ?
Why do YOU believe it was mis-sold in 1989 ?

Will help as much as possible if we have a bit more background info.

Holly

dunstonh

Do I send the claim to the estate agent or directly to the company which I have been paying all these years.

Estate agent. Your complaint, whatever it is as you dont say, is against the adviser. Not against the product provider. Caveats to what holly said above.

When was this policy sold. This is important as it may be pre-regulation as your timescale is very close.

Also, is it timebarred from complaint? Over 3/4 of endowments are now timebarred. The provider will be able to confirm this or not as they send out the time bar warnings.

holly_hobby

dunstonh wrote: »

Estate agent. Your complaint, whatever it is as you dont say, is against the adviser. Not against the product provider. Caveats to what holly said above.

If the ER is an AR then the salesperson is effectively a Company Rep of the Ins Co, whom bare responsibility for the advice/sale. If its an independent EA, then that obv means the EA themselves are responsible for the advice of their adviser, and the complaint should be directed to them, or via FSA and FSCS if EA is caput !

dunstonh wrote: »

When was this policy sold. This is important as it may be pre-regulation as your timescale is very close.

OP states pol effected 23 yrs ago - which takes my calcs back to 1989, which equates to advice & sale being post A Day.

dunstonh wrote: »

Also, is it timebarred from complaint? Over 3/4 of endowments are now timebarred. The provider will be able to confirm this or not as they send out the time bar warnings.

Have asked OP for dates of EMVs - and why they believe it was mis-sold - as we all know loss of expectation is not a valid basis of mis-sale, which probably is the case.

Hols x

dunstonh

OP states pol effected 23 yrs ago - which takes my calcs back to 1989, which equates to advice & sale being post A Day.

It does but when we have seen people quote years before, they are often out by a couple due to rounding or estimate.

If the ER is an AR then the salesperson is effectively a Company Rep of the Ins Co, whom bare responsibility for the advice/sale. If its an independent EA, then that obv means the EA themselves are responsible for the advice of their adviser, and the complaint should be directed to them, or via FSA and FSCS if EA is caput !

Yep. Its why I put Caveats to what you said. Although re-reading it you may have misinterpreted that. I meant adding in your caveats. Not caveats to what you said.

holly_hobby

Absolutely Duns. .... we'll know more when/if the OP comes back - which they may not do (but even if post A day is correct, I doubt this isn't timebarred ... ).

H x

toscakeeper

Thanks for your points. I knew there was a shortfall but have only just got the facts which point to a misselling. 1 teh projection was that there would be cash left over but more importantly when the provider increased the DD on the anniversary my ex apparently wrote and said why - he didnt want a savings plan and he had been told the set payments would repay the mortgage and if this wasnt the case to let him know. We heard nothing back except that they reverted the DD. Surely that is agreeing the guarantee? Yes it has been assigned to me so it is my problem however I was not originally sold it. Does that make a difference. as to time barring I assumed I was but it seems I have 3 years from realising I was missold. As they keep saying not performing is not misselling but with the response to the letter asking for clarification being what it was I am hoping I have a case.

holly_hobby

toscakeeper wrote: »

Thanks for your points. I knew there was a shortfall but have only just got the facts which point to a misselling.

What are those facts ?

toscakeeper wrote: »

1 teh projection was that there would be cash left over

Saying you have had 1 projection is being slightly selective. You will have recd more than one EMV over the last 10 yrs or so, thats an industry directive. When was the first projection showing a possible shortfall to target recd ?

Or are you saying that all issued projections since circa 2000, at all 3 estimated growth rates, show an excess (ie are green letters) until the latest one ... ??? If so, when did you receive the first indication of a shortfall ?

toscakeeper wrote: »

but more importantly when the provider increased the DD on the anniversary my ex apparently wrote and said why - he didnt want a savings plan and he had been told the set payments would repay the mortgage and if this wasnt the case to let him know.

What anniversary - how many yrs old was the policy at this time ?
What yr did this occur ?
Purpose and reason of increase given by provider ? i.e was this (which is probable) to counteract the revised emvs depicting a poss sfall to target ?
DID the provider say increasing the payments WOULD repay (inferring a gte of target sum), or did it say is DESIGNED to repay (or a variation on non gte).
Do you have proof of any alleged gte provided ?

toscakeeper wrote: »

We heard nothing back except that they reverted the DD. Surely that is agreeing the guarantee?

Not really

toscakeeper wrote: »

Yes it has been assigned to me so it is my problem however I was not originally sold it. Does that make a difference.

As you were not present to the sale, you are not in a position to argue what was said re future returns or what wasn't - as obv only the life assured present at the sale, can dispute what was said to them or not. (assume this was not a joint policy, or if it was, that you wee not present).

toscakeeper wrote: »

as to time barring I assumed I was but it seems I have 3 years from realising I was missold.

Not exactly, if it can be proven that the LA knew about the risk factor of the contract before that time. Which would be proven by various points, but the easiest is when the provider can confirm the sfall to target was advised ( amber or red emv letter was issued), and as they commenced in excess of 10 yrs ago, I would be amazed if your providers funds and emvs have only recently gone amber to red - but I stand to be corrected.

toscakeeper wrote: »

As they keep saying not performing is not misselling but with the response to the letter asking for clarification being what it was I am hoping I have a case.

Lets be clear, a policy is mis-sold if it is proven that the contract was not suitable to the clients risk profile or the terms of the policy were misrepresented, but NOT if the policy has unfortunatley failed (or likely to fail ) to meet its target sum - they are 2 completely different things.

Hope this helps

Holly