Emcas

Galaxy23

I have been approached by a company called EMCAS explaining that we can claim compensation from The Royal Bank of Scotland for miss selling our morgage. We had a stocks and shares ISA (initially a PEPs) which we were told would cover our morgage.As interest rates reduced we realised that we were losing money and cashed in our ISA and used my wifes early redundancy lump sum plus the value of the ISA to settle our morgage. My question is have we got a case against the bank for mis selling? Would you use this company?

Regards

Galaxy23

Thrugelmir

Nothing you've said suggests you were mis-sold your mortgage.

Simon_gloster

Agreed. If you said you wanted repayment and they set it up on interest only....then yes you'd have a case.

It seems RBS had taken steps to ensuring the debt is paid and who was to know the ourcome of the ISA's, its the risk you take.

The main aspect here is if you were given a non advised or advised sale. If non advise I wouldnt even lift a pen as the case seems fairly weak on what we know.

How does this company plan on presenting this anyhow?

holly_hobby

Ok, these companies cold call, they know nothing about you, or the sale, and certainly don't have access to the POS docs to make any determination on whether it was mis-sold.

You say that you held Peps (later tsfd into a SS ISA) at POS - and utlised this along the yrs as your repayment vehicle for an interest only mge. So no one actually sold you any repayment vehicle when you effected your IO mge, your RBS mge - you already held them.

Having an IO mge supported by PEPs/ISA/ etc is perfectly acceptable. Indeed your holding of PEPs pre mge, suggests at least a medium ATR, and an acceptance of risk (risk adverse/cautious peeps selected TESSAs during the same period you effected your PEPs).

Its important to realise that you can not be compensated for loss of expectation i.e poor performance or failure to meet anticipated returns - which is essentially the issues you describe and accepted when you pchd the PEPs, and subsequently elected to utilsie them as a mge repayment vehicle.

On the flip side, if there were any evidence of a mis-sale, you don't need a 3rd pty claims co (whom will take a cut of your compensation), just the help of the good guys and gals of this forum, who have no motives other than your best interests, when we provide any comment or guidance.

My advice, take their call for what it is, a load of old cobblers (sorry !), and look as to how you may remedy any anticipated sfall at mge redemption.

Hope this helps

Holly x

IFAking

My company received a complaint today from EMCAS for an alleged miss-selling of an investment for a client. I contacted the client to apologise if we had done something wrong, to assure them that their complaint would be investigated thoroughly, and to offer to resign as their IFA as I felt it inappropriate to continue to be paid if they were so unhappy with the job we had done for them.

The clients advised that they had been cold called by EMCAS and pushed in to providing details of their investments. They said that the majority of their investments had grown in value, but a smaller investment had experienced a slight reduction in value. EMCAS told them that an investment should not fall in value (a blatant lie and something which constitutes investment advice - which they are not permitted to provide), and said that the client should make a complaint to recover this amount. The client made it clear that they were perfectly happy with the advice and service we had provided, and had no interest in making a complaint against us. EMCAS told them that they would make a complaint against the insurance company and that no contact would be made with us (more blatant lies on both counts). They therefore deceived the client in to signing an agreement form.

We will now be reporting these cowboys to the relevant authorities, with written permission from the client, and seeking redress from them for their attempts to submit a false claim and obtain a monetary gain for themselves. Avoid them like the plague. They are nothing but a bunch of immoral ambulance chasers.

GMS

IFAking wrote: »

My company received a complaint today from EMCAS for an alleged miss-selling of an investment for a client. I contacted the client to apologise if we had done something wrong, to assure them that their complaint would be investigated thoroughly, and to offer to resign as their IFA as I felt it inappropriate to continue to be paid if they were so unhappy with the job we had done for them.

The clients advised that they had been cold called by EMCAS and pushed in to providing details of their investments. They said that the majority of their investments had grown in value, but a smaller investment had experienced a slight reduction in value. EMCAS told them that an investment should not fall in value (a blatant lie and something which constitutes investment advice - which they are not permitted to provide), and said that the client should make a complaint to recover this amount. The client made it clear that they were perfectly happy with the advice and service we had provided, and had no interest in making a complaint against us. EMCAS told them that they would make a complaint against the insurance company and that no contact would be made with us (more blatant lies on both counts). They therefore deceived the client in to signing an agreement form.

We will now be reporting these cowboys to the relevant authorities, with written permission from the client, and seeking redress from them for their attempts to submit a false claim and obtain a monetary gain for themselves. Avoid them like the plague. They are nothing but a bunch of immoral ambulance chasers.

All the best with this pursuit against the parasites. The quicker these people are closed down the better.

holly_hobby

IFAking wrote: »

They said that the majority of their investments had grown in value, but a smaller investment had experienced a slight reduction in value. EMCAS told them that an investment should not fall in value (a blatant lie )

Not if the bozo's don't have the first clue about financial advice - which I suspect to be the case.

The reality is these will be a load of unqualified individuals, working form a script in a call centre, paid on a commission per case - same as the Debt Collection Agency industry works.

Indeed, the fact that they seem to think the provider is actually resposible for an IFAs advice/recommendation says it all really .... (rolls eyes and sighs !)

The worrying issue for me (apart from the heartache and cost to the poor Firms baring the brunt of this behaviour) is just where these numpties are obtaining phone numbers and contact details from in the first place !

Entirely agree that as soon as these cowboys are clamped down on the better .....

Holly x

dunstonh

They have come up a few times on the forum. Basically, they cold call people telling them that if they have lost money then they have reasons for complaint.

This company has had more bad posts about it than most others. A total disgrace of a company.

magpiecottage

I dealt with a complaint from them this afternoon.

Like almost every complaint I get to see from them these days it was timebarred - by more than six years.

predian

I took a call from emcas yesturday. I was hesitant but ended up telling them my policy numbers for an ISA and a bond which they said that if I wasn't getting the returns I expected then they could probably make a claim. Personally I don't think I was mis sold or ill advised, I just haven't have much in the way of follow-up advice or review.
I told emcas that I would be checking up on them online. Now that I have read this thread I intend to avoid any further contact, I am concerned - is there anything they can do with my policy numbers now that they know them?

holly_hobby

predian wrote: »

I took a call from emcas yesturday. I was hesitant but ended up telling them my policy numbers for an ISA and a bond which they said that if I wasn't getting the returns I expected then they could probably make a claim.

Which is misleading to the layman and absolute rubbish (to put it nicely !) You CANNOT be compensated or bring a mis-sale, based on loss of expectation. (ie poor performance) - a mis-sale can only be evaluated on suitability or misrepresentation.

predian wrote: »

I am concerned - is there anything they can do with my policy numbers now that they know them?

No. And the only way they could obtain info from the providers in question, would be if you provided a signed authority for them to act on your behalf.

Hope this helps

Holly