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Help re FOS rejection please
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Crazy_Saver
Posts: 351 Forumite
Hi there.
The FOS have rejected me again!
One of the reasons they are stating is regarding churning.
We were advised to cash in two endowment policies which were estimated to give a £48k surplus. We surrendered them 4 years into the term. The payout, was less than the amount we had paid in. I thought that most policies pay out relatively small amounts until 5 years in to the term. I am sure that this is listed at the bottom of most endowment quotes.
The FOS are saying that we probably asked our advisor to surrender the policies due to the fact that they probably were not performing well. There is no evidence to suggest this. The FOS say that because of the reduced payout they believe that the policies were not on target!
They were not with profits policies, but there is no evidence at all to suggest that they were not on target!
There are many other points that they cannot prove, so they are siding with the firm.
This is so frustrating, as it appears that due to lack of evidence on so many points(either way), we have no hope of ever winning.
The adjudicator has given us the option of having the case referred to an ombudsman. Does anyone know if this would be worth our while, or would an ombudsman just re-iterate everything that the adjudicator has said?
This really is becoming a nightmare:o
Crazy Saver
The FOS have rejected me again!
One of the reasons they are stating is regarding churning.
We were advised to cash in two endowment policies which were estimated to give a £48k surplus. We surrendered them 4 years into the term. The payout, was less than the amount we had paid in. I thought that most policies pay out relatively small amounts until 5 years in to the term. I am sure that this is listed at the bottom of most endowment quotes.
The FOS are saying that we probably asked our advisor to surrender the policies due to the fact that they probably were not performing well. There is no evidence to suggest this. The FOS say that because of the reduced payout they believe that the policies were not on target!
They were not with profits policies, but there is no evidence at all to suggest that they were not on target!
There are many other points that they cannot prove, so they are siding with the firm.
This is so frustrating, as it appears that due to lack of evidence on so many points(either way), we have no hope of ever winning.
The adjudicator has given us the option of having the case referred to an ombudsman. Does anyone know if this would be worth our while, or would an ombudsman just re-iterate everything that the adjudicator has said?
This really is becoming a nightmare:o
Crazy Saver
If only I knew then what I know now 
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