Mis sold Endowment - FSCS Response

kito_2

After going through the lengthy procedure for making a claim against the company who mis-sold me an endowment policy in the 1990s, I finally received a response from the FSCS (it took almost a year to respond). The news was not good, however. The FSCS have stated that I am not entitled to compensation because the firm I dealt with was a partnership and they have not been able to to determine that the partners of the firm are unable to meet my claim and the FSCS are therefore unable to consider my claim. Well, excuse me, I thought that was what the FSCS was all about. The financial ombudsman put me onto them in the first instance as there was a chance that the firm that sold me the product was no longer trading. I'm therefor at a loss as to what the FSCS has been doing all this time and what I should do next. If I could have afforded my own solicitor then I would not have wasted my time on this organisation but I couldn't and still can't - has anybody had the same response? If so, where did you go from here, or did you accept it as the last word (which I'm reluctant to do)?

dunstonh

Well, excuse me, I thought that was what the FSCS was all about.

To cover firms have gone insolvent or are unable to meet their liabilities.

Self employed and Partnerships are financially liable for life. So, the partners, in this case, still maintain liability and you shouldnt have gone to the FSCS.

The financial ombudsman put me onto them in the first instance as there was a chance that the firm that sold me the product was no longer trading.

Just because someone isnt trading, doesnt mean they automatically drop their liability.

If so, where did you go from here, or did you accept it as the last word (which I'm reluctant to do)

You complain to the partners of the firm. If you cannot find them, then you go back to the FOS and tell them that it was a partnership and they still have liability. It could be that the partnership belonged to a network and the network carry the liability now.