Mis sold endowments pre 1988

nicks_ego

I took out an endowment mortgage for £43,700 in 1987. It has now paid out with a shortfall of nearly £9,000. I complained about mis-selling via the FSO and the FSCS but neither could help because the policy was taken out pre 1988. Is there any way of getting compensation for mis-selling? I am considering taking Aviva to small claims court and realise others must be in a similar position. The policy was originally taken out with CGU. The original complaint was made in 2004.

mrginge

I'll get in first with the usual follow up question -

Why do you think it was mis-sold?

If the answer is because it under performed then you can forget it.

dunstonh

Is there any way of getting compensation for mis-selling?

No.

I am considering taking Aviva to small claims court and realise others must be in a similar position.

Why? Aviva have no liability for the advice you were given. Plus, you are timebarred anyway. Its a bit like taking royal mail to court because they posted the application.

The original complaint was made in 2004.

So, that would bring a second timebar as well.

If the answer is because it under performed then you can forget it.

Can forget it anyway as it can be timebarred on multiple fronts plus the OP seems to want to take someone who isnt responsible to court. Plus, you cant go to small claims court anyway.

holly_hobby

A pre 29 April 1988 (referred to as A Day) sale, means the policy was sold before regulation, which means that there was no duty of the salesperson to to ensure suitability of the policy to your requirements, nor does the firm have any legal responsibility to review the sale.

The only route would be if the terms of the policy were mis-represented, and any complaint and action would then be brought under the Misrepresentation Act 1967 - but you would require proof that you were provided with a gte that the policy target sum was guaranteed at point of sale.

The original provider (now Aviva), whom in 1987 were still Commerical Union (as they didnt merge with General Accident until some yrs after the sale), have no responsiblity for the sale of the policy ( probably a Homemaker policy) - which would have been by a insurance agt at the time.

It appears that the agt you used has gone out of business (assumed from you approaching FSCS), with FSCS refusing to review due to the pre A Day status - which means this has hit a brick wall, there is NO legal basis for any court action, and its time to put it to bed - which I'm sure you'll be disapointed with, but remain the facts we are dealing with I'm afraid.

Hope this helps (even if not music to your ears !)

Holly x

dunstonh

The only route would be if the terms of the policy were mis-represented, and any complaint and action would then be brought under the Misrepresentation Act 1967 - but you would require proof that you were provided with a gte that the policy target sum was guaranteed at point of sale.

Couldnt the 15 year long stop be applied as it is court action?

holly_hobby

dunstonh wrote: »

Couldnt the 15 year long stop be applied as it is court action?

Of course D., the firm may lawfully seek to rely upon LA80 timebound regs, as a complete defence in the matter.

Anyway up, the OP really has no route open to pursue.

Bet that'll make his day !

H x