compensation for under performing endowments

Compensationitis

I've defended similar cases, you are right about adviser knowledge (or rather the lack of it). The biggest culprits were DSFs and the banks and then when they moved to IFA status through a network or a national firm they got 'Independence' and swaggered about with even less knowledge and were even more of a danger.

Nobody mentions useless motor warranties, dodgy cars, lousy builders, incompetent claims handlers, idiot regulators or lying government officials.

Then there are horse traders and vendors who are economical with the truth, house sellers who hide the faults, insurance claimants who commit fraud and burglars who stab defenders of their own homes.

It's a nasty world and nothing is perfect, apart from defending the weak.

The meek shall inherit the Earth, where did I read that?

number9

At one time I had savings, credit card, mortgage and loan accounts with Northern Rock. They have bungled several times including:

1) inadequate life cover when I got married
2) providing unemployment cover on a loan when I specifically and strongly said I didn't want it - then they tried to charge me for the amended loan!
3) lousy mortgage and endowment advice
4) introducing a myriad of extortionate charges - I'm sure there's one for sneezing.
5) charging me mortgage indemnity £653 when it was not due as I had paid the required 10% deposit on my new mortgage. I had to complain to get it back. It had just appeared on my annual statement.

I have now got redress on the endowment issue, will be remortgaging elsewhere, consolidating my loans elswhere, changed credit card accounts, cancelled savings accounts, and changed current account!

Compensationitis

That's the best solution, vote with your feet and wallet.

And hope the grass is greener elsewhere.

Where did you take your business?

blossom30

I was badly advised on 2 policies taken out 1986 and 1989 I was a single civil servant at the time with no dependants so therefore I claimed for mis-selling as a life insurance policy would have been sufficient. If you can prove that there was some element of mis-selling by your advisor then compensation is due. I claimed on both policies and received compensation. You have to act quickly though as there is a cut off date for claims.There are a lot of companies who offer to undertake the task for you on a no win no fee basis but it really is simple to make the claim yourself saving 10% of your compensation. Firstly contact the company who advised you they will send you an application form to complete and will keep you posted on progress. If you are not happy with the result the Financial Services Authority will take up your case for you and this doesn't cost you as it is a Government Agency. Good Luck!!!!

Compensationitis

Well done Shrewdal.

But I do concur that some people can't even write.

The FSA would disagree with your assertion that it is a Government Agency but I agree wholeheartedly.

EdInvestor

It's the FOS (Financial Ombudsman Service)you take the complaint to if the company turns it down,of course, not the FSA (Financial Srvices Authority), which is the regulator of the industry.

https://www.financial-ombudsman.org.uk the Ombudsman

https://www.fsa.gov.uk the Regulator

Compensationitis

OK I can nit pick too, none of these is a Government Agency but the FSA makes the rules for the FOS, sets the fees for the FOS, collects the fees for the FOS and appoints the Chief Ombudsman, all with the consent of the Treasury.

Matrix_2

We have kept paying the same premium for the endowment, assumed it will only pay out £38k and not £55k, re-mortgaged with a repayment mortgage for the shortfall. ours is also an L & G endowment - was considering cashing this in, biting the bullet and going for repayment mortgage for the whole lot.
I am not looking to get easy cash to spend on other stuff - I just want to be sure that we don't have a shortfall at the end of the mortgage term - if we get "redress" it would be a bonus I guess.