Three endowment queries

Compensationitis

dunston, you really should spend more time on the FSA/FOS/FSCS websites than you do on here, there are deadly serious things you should know about, it might be better to spend more time with clients too!

Go to the FOS website and do a search for 'inappropriate charges', please.

Courtney

Compensationitis

What does your answer to my second question look like?

Were the charges appropriate or inappropriate in my case? They mention that the deductions include "the cost of life cover, illness benefits, commisions....." yet the factfind shows I declined both the "Waiver of Premium" and the "Critical Illness" cover.....hence surely I should not have been charged for illness benefits I was not going to get? Does this make their charges innapropriate?

And for dunstonh, the endowment does go into my retirement, so what affordability record should there be?

Courtney

Compensationitis

Barry gave you the answer to 2), it's a link to a discussion I started using my IFASOK hat.

Ask the provider what the premium would have been had they used their own charges to set it at outset. If the premium would have been higher than what you were paying you had a built-in shortfall from the beginning so the risk was misrepresented, i.e. it was so high that nobody would have advised you to buy it had they known this..

As for going into retirement it doesn't take much working out that you knew it would do so?

EdInvestor

Courtney, have you looked at https://www.endowmentaction.co.uk for the basic misselling complaint grounds and how to frame the claim?

Possibly you are just making things too complicated.This may not fly either with the company or the FOS.

Courtney

Editor, thanks for your comment. I have already been to https://www.endowmentaction.co.uk as well as the FOS and the FSA sites among others.

I am certainly more analytical and investigative, and a little less trusting than I was in 1998. I would still like answers to my questions, if possible, as background.

For instance, the deductions mentioned on the piece of paper I quoted. Should they have framed their charges to include the cost of "illness cover", when I was not taking any "illness cover"?

Courtney

Compensationitis

Wish I'd read this properly, so sorry.

You don't have a case of inappropriate charges as it is post 1994, but you would need to ask the FSA is that insurer was one of those who 'slipped up' and carried on conning people after that year.

The figures you talk about are the 'reduction in yield' effect of the charges they apply to the policy, so instead of say 7.5% you may only get 6%, a bit like the difference between what a building society charges for its mortgages and what it pays their savers, come to think of it that is a bigger con job.

The words including 'sickness' are prescribed by the regulator, it doesn't mean they have charged you for 'dandruff' cover or whatever. The policy schedule should tell you what you are covered for.