Endowment Mis-selling - Don't give up!

bill_3-2

Thanks Lizzie,
It is the shortfall. We had a repayment mortgage with them before we moved house and then they sold us this endowment to pay for the new house.
bill

bill_3-2

I have been trying to get a copy of my mortgage file from the Building Society and the Insurance company.
The BS are dragging their heels but the Insurance company said today that they will look out the microfiche and send me a copy.
So will see what that brings.
I did not see why I should have to fill in their questionaires just so they could decide what would happen.
What do you think.
Bill

AlanB_2

Thanks for advice, just received cheque after a total of just 5 weeks from complaint letter to Zurich.

Johnocyprus

i have a 25 year Standard Life Minimun Cost Plan maturing May 2011 which is going to be at least 12k short of the 40k sum promised. It was sold to me by the Woolwich , I had complained to the Woolwich and received a rejection letter some 15 months ago. Unfortunately I have done nothing since and have lost all correspondence. I realise I've been foolish not pursuing it at the time but wonder if there is way I can now resurrect my claim for mis selling? This endowment policy is no longer allied to a mortgage. Any advice welcomed.
Thank you
John

the_doctor_2

I have a WP endowment mortgage policy which was taken out in 1993.
The total sum was for 130k, although I only required 120K. In my discusions with my IFA he suggested that I increase the figure by 10k to cover any risk and so guarantee the final figure.
It is now (a norwich union policy) running at 100k predicted final figure.

I did explain that I wanted minimal risk when it was taken out, do I have a case for miselling? I would appreciate your views.

Rgds

The Doctor.

TrickyTrotter_2

Johnocyprus wrote:

i have a 25 year Standard Life Minimun Cost Plan maturing May 2011 which is going to be at least 12k short of the 40k sum promised. It was sold to me by the Woolwich , I had complained to the Woolwich and received a rejection letter some 15 months ago. Unfortunately I have done nothing since and have lost all correspondence. I realise I've been foolish not pursuing it at the time but wonder if there is way I can now resurrect my claim for mis selling? This endowment policy is no longer allied to a mortgage. Any advice welcomed.
Thank you
John

Pretty sure you have to make an Ombudsamn appeal within 6 months of rejection by your financial institution. Otherwise it's out of time.

scottishlizzie

TrickyTrotter wrote:

Pretty sure you have to make an Ombudsamn appeal within 6 months of rejection by your financial institution. Otherwise it's out of time.

This is correct. You must appeal within 6 months.

scottishlizzie

the_doctor wrote:

I have a WP endowment mortgage policy which was taken out in 1993.
The total sum was for 130k, although I only required 120K. In my discusions with my IFA he suggested that I increase the figure by 10k to cover any risk and so guarantee the final figure.
It is now (a norwich union policy) running at 100k predicted final figure.

I did explain that I wanted minimal risk when it was taken out, do I have a case for miselling? I would appreciate your views.

Rgds

The Doctor.

The most common reason for making a complaint about mis-selling is that the risks (of shortfall) associated with the plan were not fully explained to you at the point of sale. In your case it sounds as if the subject of risk was touched upon however it is possible that it was not fully explained to you. The documentation completed at the time may confirm that the IFA did cover all the requisite points but for a plan sold in 1993 this would be quite unusual, although a good IFA would have done so.

If you genuinely feel that the policy was not properly explained to you then you should complain to the IFA who sold it to you (or his firm). A larger proportion of IFA complaints are rejected in the first instance (by the IFA) than those made to large insurers about their direct sales force or tied agents. However, even if the complaint is rejected you still have the right to go to the Financial Ombudsman.

Success often depends on the quality of the paperwork available from the point of sale. You won't know until you try.

scottishlizzie

bill wrote:

I have been trying to get a copy of my mortgage file from the Building Society and the Insurance company.
The BS are dragging their heels but the Insurance company said today that they will look out the microfiche and send me a copy.
So will see what that brings.
I did not see why I should have to fill in their questionaires just so they could decide what would happen.
What do you think.
Bill

Under the Data Protection Act they do have to give you a copy of any paperwork they have containing personal information about you - this would include a proposal form and fact find form. Re the questionnaires, just give the information you feel is relevant and don't worry about what you can remember. It's probably not worth waiting for your file to fill in the questionnaires - more likely than not there will be minimal information on there and all that will show is that the risks were not fully documented, which is already the basis of your complaint.

bill_3-2

Thanks Lizzie,
Now the BS is saying they can't release my file till they have the permission of everyone who is in it. Sounds like Bullshine to me :mad:
I have a copy of the Microfiche off the Insurance company but it does not mention that it was the BS who sold it to me on their behalf. Any ideas?
Bill :beer: