Endowment Mis-selling - Don't give up!

steveymp

Just a couple of questions

1. How long does the complaint process take, I started my compalint by writing to the Abbey endo\0\0wment department in May this year, I have had no correspondance since then from them. Is this the norm?

2. I have the address of the complaints department for Abbey but no phone number, does anyone have their phone number.

Thanks in advance for any help

dunstonh

Dunston the £350 from Standard Life is for advice on the future direction of the mortgage, not the filing of a complaint. There are separate issues and IFAs should not be billing Standard Life for non existent advice when in fact it is merely an opportunity to charge £350 for an unrelated topic.

Switching to repayment mortgage takes no time at all and if its thrown in with dealing with the complaint then there is no problem with that.

defender_of_the_weak

Dunston, the offer letters are quite specific and throwing in a freebie complaint whilst dealing with the switch is not really what the Standard Life offer is about. It is supposed to be so the client can sek independent advice after the complaint has been resolved.

Wage_slave_2

Hi all, after browsing this site for a while have read some really useful things on it.

After receiving an endowment shortfall letter back in May of this year from Royal & Sunalliance I decided to complain. Didn't really think I'd get very far but I though "What the heck, nothing ventured, nothing gained". Have today received an offer of compensation so I'm relatively happy, would rather the endowment was on track but at least it's something.

Not happy the Government is going to take a slice of it though but such is life.

For all those thinking of complaining, go for it. For all those who've posted good advice, cheers.

Wage Slave

dunstonh

defender_of_the_weak wrote:

Dunston, the offer letters are quite specific and throwing in a freebie complaint whilst dealing with the switch is not really what the Standard Life offer is about. It is supposed to be so the client can sek independent advice after the complaint has been resolved.

It may not be what its for but if the transaction includes switching from interest only to repayment then there isnt a lot they can do about it. I have billed it as £350 for sorting mortgage out with no issues in the past. Usually split it with the client. The fact the complaint was handled through me has nothing to do with it.

I'm sure that if they didnt just pay it to FSA Authorised individuals, you would claim it on behalf of your clients as well.

defender_of_the_weak

Istill think you are sailing close to the wind on this interpretation but it ain't my business. Trust me, if I coukld charge my fees to the life companies etc I would gladly do it rather than charge the clients, and that includes the Standard Life £350 perhaps I should write and suggest it to them.

dunstonh

Istill think you are sailing close to the wind on this interpretation but it ain't my business.

Its good to chat about these things though I think their problem would be how would they enforce it. I arrange the switch to repayment mortgage and charge the full £350 for doing it. How I rebate some of that charge is my choice. What other work I choose to do for free is also my choice.

IFAs often will cross subsidise one part of the business with another. ie. take commission on the life assurance but not on the pension.

perhaps I should write and suggest it to them.

Given the negative attitude of some the life companies towards endowment claims companies, we can bet what the response is. Seeing as SL are the only provider that seem willing to pay costs of switching mortgage, they would more likely remove it then extend it.

defender_of_the_weak

If provider had to pay for the costs of heling with a claim I am afraid the feeding frenzy would be huge. What should happen is the removal of the non-existent time bar rule. at least then people would not be complaining because they feel they have to do it now and don't trust the big companies to treat them fairly.

Also for all those people who topped up their policy, as per the shortfall letter, only to find it was still no good, are now being shafted because it is more than 3 years since he first letter.

Botom line, big financial institutions are not run for the benefit of the public they are there to show a profit.

FOSman

steveymp wrote:

Just a couple of questions

1. How long does the complaint process take, I started my compalint by writing to the Abbey endo\0\0wment department in May this year, I have had no correspondance since then from them. Is this the norm?

2. I have the address of the complaints department for Abbey but no phone number, does anyone have their phone number.

Thanks in advance for any help

Hi there,

They have to acknowledge your complaint within 2 weeks, and then have a total of 8 weeks to issue a 'Senior Management Decesion Letter'.

If you get no joy, call the FOS. Infact, they will be able to give you a number for Abbey. Be carefull with Abbey as there are a number of firms there. Did you get advice from Abbey National Financial Services? Or Abbey National Independant Financial Advisers? If you did from those two, you need to complain against Chase de Vere, as they took on their liabilities.

Either way, just give the FOS a call. All in all, if you get no joy from Abbey, expect a delay if you take the complaint to the FOS. Anything between 3-16 months.

Hope this helps.

FOSman

Actually, if a complainant tops up a policy after taking advice from a reprojection letter, as it contains a 'contractual review', the complainant is entitled to say that he did not have cause to complain about the advice, as the review would have alleyed any fears. Therefore, the letter would not be enough to give them cause for complain...and therefore, the complaint is not time-barred. So says FOSman!

(Every case is however looked at on its own individual merits)