Endowment Mis-selling - Don't give up!

FOSman

mab wrote:

Can anyone please advise me as to whether the 'red letter' warning high risk of shortfall, has to be in red? Thank you.

Thats a no. See my last few posts on what is a red letter is. The traffic colour terms are used by the industry.

Red Letter = Shortfall at all three rates
Amber Letter = Shortfall at the lower two rates, and a surplus at the third
Green Letter = No shortfalls at all three reprojection rates.

FOSman

defender_of_the_weak wrote:

The time bar (although it does not legally exist) only runs from a letter with the words high risk.

:wall:

Time barring limits the jurisdiction of the Financial Ombudsman Service. Just because your complaint is or should be time barred, it does not stop the firm responsible for giving the advice from looking at or upholding your complaint.

What it does do is it allows the firm to stop the complainant being considered bythe FOS. However, and I know defender will like this...if the firm have been unlucky enough not to spot that your complaint is time barred, or they have forgotten to raise the issue to the FOS when the FOS receives the complaint, then the FOS will look at the case until the firm objects. :cool:

defender_of_the_weak

In reality, it is all a bit of a game. Company says time bar, you appeal to FOS and they tell the company to review the case because time barring is all about referral to FOS. Guess what, the case is rejected. You appeal to FOS and the company objects saying it is time barred. net resut Zippo for the customer and lots of frustrating letters

tsk_2

so what you are saying then Fosman theres no point in me taking my claim any further :mad:

Listen, a 'red letter' is a letter that states that there was a high risk of a shortfall, plus shows a shortfall at all three reprojection rates. If it does that, then it is a red letter. The do not have to say "red letter", nor do they need to tell you to complain (although that has changed recently).

If the FOS are time barring you, then it sounds to me like your red letter was in Jan 2000, and the second in 2003. If its just the firm, and you have not taken the case to the FOS, then you'll soon find out if you are time barred.

defender_of_the_weak

The rules changed in June 2004 and any complaint made after this date can only be time barred if you have been given notice of the end of the period to complain. Like I said about Guardian, some of the interpretation of the rules by the life companies is IMHO suspect and should be challenged.

FOSman

defender_of_the_weak wrote:

The rules changed in June 2004 and any complaint made after this date can only be time barred if you have been given notice of the end of the period to complain. Like I said about Guardian, some of the interpretation of the rules by the life companies is IMHO suspect and should be challenged.

The above is no accurate. The new rules state that if you were not out of time on 1 June 2004, then you need to receive a letter telling you that there is a time limit for you to complain. If you had already run out of time by 1 June 2004, then the new rules do not cover you, and your complaint is time barred.

FOSman

tsk wrote:

so what you are saying then Fosman theres no point in me taking my claim any further :mad:

Further than who or what? If its already with the FOS, and they have time barred you, then the last thing you can do is start legal proceedings.

If you are still waiting on a FOS decesion, then just wait and see.

suevel

I've complained about my two endowements, one has been upheld in full, the other partially. I said I was mis-sold and that I didn't have my risk adversity questioned.When I took out the loan to pay off my house in 25 years, I wanted it to do just that.

What do I do next though as my mortgage is still attached to the two endowents that could get even worse value ?

What options are there ?
Cheers
Sue.

Bread_Lady

I agree - still battling after more than 2 years - but winning.
I am stuck at the moment - need to find Halifax lending interest rates from 1983 to 2003 and those of Citibank for same period. Any ideas?

TrickyTrotter_2

Send an e-mail to the Halifax and Citibank asking them; the FOS can also fingd them out if you have made a complaint to them, it just lengthens the delay.