Endowment Mis-selling - Don't give up!

EdInvestor

If it is the end of the line could someone please give a view on how conservative (or otherwise) FP are normally in projecting shortfalls. The minimum guaranteed cash sum (inc bonuses) is 15.5K and the declared bonuses are 6.6K, at 4% they are quoting 16.7K and at 8% its 21K.

HI financeklux,


I a gree there's no way you can pursue a complaint.

Post the surrender value, plus monthly premium and maturity date, for a view on the way forward.[PLease post all the info on a new thread so your query will be spotted]:)

financeklux

thanks guys for the swift response, even though its not the answer I wanted it makes it more palatable to hear it from independents.

Regarding the way forward, the stats are :

target amount : 25K
last years guaranteed cash sum :15,443
sum assured :8,824
declared bonuses : 6,636
minimum guaranteed cash sum at maturity : 15,460
surrender value as at april 2005 : 10,202
monthly premium : 34
maturity date : Dec 2011

thx again

scarey_man

I have eventually got somewhere with my mis-selling complaint.
The IFA who sold me it is no longer in business, but they were members of DBS Financial Management PLC, now called SESAME (spelling?).
They will process the complaint.

They also say it will take months i.e. >6months.

Least I seem to be getting somewhere.

thanks to dunstonh for pointing me in the right directions.

EdInvestor

financeklux wrote:

thanks guys for the swift response, even though its not the answer I wanted it makes it more palatable to hear it from independents.

Hi finance klux

If you keep paying into the endowment for the 6 years to maturity you'll get at least 15,460 (the guaranateed value) plus free life cover for the 6 years.

If you surrender the policy and put it in the bank for the 6 years, also paying in the premiums, you should get 15,673, so there's no real gain.

So IMHO you might as well stick with the endowment, as you have nothing to lose and you may get some extra guaranteed bonuses and even a bit of terminal bonus by the end, who knows.

If you are paying a higher interest rate on your mortgage and don't need the life cover, you would get a better notional return by surrendering the policy, using it to reduce the morgage amount, and then increasing your monthly mortgage payment by the amount of the endowment premium.

dunstonh

scarey_man wrote:

I have eventually got somewhere with my mis-selling complaint.
The IFA who sold me it is no longer in business, but they were members of DBS Financial Management PLC, now called SESAME (spelling?).
They will process the complaint.

They also say it will take months i.e. >6months.

Least I seem to be getting somewhere.

thanks to dunstonh for pointing me in the right directions.

Sesame Ltd is a network made up of 5 previous legacy networks. Some of those networks had a very good reputation for compliance. DBS were the worst of the legacy networks. I sometimes wonder if Misys (the owner of Sesame) regret ever getting involved with DBS.

DBS have managed to misplace a large number of client files. These only apply to firms that are no longer DBS(Sesame) members. This makes it impossible to support any sale and usually results in complaint being upheld. A number of ex DBS members are now being hit for compensation requests because of this. Personally, I think they were stupid not keeping copies of their own client files when they left the network (networks only get the client files or a copy of the client files when a firm leaves the network either by closing down or going directly regulated or moving to another network).

So, you may actually end up being one of the lucky consumers who gets paid out because of this.

Also, Sesame are likely to enforce action against that advisor sold the policy without being authorised at the time. I wouldn't be surprised if they put a counter-claim against him and if he is still trading, he could also end up facing disciplinary action from the FSA. If what you say is found to be the case, that is.

scarey_man

dunstonh wrote:

S
Also, Sesame are likely to enforce action against that advisor sold the policy without being authorised at the time. I wouldn't be surprised if they put a counter-claim against him and if he is still trading, he could also end up facing disciplinary action from the FSA. If what you say is found to be the case, that is.

I mentioned something similar to the DBS guy I spoke with. He mentioned that as DBS were being regulated, then affiliated/associated members didn't need to.

OldReuben

I seem to recall an item on Martin's main site which was a step-by-step guide to how to complain about endowment mis-selling. It included links to form letters provided by the Consumers Association and advice on how to proceed if your complaint was rejected.

Can anyone tell me where to find this item? I've searched under the "Mortgages" & "Savings" headings without success.

Thanks

JOHN

dunstonh

OldReuben wrote:

I seem to recall an item on Martin's main site which was a step-by-step guide to how to complain about endowment mis-selling. It included links to form letters provided by the Consumers Association and advice on how to proceed if your complaint was rejected.

Can anyone tell me where to find this item? I've searched under the "Mortgages" & "Savings" headings without success.

Thanks

JOHN

Repeated in a number of places on this thread - happy hunting

andy-pandy_6

http://www.which.net/endowmentaction/index.html

englisho

scarey_man wrote:

I mentioned something similar to the DBS guy I spoke with. He mentioned that as DBS were being regulated, then affiliated/associated members didn't need to.

I'm in the same boat.. independent sold me the endowment.. seemed a bit of a wide boy.. flash car.. bragging about how much he made from endowments.

This was 11 years ago.. but after much searching I found out that he has since changed his company name.. but was selling at the time on behalf of DBS.. now Seseme. Seseme have informed me it could take up to a year before I hear anything regarding my initial complaint of misselling.

Surely there should be some sort of time limit on these things, enforced by the gov.

In effect we have been conned.