Endowment Mis-selling - Don't give up!

sondheimsoc

Plesae could someone advise me on where to send my claim? I discovered yesterday that the company we bought our two endowments from has now been sold. I am not sure about the liabilities of new firms for previous transactions.
Should we perhaps send the letters direct to the endowment companies (Scottish Equitable and Friends Provident). And does the fact that we have recently cashed in the Scottish Equitable one work against us?
Any advice gratefully received.
Thanks
Lynne

dunstonh

Should we perhaps send the letters direct to the endowment companies (Scottish Equitable and Friends Provident).

That wouldnt be fair would it. They just received the applications in the post. They didn't advise you.

And does the fact that we have recently cashed in the Scottish Equitable one work against us?

If upheld, any calculation would be upto the point of surrender.

Plesae could someone advise me on where to send my claim? I discovered yesterday that the company we bought our two endowments from has now been sold. I am not sure about the liabilities of new firms for previous transactions.

If the original firm was independent, then you complain to the firm that has bought them. If was just an agency take over rather than a sale of the company, then the new company has no liability. If the original firm was a sole trader or partnership, you complain to the original advisor. If the firm was a member of a network, you complain to the network.

If the firm was a tied agent of the insurer, you complain to the insurer.

Best thing to do is look at the documentation supplied to you which does contain the address to complain to. It would be on the buyers guide or terms of business depending on the year of purchase.

silvercar

If you don't know who sold you the policies send the complaint to the provider, or at least ask them. The provider should have documentation or at least know who they send trailing commissions to.

I complained to standard life and they passed the complaints on - with instructions that the advisors should reply within 5 working days!

dunstonh

If you don't know who sold you the policies send the complaint to the provider, or at least ask them. The provider should have documentation or at least know who they send trailing commissions to.

Just a small clarification on that point. Trail commissions get paid to whoever currently has that policy on their agency. I have dozens of endowments on my books but didnt sell one of them. I havent a clue who did. So asking who they pay the renewals to (trail isnt paid on endowments), is not a good guide to who sold the policy. Just asking them for the name and address of the advising company should suffice.

sondheimsoc

Many thanks, I'll try to find the name of the firm which bought the agency.
Lynne

tw0906blue

defender_of_the_weak wrote:

Do not over elaborate on the form and provide ammunition for FP to reject the complaint on a casual comment. If you are unsure of what they are asking post the question on here

Thanks for this advice and the websites posted.

We have today received notification from FP that they are willing to pay out £14k, and I think they agree there is a shortfall in the policy. But they never actually say anything so concrete.

Reading the letter twice - to try to get through the info and understand it -FP are saying that we have paid out more than we would have on a straight re-payment mortgage. They are offering £14k. Terminating the policy. And suggest we go back to the Abbey to sort out a repayment mortgage.

So the plan of action is....

Visit Abbey to find out what they can offer in the way of a repayment for the remaining amount....is that right? I am not at all good at this sort of stuff!
Check what other repayment mortgages are out there.
This will then give us an idea of whether the £14k is going to cover our shortfall.

A standard notification for the policy also arrived today saying that bonuses added this year was £14.34! What are they doing?? This policy seems to be going down the pan.

Anyway, that aside, I think this is a success!

dunstonh

A standard notification for the policy also arrived today saying that bonuses added this year was £14.34! What are they doing?? This policy seems to be going down the pan.

The guaranteed sum assured should be added to that (divided by the number of years of the policy) and there is almost certainly an increase in the terminal bonus as well.

Still not a plan I would want to have though.

the_doctor_2

I have finally received from the FOS regarding my case and it (without going into too much detail) seems to side with the IFA/network.

I have confirmed to them that I wish to keep the case open, where do I go next for advice? I want to pursue this further but feel I need some help.

The Doctor

dunstonh

the_doctor wrote:

I have finally received from the FOS regarding my case and it (without going into too much detail) seems to side with the IFA/network.

I have confirmed to them that I wish to keep the case open, where do I go next for advice? I want to pursue this further but feel I need some help.

The Doctor

In your first post, you said that the IFA recommended you increased the savings part by a target of 10k to reduce the chances of it not hitting target. That would assume you knew there was a risk involved. Otherwise why do 10k more than needed. In which case, you were aware that there was a risk and still proceeded with endowment knowing that.

Cant see you getting anywhere further on this.

the_doctor_2

Thanks Dunstonh,

Just wanting an unbias view which you have given, and am grateful

It is difficult to know when to give up when potentially loosing money after being advised.

The Doctor