Endowment Mis-selling - Don't give up!

Garry_Anderson

BACKFRMTHEEDGE wrote:

We were all defininately mugged. All criminals think there victims deserve it and think it's OK to do what they do...you're just trying to appease your collective guilt. You're no better than the bloke in the balaclava or someone who steals money of old ladies. :cool:

I have been in communication with the Financial Services Authority and the Serious Fraud Office on the subject of Endowment Mortgages.

I even won official complaint against the FSA for "unprofessional lack of integrity" - for all the good it did me in getting answers.

The Head of the Serious Fraud Office could certainly not deny that we were defrauded - that is a documented fact.

They would not answer the simple questions either - both the FSA and SFO helping the crooks escape.

I have this documentation of avoidance available for my court case - should it come to that.

WoolwichSucks.co.uk - skilful.com - wipo.org.uk

julliff

Apologies if this has been covered elsewhere (I didn't find the same scenario).

I wrote to the IFA compny who sold me an endowment in 1993. (usual story, pay off mortgage and cash lump sum as well!). In reply I received a letter from another company telling me that they bought the business, but thet the ongoing responsibility remains with the original IFA.



I spoke to him, who tells me he has no files, and no access to them. (He also told me he didn't receive the letter that the new company had tol me that they had passed on. so he cannot respond.

Questions are:

Where does the responsibility/accountablilty lie?

What if the paperwork no longer exists?

Should I just press on and write to the Ombudsman.

If anyone has a similar tale, I'd be really grateful to hear how things went/ or are going. am I on a hiding to nothing here? _pale_

Many thanks

dunstonh

Where does the responsibility/accountablilty lie?

If the original advisor was a sole trader or partnership, the responsbility is with him. If he failed to keep files, thats his problem. If he was a network member, you should forward the complaint to the network as they should have a copy of the files.

What if the paperwork no longer exists?

tough on the advisor

Should I just press on and write to the Ombudsman.

Not yet as it may not be the ombudsman you need to go to but the FSCS. Get it writing that both the company that took the renewals isnt responsible and the old advisor isnt responsible. If he fails to give that in writing, then you take it further.

julliff

Hello

Many thanks for your reply. I already have the written statement from the new company saying that they are not responsible . I phoned the owner of the previous company (it was Fred bloggs and Company). It turns out that the sales person was not Fred bloggs, but some other IFA, who was (I assume) representing the company.

Do I now need to find out where the actual salesman is, and approach him? Or do I write to Fred Bloggs whose name is on the letterhead? I never met Fred Bloggs.

I suppose what I am asking is: Is it the individual accountable, or the company?

Sorry to ask so many questions, but I keep being sent in cirlcles!

Thanks again

julliff

Sorry, I mean to also ask what network?

dunstonh

The company on the letterhead is responsible.

Networks are often used by IFAs to handle the compliance. In these cases, you would often see "fred blogs is an appointed representative of xyz company who is authorised and regulated by the FSA....". In these cases, you complain to that network. If you see the compliance message "fred blogs is authorised and regulated by the FSA...." this means they are not a network member and you write directly to them.

Loobeylou

Loobeylou wrote:

Thanks for your advice - I have been in touch with Legal & General and have found out that the endowment was sold to us by the Halifax, with whom we have our mortgage. We have forms to fill in which have been sent to us from the Halifax, and will get them off asap.

UPDATE: Surprised to hear back from the Halifax this morning, as I only posted the complaint forms back on Friday!

However, they state that they uphold our complaint, but we have to wait to see if or what compensation we will get. Baited breath or what!?

I know it is only a small mortgage, and we have been overpaying for the past three or four years to get the final sum down. However, it would be lovely if we did get a little bit of something and were able to pay a lump sum off the mortgage to bring it down further.

keld

:rolleyes: Hi,

I'm new to this, but I'm in a situation like 'julliff', in that I took out an endowment policy in 1995. In 2004 I started my complaint, my IFA's company had been taken over by a larger company, but they wrote to me to say that they hadn't taken on his liabilities. So I contacted the FSA who advised me to contact the FSCS, which I duely did. They wrote to me in Nov 2005 saying that they couldn't deal with my case as they couldn't find the IFA in default, that is, just because they were no longer trading, didn't mean that they were bust and that I should try to track down the IFA, (in my case the IFA owned the company he traded under), difficult as I have it on good authority that he's moved to Spain, or contact the FSO, and only if the FSO found that he was in default could I revert back to the FSCS. So I wrote to the FSO in Dec 2005 and yet again filled in all the forms. They returned all my forms and said that I had to contact the IFA - anyone getting dizzy - and that they had also written to him on my behalf. They said that I had to give him 40 days to respond, which was today, and if he didn't to resubmit all the forms, which I will do asap.

I feel as if I am not getting anywhere, but I am not prepared to give up. (I've so far managed to get something back for my husband and for my in laws so I know its possible.)

So good luck 'julliff' and if anyone has any advice it would be welcome.

Lally

dunstonh wrote:

I think it was more a case of people accepting that they would always get surpluses.

The risk is ignored. That is until it goes wrong.

Exactly my point.

Chip_Butty_3

I was sold an endowment linked mortguage some years ago, when I had hair & what hair I had, wasn't grey.
I kept reading Martin's advise to complain & actually went to the Which site on a couple of occasions to see actually how easy it would be. That is as far as I took it.
A couple of months ago, I read again, that people should complain, so one weekend I applied myself, got the old documents out & filled in the letter on the Which site & posted it off.
I received a letter from Scottish Widows a week or so later, noting my complaint & some documentation, a form to compile. I did this, supplied all the relevant info & sent it off.
The company stated that their timeframe for the complaint process would be a month.
Within that time a letter landed on the door mat & upon opening it, the complaint was upheld & they wished to settle, to the tune of £4,124. I nearly choked on my dentures.

So, for what use my advise is to anyone else. Spend a couple of days 'Going through the process' you never know, you might be lucky.

I understand others have found it to be a long drawn out process, I guess I was lucky.

A big THANK YOU MSE.