Any hope of claiming a missold endowment?

Karence

We were missold an endowment in 1992 - however the financial adviser was situated within the law firm that we used. We moved house again and didn't realise there was a shortfall as the letters arrived long after the re-direct.

By the time we realised, we did as advised and wrote to the law firm. They were curt and unfriendly and distinctly unhelpful. I tried the FSA next and they said I had to speak to the Law Society. It went on and on for ages this constant stream of letters and ending with the Legal Ombudsman and the end result was no compensation, no recognition for our efforts at all

To top it all we were with Commercial Union which has become Aviva and has it own separate problems with dividend payouts.

I would be grateful if anybody could advise whether haven't instigated an investigation within the time allowed period, I could once again resume it?

Cheers!

dunstonh

I would be grateful if anybody could advise whether haven't instigated an investigation within the time allowed period, I could once again resume it?

No. You complained and lost. Game over. You cant keep repeating complaints that have already been given outcomes.

Karence

Gosh glad you aren't a doctor!!! I disagree with the outcome, I'm outraged that the solicitor distanced himself from the financial adviser and the FSA were unhelpful...

dunstonh

I disagree with the outcome, I'm outraged that the solicitor distanced himself from the financial adviser and the FSA were unhelpful...

You may disagree with the outcome but you lost your complaint.
The FSA had no choice but to be unhelpful. They have no remit over solicitors. They have as much remit as, say, the General Medical Council.

The fact does not change that you complaint did not succeed. Both the solicitor and the law society disagreed with your opinion. Time to move on.

holly_hobby

. The adviser was located inthe law firm prems, but was he employed by them ? As it sounds from the firms response he wasn't. Was the salesperson a self employed IFA in the practice ?

If the salesperson/sol practice were an appointed representative of CU which in '92 they had many - the complaint would/should have been dealt with by them (later CGNU, then Aviva if CU had already merged by the point of your complaint).

It is also important to note that you can not complain or be compensated for loss of expectation, which in simple terms, is the policy wasn't performing as anticipated. Your compliant would have to be unsuitability, ie it was not appropriate to your risk profile, or the terms were mis-represented (which under a complaint, actually comes under the misrepresentation act 1967).

Usually you would be time barred with this, but if you were not advised by the IFA that you had the right to refer the matter to FOS, and were unaware of this yourself, then if you explain the underlying reason for the delay in submission to FOS for their reveiw, tehy may choose to dis-regard the time frame involved between initial complaint and referall.

Anyhoo, hope this helps

Holly

dunstonh

Holly, if the FSA verified that is was under the remit of the Law Society then it would not be an FSA regulated adviser but an adviser working within the law firm. The fact the Law Society got involved and rejected the complaint also suggests it was under the Law Society. Otherwise they would have said it was outside of their remit.

Law firms tend to use legalistic speak in their responses. So, curt and unfriendly responses are normal. They are usually blunt and to the point. Any response you dont get in your favour is likely to be viewed as unhelpful.

amnblog

move on Karence you are flogging a dead horse

Karence

Thanks Holly going to recheck exactly what was said and make a decision from there I appreciate you taking the time to advise and will post anything update on the situation.

holly_hobby wrote: »

. The adviser was located inthe law firm prems, but was he employed by them ? As it sounds from the firms response he wasn't. Was the salesperson a self employed IFA in the practice ?

Holly

holly_hobby

Do take on board Dunstonh's comments, which may actually be the case.

Holly