endowment compensation claim

sunrise27_2

I'm pretty sure we're going to be turned down for any sort of claim but we have gone through the motions ' just in case ' our claim has been referred to the FSA as the company doesn't exist any more who dealt with our endowment - all I want to know is if they will let us know either way or if its a no will we just not hear anything ??

kingstreet

We no longer have an FSA. We now have an FCA, but that has nothing to do with individual complaints.

You could have complained to the Financial Ombudsman Service, or if the advisor was "in default" the Financial Services Compensation Scheme.

Please clarify. Detail of the reason for your complaint and its timing would be helpful.

dunstonh

our claim has been referred to the FSA as the company doesn't exist any more who dealt with our endowment

Can you confirm what the "F" initials are. The FSA no longer exist. They were replaced by the FCA. The FSA (or FCA) never handle consumer complaints. The FOS is the ombudsman but deal with unresolved complaints about companies still trading. The FSCS exist to deal with post 29th August 1998 complaints about companies that were regulated by the PIA/FSA but no longer exist.

all I want to know is if they will let us know either way

Assuming FSCS, they will let you know either way.

I'm pretty sure we're going to be turned down for any sort of claim

With 3/4 of all endowments now timebarred against complaint then its statistically low odds. Even at its height and before timebars, the uphold rate was only around 25% against brokers/IFAs (higher against banks). So, i wouldnt go spending money in advance!

sunrise27_2

we've used a company and they've said it had to be passed onto the f something or other I'm thinking itsthe FCSC
would love to have the money to spend but know that its highly unlikely just be nice to hear either way so I can move on

opinions4u

we've used a company

That's a shame.

And a waste of money.

sunrise27_2

no we haven't paid anything

JuicyJesus

sunrise27 wrote: »

no we haven't paid anything

If your complaint is successful then you will pay. Somewhere upwards of 25% of the total amount of redress + VAT.

sunrise27_2

JuicyJesus wrote: »

If your complaint is successful then you will pay. Somewhere upwards of 25% of the total amount of redress + VAT.

yes I do realise that thank you

dunstonh

There are not many companies left doing endowment complaints now. EMACS giving out their false hope and information is the only main one that comes to mind. I wont say more as I dont want to get my post deleted but a search will tell you people think of them. Hopefully, it is not EMACs.

You could phone the insurer and ask if the endowment is complaint time barred. Whilst the insurer does not carry the liability for the advice, they are the ones that activate the time bar. The FSCS will check with them to see if it is timebarred.

sunrise27_2

no it isn't them , to be honest I know its pretty much certain its time barred so I'm just wondering why its taking them so long to give us a no - I'm not thinking we're getting anything but would like to at least have a definite no as you know what its like theres always that tiny tiny tiny bit in your head that says maybe although I knew from day one we would never be that lucky

dunstonh

to be honest I know its pretty much certain its time barred so I'm just wondering why its taking them so long to give us a no

FSCS need to log it. Stick it in the queue. Then verify liability. Then attempt contact with the directors of the original firm and then obtain some information from the insurer. The PPI queue is likely to be the biggest delay reason though.