We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Miss-sold Endowment by a Broker
MMCC
Posts: 6 Forumite
Hi,
I April 1988 I took out a Mortgage Endowment Plan with Scottish Amicable through a local broker. I contacted Prudential who had taken over Scottish Amicable to see if I was due any compensation as a consequence of an expected shortfall of about £6000 when the policy matures in 2013. My understanding at the time of the purchase was that the policy would cover the loan and provide an additional lump sum. I understood also that I would be able to encash the policy early and cover my loan before retirement age based on anticipate growth.
After a number of letters and information exchanges PRU declared that the carried no responsibility for this particular instance as any advice I had taken was provided by a broker whom they described as ' not appointed by representatives of Scottish Amicable' but who indicated in writing that he operated within the guidelines set down by Scottish Amicable at the time.
The final letter from PRU in Feb 2006 suggsted that if I couldn't get any compensation from the broker I should contact the FSC scheme which I duly did. Thery pointed out that they didn't provide any compensation for miss-sold policies which were taken out before 28th August 1988; 4 months after my purchase.
Do I fall outside of all the compensation options or is there some other route I can follow???
Thanks.
I April 1988 I took out a Mortgage Endowment Plan with Scottish Amicable through a local broker. I contacted Prudential who had taken over Scottish Amicable to see if I was due any compensation as a consequence of an expected shortfall of about £6000 when the policy matures in 2013. My understanding at the time of the purchase was that the policy would cover the loan and provide an additional lump sum. I understood also that I would be able to encash the policy early and cover my loan before retirement age based on anticipate growth.
After a number of letters and information exchanges PRU declared that the carried no responsibility for this particular instance as any advice I had taken was provided by a broker whom they described as ' not appointed by representatives of Scottish Amicable' but who indicated in writing that he operated within the guidelines set down by Scottish Amicable at the time.
The final letter from PRU in Feb 2006 suggsted that if I couldn't get any compensation from the broker I should contact the FSC scheme which I duly did. Thery pointed out that they didn't provide any compensation for miss-sold policies which were taken out before 28th August 1988; 4 months after my purchase.
Do I fall outside of all the compensation options or is there some other route I can follow???
Thanks.
0
Comments
-
Duplicate thread to one in the endowment section. Please respond on the other thread (mod please merge if you read this).
http://forums.moneysavingexpert.com/showthread.html?p=5965884#post5965884I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards