the missold chase is on........

foxyuk

recd letter today from dunfermline building society re endowment in 1986...

was an agent in the branch

contacted legal and general who advised the agency

guess what..... they are still up and running to my surprise there called

MARSH EMPLOYEE...... anyone heard of them???

dunstonh

Marsh Employee Benefit Services Ltd. Effective date 2001 for FSA and 1994 for PIA.

They have 8 trading names and cover most regulated areas of financial services. 99 current or past individuals work(ed) for them.

As an IFA, they are unlikely to offer anything for a policy sold in 1986.

foxyuk

what makes u think they will not deal with it???
if they dont do i go to the fsa direct

EdInvestor

They're not required to, as it was sold bfore regulation was established in 1988.

foxyuk

if they refuse can i go to ombudsman??

dunstonh

The FSA are the regulator. The FSA do not deal with complaints. You are referring to the FOS.

The ombudsman will throw the complaint out as it was sold before 1988.

The current company may not even have any liability to that policy anyway (even if it was the case). They may have just bought the client bank/servicing rights over the years.

defender_of_the_weak

I don't deal much in scotland so do not know if Dunfermline BS still exist or absorbed by someone else. All our Marsh complaints go to Nationwide in the first instance as I believe Marsh took over servicing of some policies when various building societies went tied for advice. Responsibility for the sale would either be Dunfermline or possibly Nationwide if they have taken them over.

As it is a pre 88 case you may be told 'we did not give advice and rules were not the same etc etc' Don't beleive it and take the case to FOS if you get turned down. If it was sold by a building society then it is possible to go to FOS as theyt were regulated by the Building Society Ombudsman at the time and the new FOS absorbed the ability to look at pre-88 cases under their old rulebook. This is a common myth with pre-88 cases. If they were sold by life companies, banks or buiding societies then the chances are you can complain.

EdInvestor

defender_of_the_weak wrote:

I don't deal much in scotland so do not know if Dunfermline BS still exist or absorbed by someone else. All our Marsh complaints go to Nationwide in the first instance as I believe Marsh took over servicing of some policies when various building societies went tied for advice. Responsibility for the sale would either be Dunfermline or possibly Nationwide if they have taken them over.

Doesn't it depend then on whether Marsh was acting as a tied agent of Dunfermline or as an IFA at the time? Or are you saying Marsh never acted as an IFA?

[Dunfermline is still alive and kicking ]

foxyuk

ok found out today that both policies are marsh employees.

.... the legal and general one via the dunfermline building society in 1986 is a marsh one as the advisor was not tied they said they need to know who got paid the commission ..... TOLD THERE COMPLIANCE ITS THERE JOB NOW.... they are going to look into it

the nationwide financial services one taken in 1993 has been taken over by marsh as well !!!!! however nationwide the main group is liable as marsh only took over biz in 2001


I SEE HOW PEOPLE GIVE IN AS U GO ROUND IN CIRCLES

defender_of_the_weak

File your initial complaints with Dunfermline and Nationwide, I'm betting that Marsh only took over the servicing of these policies in later life. From memory and current experience, Pre 88 most building societies operated as IFAs