miss-sold endowment advice

andy_robinson_2

We complained about our endowment being miss-sold and have been offered £4400 but we feel that our true losses are around £13000.
The financial advisor worked for a firm of solicitors and the solicitors replied that they didn't accept legal responsibility but offered us the £4400 as a final settlement! Also in previous replies they said that if compensation was offered we should be put into a position similarly to what we would be in now if we had taken out a repayment mortgage at the time the advice was given. Should we reject this initial offer? and push for a more realistic sum as they haven't accepted "legal responsibility" but offered compensation (doesn't make much sense). They also said the sum had been calculated using standard FSA calculation for such losses.
Any help appreciated.
Thanks in anticipation
Andy

luckyfool

andy_robinson wrote: »

Also in previous replies they said that if compensation was offered we should be put into a position similarly to what we would be in now if we had taken out a repayment mortgage at the time the advice was given.

My understanding is that this is the correct position.

andy_robinson_2

So should we reject the initial offer?
Thanks
Andy

luckyfool

andy_robinson wrote: »

So should we reject the initial offer?
Thanks
Andy

Not if the offer they have made is calculated to put you back in the same position. It's impossible for me to know that from what information you have given, and I'm not an expert in this area as I have never done an endowment so I have not had to worry about any such claims.

The information they have given you seems to conflict, on the one hand they say its not their problem, implying the compensation is somehow less than it would have been if it was their problem. On the other hand they say that it is calculated using the FSA formulas.