Misselling of bonds

Clint163

le_loup wrote: »

Whoosh! Off she goes again.
Will this never end?
Will I live long enough?
Unfortunately, I don't like popcorn and that's all they seem to sell except coke (by the gallon).

This is my post. You don't have to join it. Ignore or are you too nosy to do so? I am sure there are many posts on this forum that you could use your talents and put it into helping. Don't want to see your business deteriate by such boring posts that I may add.

Clint163

HappyHarry wrote: »

I'm not an expert in complaints, but it does sound like the only reason he may have to make a complaint is that he wanted to buy a house in 4 years time, but was sold a product that had a 5 year surrender penalty.

If he can show this was the case at the time of sale, I suspect that the complaint may succeed.

The only proof we do have is the policy number the purchase of the property soon after we cashed the bond. Everything else is what was said in the interview. Just received the post and a letter has arrived with the time barred period however it contains all the info if not happy and to take to ombusman. There is also a £50 gesture of goodwill being added to the account for the bank rep laughing comment about the bond being without profits product!!

dunstonh

Clint163 wrote: »

So no product has any commission attached to them? Or are you saying they cannot sell them based on the comission?

You said your sister in law told you that it was still happening today. That is not possible. Commission is not allowed on advised cases. Only the direct to consumer channel (non-advised) can still involve commission.

How would I know what is sold with comission these days? I don't work for the finance industry.

You posted here that your sister-in-law told you that it happens today. Why say it if you dont know?

Clint163

dunstonh wrote: »

You said your sister in law told you that it was still happening today. That is not possible. Commission is not allowed on advised cases. Only the direct to consumer channel (non-advised) can still involve commission.



You posted here that your sister-in-law told you that it happens today. Why say it if you dont know?

this conversation was a long time ago and she said misselling was still happening. this conversation was very short with her I assumed it was to do with comission. So maybe my assumptions are wrong. When I said today this is because I have not heard any difference since. I stay clear from any financial products so my knowledge on any changes in comission is none.

lovinituk

LOL! This thread just keeps getting better!

le_loup

Clint163 wrote: »

This is my post.

Oooh! Sorry. I hadn't realised that you can decide on who posts. Although I'm surprised that anyone could compete with the sheer volume (both in noise and quantity) that you have produced. If paper and ink were necessary for internet posts, you would certainly have spent all the miss-selling compensation you have gained.

fwor

Clint163 wrote: »

an isa was put in place the same day

If the ISA was taken out as the result of advice from the same adviser as the bond - or was made known to him at the time - then that probably blows away the one genuine cause for complaint that dunstonh identified.

One of the difficulties with making a case for misselling is that you don't have a clear record of what was ~actually~ said to the adviser by your husband, fourteen years ago. In retrospect it may be easy to believe that he said he was going to buy a house in 4 years time, but it's possible that he may have been a little less precise than that - in which case the advice given at the time may have been appropriate.

dunstonh

If the ISA was taken out as the result of advice from the same adviser as the bond - or was made known to him at the time - then that probably blows away the one genuine cause for complaint that dunstonh identified.

Yes. You would expect ISA and bond. Not bond by itself. So, that appears to eliminate that as a complaint reason.

Clint163

fwor wrote: »

If the ISA was taken out as the result of advice from the same adviser as the bond - or was made known to him at the time - then that probably blows away the one genuine cause for complaint that dunstonh identified.

One of the difficulties with making a case for misselling is that you don't have a clear record of what was ~actually~ said to the adviser by your husband, fourteen years ago. In retrospect it may be easy to believe that he said he was going to buy a house in 4 years time, but it's possible that he may have been a little less precise than that - in which case the advice given at the time may have been appropriate.

I appreciate what your saying. He did explain he was buying a house at the time of the sale. That's was why he sold his house and moved in with me. We then had to sell my house before we purchased another. The isa was just as a savings account. It's the bond and how it was not suitable for his purposes that we feel missold. I thank you all for advice but nothing lost in trying. It's only my time that was wasted if all you say is true.

Atreyu107

Sorry to bump a ludicrous (but admittedly entertaining) thread, but I couldn't resist...

Clint163 wrote: »

this conversation was a long time ago and she said misselling was still happening. this conversation was very short with her I assumed it was to do with comission. So maybe my assumptions are wrong. When I said today this is because I have not heard any difference since. I stay clear from any financial products so my knowledge on any changes in comission is none.

Brings to mind an old saying: "When you assume, you make an !!! out of u and me.

I'll leave it to other forumites to decide the balance though...

EDIT: Looks like the forum profanity filter blocks sage wisdom! If you're wondering, the missing word is ye olde English for 'donkey'