Misselling of bonds

lovinituk

Well there you go then! Just show them you were given completely the wrong paper work and it will all be sorted in 5 minutes!! Pesky banks giving out the wrong forms.

Clint163

lovinituk wrote: »

Well there you go then! Just show them you were given completely the wrong paper work and it will all be sorted in 5 minutes!! Pesky banks giving out the wrong forms.[/QUOT

same funding, different product . Point is banks well selling for the same method. You can twist my words all you want. Got nothing to loose by complaining.

dunstonh

same funding, different product . Point is banks well selling for the same method. You can twist my words all you want. Got nothing to loose by complaining.

The illustrations for endowments and investment bonds would be laid out in a similar way and there would be some similar risk warnings. However, each would have warnings specific to that product type. The key features document would also be similar in layout but specific to the product type.

The sales process for endowments and the investment bond would be very different. Lloyds had not sold endowments for many years when this bond was sold. Back in their endowment days, the sales process would have been controlled by Black Horse Financial Services. They would have set the process and compliance requirements. The investment bond was sold under the process and compliance requirements of Scottish Widows. Lloyds had been continuously reducing bonuses for years. However, at the same time, they had been increasing sales target pressure.

of course, if you have any evidence that their culture created a mis-sale here then you provide it as part of your complaint. If you have no evidence then its just wishy washy nonsense that will be disregarded in the complaint. You want the complaints handler on your side. Putting in pointless statements will likely frustrate the complaints handler or take a view of you that may harm your complaint.

I really dont know why you are focusing on these things when you have a very simple complaint reason that will almost certainly result in success.

le_loup

There is an almost identical tread by this poster on PPI "miss-selling". An identical refusal to accept advice given. An identical persistence. An identical going on and on and ...................
I think the thread is best left without further attempts at assistance.
Sad but true.

Clint163

le_loup wrote: »

There is an almost identical tread by this poster on PPI "miss-selling". An identical refusal to accept advice given. An identical persistence. An identical going on and on and ...................
I think the thread is best left without further attempts at assistance.
Sad but true.

Very true and I won that case, bank took ownership and agreed that it was missold. All negative reviews I received so it goes to show not everyone on this forum gives accurate information.

Clint163

dunstonh wrote: »

The illustrations for endowments and investment bonds would be laid out in a similar way and there would be some similar risk warnings. However, each would have warnings specific to that product type. The key features document would also be similar in layout but specific to the product type.

The sales process for endowments and the investment bond would be very different. Lloyds had not sold endowments for many years when this bond was sold. Back in their endowment days, the sales process would have been controlled by Black Horse Financial Services. They would have set the process and compliance requirements. The investment bond was sold under the process and compliance requirements of Scottish Widows. Lloyds had been continuously reducing bonuses for years. However, at the same time, they had been increasing sales target pressure.

of course, if you have any evidence that their culture created a mis-sale here then you provide it as part of your complaint. If you have no evidence then its just wishy washy nonsense that will be disregarded in the complaint. You want the complaints handler on your side. Putting in pointless statements will likely frustrate the complaints handler or take a view of you that may harm your complaint.


I really dont know why you are focusing on these things when you have a very simple complaint reason that will almost certainly result in success.

You have to remember there is only me trying to respond to quite a few people, it does seem confusing. I expect negativity and that fair enough but some people just use this forum not to help people but to slag them off. If I couldn't help someone with a question, Then I would leave it to those who could. I would never just pick up parts of their conversation an attack them for their lack of knowledge. All I hoped for was anyone to share Simular experiences if any or tips that they could share.

Clint163

I think it's only fair that if a person works hard all their life and used banks to help with their finaces who feels wronged by the banks also have a right to complain. Others see it as being stupid or easily duped. No matter how people judge others most of us were easy meat for banks.. It was not rich people they chose to prey on they preyed on lower working class people too. I have read many horror stories and very sad stories of this happening. Only difference is if this was a convict who stole your money he would probably be jailed. The banks are being fined and made to compensate which is only fair. It does not matter what class the individual is in there hard earned earning were used for bankers financial greed. I cannot believe the defensive nature of the people on this forum towards the banks when everyone knows they have robbed customers for years and got away with it.

dunstonh

Clint163 wrote: »

You have to remember there is only me trying to respond to quite a few people, it does seem confusing. I expect negativity and that fair enough but some people just use this forum not to help people but to slag them off. If I couldn't help someone with a question, Then I would leave it to those who could. I would never just pick up parts of their conversation an attack them for their lack of knowledge. All I hoped for was anyone to share Simular experiences if any or tips that they could share.

The main problem is your early posts gave reasons for complaint that were largely due to your own fault or unrelated things that had nothing to do with your sale directly. Salesforces are allowed to sell. They are allowed to use sales tactics and methods. They cannot be over the top but a complaint about it 14 years later holds little validity and seems opportunistic.

Then you look at the reasons for loss. They are things known about that could happen. So, its hard to see a complaint reason there.

So, when other posters are looking at your reasons, they cannot see any failure. It looks like you are digging for a reason rather than actually having a reason.

That said, the use of the wrong tax wrapper will get you the result you are looking for. The outcome you are looking for but not using the reasons you have given.

Clint163

dunstonh wrote: »

The main problem is your early posts gave reasons for complaint that were largely due to your own fault or unrelated things that had nothing to do with your sale directly. Salesforces are allowed to sell. They are allowed to use sales tactics and methods. They cannot be over the top but a complaint about it 14 years later holds little validity and seems opportunistic.

Then you look at the reasons for loss. They are things known about that could happen. So, its hard to see a complaint reason there.

So, when other posters are looking at your reasons, they cannot see any failure. It looks like you are digging for a reason rather than actually having a reason.

That said, the use of the wrong tax wrapper will get you the result you are looking for. The outcome you are looking for but not using the reasons you have given.

This is the problem, words like use of the wrong tax bracket I don't understand?? We think it was missold on the grounds that it was a bond sold to a unmarried 29 yr old man with no family??? (We were not married at this point) We feel there were many suitable products available. I actually don't know of anyone who does have one. Most use isa, or savings accounts with higher interest but 30 notice etc.

Malthusian

Clint163 wrote: »

Very true and I won that case, bank took ownership and agreed that it was missold. All negative reviews I received so it goes to show not everyone on this forum gives accurate information.

The PPI scandal has got to the point where the banks have been paying claims which they knew perfectly well were bogus, but they didn't have the staff or the time to prove it within the timeframe set by the ombudsman, so they paid them anyway.

A trained monkey could put in a successful PPI claim, and not a particularly intelligent monkey either.

You have no such advantage when complaining about an investment bond, you will actually have to prove you were missold.