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Good news for endowment victims!!!
Compensationitis
Posts: 180 Forumite
:j The recent case of Seymour -v- Ockwell & Co (May 13th 2005) creates interesting legal issues in relation to the promotion and sale of products by providers regardless of whether an IFA sold them.
At long last someone made a stand, the next step will be a few small claims spread out among the manufacturers of these lousy mortgage endowments.
If anyone bought direct from a provider and has been turned down for compensation because of time bars or because they supposedly understood the risks they can make a claim through the legal system, the way these cases should should have been handled in the first place.
At long last someone made a stand, the next step will be a few small claims spread out among the manufacturers of these lousy mortgage endowments.
If anyone bought direct from a provider and has been turned down for compensation because of time bars or because they supposedly understood the risks they can make a claim through the legal system, the way these cases should should have been handled in the first place.
If you don't know what you are talking about keep quiet
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It will be interesting to see what happens but as the policy sold was related to an offshore product that was not covered by the Financial Services & Markets Act it is unsure at this time if there will be any impact on UK authorised products. If and when a test case is successful, then it will be better news.I 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
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You don't really understand the legal arguments do you?If you don't know what you are talking about keep quiet0
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I don't pretend to be something I am not. I am quite happy to admit that i am not a solicitor and have no more understanding of legal matters than the average person.
My previous post was almost a copy and paste from a newspaper and opinion offered from them. I am happy to stick with their views at this time. If it was such a major event, it would have got greater coverage.I 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 -
Why would such a legal precedent receive better coverage when it isn't absolutely clear that a consumer could benefit? That's what sells papers, fact is that when an IFA is the beneficiary of a favourable judgement it is ignored unless someone points out the wider implications. Even you should be pleased with this decision.If you don't know what you are talking about keep quiet0
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