A brokers view on receiving a complaint

Conrad

I had a complaint from someone that said I made them take out a poxy little term assurance policy in order to get a mortgage through.

It was completely bogus as I'd had nothing to do with thier mortgage, they'd arranged that themselves prior to ever calling me regards insurance.

I won the case but as the OP says it was still stressful and actually chipped away at my soul making me a more distrustful person of Humanity. People will do anything for a bit of compo. That's another reason Labour will be bad for business, they encourage the compensation culture by thier very nature.

amnblog

My favourite story on this I heard from an IFA I was interviewing some years ago.


An investor walked into his office and plonked a copy of the Daily Telegraph on his desk. In it was an article about the benefits of transferring your company pension fund into a personal pension plan.


INVESTOR


"I want to do this. It says here you will make XXX commission and I want half"


IFA


"Having checked this for you Sir, this has many risks and I would not recommend it."


INVESTOR


"But I want to do it"


Pension transferred - commission split


Two years later an article in the Daily Telegraph warns everyone who 'has been ripped off' by moving their company pensions fund into a personal pension fund that they are entitled to compensation.


Same investor comes into office and plonks down DT.


"You ripped me off and I am going to sue you"


Much worry from IFA.


The following week the personal pension provider the fund was switched to, demutualised. IFA is notified that clients, including this one to get pay outs (in this case £80K)


A much relived IFA calls the client to informed him of the £80K windfall.


Overjoyed client, and conversation continues on a good note.


Final sentence


"I'm still going to sue you for doing the transfer cos you ripped me off"

jlaw4

I work in CS for a bank and complaints are commonplace as i am sure in any business.

They aren't easy to deal with despite what people think especially when the FCA and FOS can get involved. I feel your pain ACG as i have spent literally days of my life dealing with complaints that are non-starters but require so much regulatory checking! Please try not to worry too much, hopefully common sense will prevail

robatwork

dunstonh wrote: »

This site encourages people to complain about everything. Where someone has a good reason they should. However, when dealing with small businesses people do need to remember that you are not dealing with some faceless individual with no consequences. You are playing with someone's life and livelihood.

Just a comment that although I agree large part of the law are heavily weighted towards the great unwashed public, employees, etc, I can't agree that this site encourages people to complain. Perhaps if you mean the main MSE site that's true, but the forums are very anti-compensation.

Just a read of the banking or consumer forums will see "I've been scammed and want compo" claims regularly torn to shreds, correctly.

dunstonh

robatwork wrote: »

Just a comment that although I agree large part of the law are heavily weighted towards the great unwashed public, employees, etc, I can't agree that this site encourages people to complain. Perhaps if you mean the main MSE site that's true, but the forums are very anti-compensation.

Just a read of the banking or consumer forums will see "I've been scammed and want compo" claims regularly torn to shreds, correctly.

Yes, you are correct. The forums do tend to put a much more balanced position on things. By site, I meant MSE (such as the articles etc).