misold mortgages

nanny1111

Mr_helpful wrote: »

In what way was it mis sold

IFA told me it would pay of my mortgage and probaly get the same amount on top.

nanny1111

dunstonh wrote: »

You will get a bit more of this when repossessions go up. Anyone who gets repossessed or gets into real problems will look to blame others for their problems. Thats the way of the UK "blame someone else" compensation culture.

My home was not repossesed i had a shortfall on the endownment my IFA told me it would pay off my mortgage and probably double it

dunstonh

Would or could?

Either way, its pre-regulation so it doesnt matter.

EdInvestor

Since it's an IFA, there's nothing you can do.

Sometimes tied agents can be better.

jill2002

Thank God for regulations so that EVERYONE now in the industry has to tell the WHOLE truth and the man/woman on the street is properly informed with both the Pros and Cons of investments, mortgages and insurances.:T

Jill

vix2000

my endowment was sold to me by an advisor in a halifax agency. indeed, i have original letters to me regarding the mortgage on halifax headed paper. when i approached the halifax they said it was nothing to do withthem as the guy was an ifa. how was he using their letterheads, then, and selling their mortgages through their agency? Friends provident also deny responsbility so I have to absorb the £20,000 shortfall myself. I was told the same as OP, that i would have a large lump sum on maturity, to spend, not to pay, as has happened. Stupid to believe someone I was led to believe worked for a reputable building society?
But maybe its the 'blame someone else' culture!!!!!!!!!!!!!

Mr_helpful

jill2002 wrote: »

Thank God for regulations so that EVERYONE now in the industry has to tell the WHOLE truth and the man/woman on the street is properly informed with both the Pros and Cons of investments, mortgages and insurances.:T

Jill

Dream on:rotfl:
The regulators have done nearly nothing to improve the situation for either the customer or the adviser. in the name of customer protection every one is now swamped with paperwork that they dont read. Just a brief example have a look at the sub prime market. The people who arguably needed the most protection are now making up 70% of reposessions.
Unfortunately you cant sue the crown but I would love to see a few good barristers take on the FSA for the total mess they have put financial services in to.

toonfish

Mr_helpful wrote: »

Dream on:rotfl:
The regulators have done nearly nothing to improve the situation for either the customer or the adviser. in the name of customer protection every one is now swamped with paperwork that they dont read. Just a brief example have a look at the sub prime market. The people who arguably needed the most protection are now making up 70% of reposessions.
Unfortunately you cant sue the crown but I would love to see a few good barristers take on the FSA for the total mess they have put financial services in to.

Spot on - anyone with a modicum of sense could have produced a one page document detailing essentials only , rather than the reams of nonsense that we have to hand out now.

dunstonh

I think the only thing that the regulator has done in the last 10 years that has been of any benefit has been the introduction of the mortgage KFI.

The rest of the time the FSA has focused on little things which no-one cares about or has little impact on the consumer or adviser apart from creating extra work. i.e. IDD & Menu. Nice idea in theory but too much info. What consumer is going to read about 20 pages of documents given to them at the start of an interview?

If it really wanted regulate, it would pick on the worst sides of financial advice. Such as the salesforces and banks. However instead, it falls over backwards to help the banks and makes life more difficult to the most compliant distribution channels. Just look at the new proposals which will see the "primary" advice distribution channel (which is designed for salesforces and banks) offer little or no FOS protection to the consumer.

loveabargin

nanny1111 wrote: »

it was an ifa who told us we would get more than enough money to pay of endownment and probably double it .

Hi I know how you feel as I too was told it would pay the mortgage off and I'd have extra money to enjoy, my policy taken out in 86.

I checked with the insurance company if the ifa who sold me this policy was still receiving commission and they was. So I ask them to cancel anymore commission payments to them. Although it was just a small amount, why should they get paid each month, when they have mis sold a policy to me. It just made me feel a little better.

I suggest anyone who has been mis sold their policy should check with their insurance company, whether the ifa who sold it to you, is still getting commission on it.

hope this helps