Case for misselling when endowment purchased directly from insurer?

Starsgazer

I purchased my endowment back in 1989 direct from Friends Provident.

Performance has been dire and wrote to them using a 'which' template in Aug 05 citing unsuitable product, options not discussed, nor risk of failing to reach target amount and no information provided as to how the funds would be invested.

Complaint rejected on the basis of no advice given by FP and that FP were not responsible for the sale of the plan, staff acting on instructions, did not give advice as this was outside the scope of their activity, with the option to go to the ombudsman.
Spoke to ombudsman at the time over the phone who indicated I would have to show FP gave advice and didn't really give much hope and therefore left it at that at the time.

Has any one else had similar problems and met with any success?

dunstonh

You have no grounds for complaint. You didnt seek advice and advice wasnt given so you cannot complain about the advice.

By buying the product off your own back you have taken on the responsbility that the adviser would normally have. This is why execution only transactions are usually cheaper because you have limited or no FOS protection and there is no liability for the provider.

If you want to complain, you have to complain to yourself as you chose the method.

Performance has been dire and wrote to them using a 'which' template in Aug 05 citing unsuitable product, options not discussed, nor risk of failing to reach target amount and no information provided as to how the funds would be invested.

In other words, you lied on the Which template letter. It's no wonder template letters are now treated with general distrust by the industry and complaint handlers are now treating them with greater scrutiny.

EdInvestor

I doubt the OP lied: rather he was not clear on the difference between a sale with advice and one without and the level of protection offered in each case.

Dan_Collins_2

I have a friend who complained about advice he gave to himself and he won! LOL he was employed at the time and went down the line that he was giving advice on the information provided by the provider and that it was shoved down his throat! Only works if yourin the industry mind!

Starsgazer

Dunstonh
Thank you for your reponse (although you may wish to consider your choice of language).... so your absolutely clear here, the letter was written to FP in good faith and the fact highlighted that the product was purchased direct from FP.

My point is simply whether the FP should have a responsibility ie hold 'a duty of care' as an organisation when selling such products to give clear advice on the goods they are selling. You seem to be of the view that the buyer needs to beware which is clearly the case with hindsight in this market.

EdInvestor...thanks for your comment