Endowment Miss-Sold - told to claim from Mortgage Broker???

anitap

Hi I have recently put in a claim for mortgage miss selling via Coventry Building Society but they have rejected it saying I need to claim from the Mortgage Advisor who sold it to me.

The mortgage broker firm are no longer trading so I contacted the FSCS and they told me I needed the company number of the firm before I could claim - they said they would locate this for me but after chasing on several occasions they still haven't come back to me.

Has anyone had any success in claiming via a Mortgage Broker which has now closed and received money from the FSCS??

Any advice would be appreciated.

mrginge

Why was your endowment mis-sold?

anitap

The endowment would have left a major shortfall. The same company also miss sold me a life insurance policy which included employment insurance but I already had a separate employment insurance so this was not necessary.

TrickyDicky101

anitap wrote: »

The endowment would have left a major shortfall. The same company also miss sold me a life insurance policy which included employment insurance but I already had a separate employment insurance so this was not necessary.

When you say "would have left a major shortfall" has the endowment matured or have you stopped paying premiums?

When was the endowment taken out (year)?

A shortfall is not a valid reason for a missale complaint by the way.

anitap

Thank you for your reply. Its a complex situation which would be time consuming to go into on a forum but I have it on good authority that I do have a claim but with the mortgage advisor and not the mortgage lender. The problem is that the mortgage advisor and brokerage are no longer around so I just wanted to ask if anyone else has gone through the process of claiming via the FSCS and if so were they successful?

McKneff

Why did you take out a 2nd employment insurance policy if you already had one. ???

anitap

I was advised that the employment insurance was compulsory as part of the life insurance. They didn't do a fact find to see if I had it already and I overlooked another policy I had which provided cover of this nature. Plus I was in a stable long term job.

As I said there are a number of things relating to this particular broker/my mortgage and the advice I was given. It was in 2004 when I was still a little wet behind the ears with these things. I just want to know what success others have had if they have pursued a doormant brokerage via the FSCS please.

[Deleted User]

anitap wrote: »

I just want to know what success others have had if they have pursued a doormant brokerage via the FSCS please.

I very much doubt you'll receive any positive responses from people who complained on the same basis as yourself.
As already pointed out, an endowment shortfall is not a valid reason for a missale complaint and complaining that you already had similar insurance will also not wash if the policy was indeed compulsory (perhaps in exchange for mortgage advice from the broker?).

Having said that, I'm surprised FSCS has failed in their own undertaking to find out the company's details for you...

ACG

The only way you are going to find out is to put the complaint in. No point worrying about other successes and failures in claims.

Your complaint will be assessed on its own merits.

TrickyDicky101

anitap wrote: »

I was advised that the employment insurance was compulsory as part of the life insurance. They didn't do a fact find to see if I had it already and I overlooked another policy I had which provided cover of this nature. Plus I was in a stable long term job.

As I said there are a number of things relating to this particular broker/my mortgage and the advice I was given. It was in 2004 when I was still a little wet behind the ears with these things. I just want to know what success others have had if they have pursued a doormant brokerage via the FSCS please.

Is it definitely an endowment you have (and not, say, an ISA-linked mortgage)? I didn't realise endowments were still being retailed in 2004. If the firm doesn't exist then you would complain directly to the FSCS (which is what you've already done I presume?) - things may take a long while to chug through. I am afraid you will need to be patient.

Have you made alternative provision to pay the mortgage off if you are not continuing with the endowment?

dunstonh

Hi I have recently put in a claim for mortgage miss selling via Coventry Building Society but they have rejected it saying I need to claim from the Mortgage Advisor who sold it to me.

Mortgage advisers are not investment class. So, they couldnt sell endowments. So, its more likely its an FA/IFA.

Has anyone had any success in claiming via a Mortgage Broker which has now closed and received money from the FSCS??

You are very late in the game to do this. Most endowments were time-barred by 2009. Nearly a decade ago.

but I have it on good authority that I do have a claim but with the mortgage advisor and not the mortgage lender.

When you consider the following are you really sure?

1 - Mortgage advisers cannot sell investment class business.
2 - The mortgage adviser (or FA/IFA) no longer exists and you cant complain about someone that no longer exists
3 - Most endowments put in place by IFAs saw the complaints fail. FAs had a higher ratio of upholds (as that includes the banks/building societies own staff) but even they still saw the majority of complaints fail. So, statistically, the odds (without considering anything else) are against you.
4 - You say it was 2004. The last endowment provider in the mainstream was Standard Life. They pulled out in 2004. Most of their endowments are time-barred.
5 - 4 out of 5 endowments are now time-barred from a complaint.
6 - People were already putting in complaints by 2004 and the documentation standards of a 2004 case would be expected to be much better than a late 80s to mid 90s case.

I was advised that the employment insurance was compulsory as part of the life insurance. They didn't do a fact find to see if I had it already and I overlooked another policy I had which provided cover of this nature. Plus I was in a stable long term job.

They had your mortgage application and that covers the bulk of the factfind. Plus, a half competent adviser doesn't actually get a factfind out to do factfind. The information is obtained in conversation style. However, disregarding that, its 2004 and that makes it pre-regulation for insurance and the FSCS will not consider a complaint for pre-regulated sales. So, you can forget the non-investment backed insurances.

I just want to know what success others have had if they have pursued a doormant brokerage via the FSCS please.

They have. And the FSCS uphold rate against mortgage advisers on all complaints is around 5%.

I contacted the FSCS and they told me I needed the company number of the firm before I could claim - they said they would locate this for me but after chasing on several occasions they still haven't come back to me.

The FCA register was created in 2001 and contains the full history of investment class advisers and firms going back to 2001. So, it should be easy to find a firm or adviser where the sale was made after 2001. Perhaps it was an unregulated sale. Hard to do but not impossible back then.