Royal & Sun Alliance Endowment mis sold

maggiemy76

Hi everyone,
I bought a endowment through the Royal bank of Scotland who sold it under Royal 7 Sun Alliance in 1996.

It completely unperformed really badly and looking back I just know we were charged PPI. We received nothing from it at all.

My question is that i am struggling to find the name of Royal & Sun Alliance to input in to eh Financial Ombudsman claim website. When you type in Royal & Sun Alliance a list of associated companies come up. I don't have any paper work either.

Does anyone know if I would get this from RBOS or any advice would be great.

thank you,
Maggie

dunstonh

My question is that i am struggling to find the name of Royal & Sun Alliance to input in to eh Financial Ombudsman claim website.

You are very late to the endowment complaint party. Over 3/4 of the remaining endowments were timebarred by 2009. Nearly a decade ago.

Royal & Sun Alliance didnt sell direct to the public. So, you wouldnt complain to them.

Does anyone know if I would get this from RBOS or any advice would be great.

You complain to whoever, sold the endowment. However, be aware that, whilst you may get lucky, the statistically likely outcome is that you will be told you are time-barred. Time bar rules are that the sale must be more than 6 years ago AND more than 3 years of being aware of a potential issue. In the case of endowments that means the projection figure on the statements showing a high risk of a shortfall for more than three years.

It completely unperformed really badly and looking back I just know we were charged PPI.

PPI cannot exist on an endowment policy. Just not possible. So, how do you know this when its not possible?

kingstreet

1996?

Sure it wasn't Royal Scottish Assurance, the joint venture between RBS and Scottish Equitable?

maggiemy76

yes it was Royal Scottish Assurance. om my goodness kingstreet!

Also the grounds for claiming I was mis-sold would perhaps as you say dunstonh but it would be no disclosure that the endowment was on the stock market

thanks Kingstreet :j

dunstonh

Also the grounds for claiming I was mis-sold would perhaps as you say dunstonh but it would be no disclosure that the endowment was on the stock market

That reason (ignoring others) would be destined to fail. 1996 sales would have had a defined layout on the quotes and the risk warnings would have been clear that it was subject to investment risk. There would be plenty of disclosures telling you this (key features document, quote, reason why letter etc).

kingstreet

You would have been asked about your attitude to risk as your money would be invested only in RSA unit linked funds such as UK Gilt, Managed, UK equity and so on...

This would have been sold either directly by a RBS branch or by a Royal Scottish Consultant (which was rare as most were busy advising on RBS savings accounts and RSA Investment Bonds).