Endowment Misselling Questionnaire

bcfcjwb1

Hi,

Pearl have asked me to complete a lengthy questionnaire in relation to my ongoing complaint over the potential misselling of an endowment policy.

I have been asked to provide full details of my current savings and investments - why do they need this? Do I have to provide this information?

I'm not too happy about providing this information - could it be used to reduce any compensation that I may get offered?

Any advice gratefully received.

Thanks

dunstonh

I'm not too happy about providing this information - could it be used to reduce any compensation that I may get offered?

Its used in part to verify what you are complaining about and can work against you (if you are telling lies) or for you (if it can be shown the adviser didnt document facts accuratly).

bcfcjwb1

I should clarify, I'm happy to provide almost all of the information that they have requested - it's just having to provide details of my current savings and investments that concerns me.

Why do they need this?

dunstonh

it's just having to provide details of my current savings and investments that concerns me.

Why do they need this?

To see if you are telling the truth or not. Someone without investments would indicate an inexperienced investor who is unlikely to want the risk. However, someone with investments would suggest some knowledge and experience and more likely to take the investment risk. Especially if experienced investor products are used.

bcfcjwb1

That's what worried me...

My policy started in 1992, and I only really started developing my investment porfolio from 1997 onwards - using SAYE proceeds and redundancy pay!

My attitude to risk only really changed then - would you recommend that I document this on the questionnaire?

EdInvestor

They are just fishing for info because they have lost/destroyed your file and can't defend their claim - it's up to them to show the sale was suitable, if they can't you win.

Just fill in the bare minimum, with "can't remember" or N/A or "no records" in answer to most questions and send it back.Don't volunteer any info as they may twist it to favour their version of events.

dunstonh

They are just fishing for info because they have lost/destroyed your file and can't defend their claim - it's up to them to show the sale was suitable, if they can't you win.

Pearl are not too bad on documentation storage. So its not likely to be that reason.

Just fill in the bare minimum, with "can't remember" or N/A or "no records" in answer to most questions and send it back.Don't volunteer any info as they may twist it to favour their version of events.

There is a risk of telling lies. In grey areas where there is no proof one way or the other, then FOS will make a decision based on balance of probabilities. If you have complained that you recall xyz being said and then fill in forms saying you cannot remember, it wont do your credability any good. Equally, telling lies and getting caught out will certainly go against you when judgement calls are made.

Equally, the information on the advisers file could be inaccurate and you providing data that is different to theirs and able to prove it wrecks the credability of the adviser and works against them in grey areas.

EdInvestor

Don't tell any lies.Just don't volunteer any information.Keep it all totally simple.

dreamylittledream

Pearl ask for current savings/investments information so they can justify an offset of any notional gain you may have enjoyed from having lower outgoings on an endowment if they uphold your claim and offer compensation.

Your savings/investments post the sale are of limited relevance to your actual circumstances at the time, although they may have some contributory relevance as part of a wider argument that the policy appeared suitable from your circumstances at the time.

Whether they can do this is debatable - you are within your rights to refuse to release information you do not believe is relevant, but you may end up at FOS if Pearl refuse to investigate because the questionaire has not been fully completed.