Is it too late mis sold endowment, HELP PLEASE

starfish10

We took out our endowment policy in 1987 to cover our mortgage of 21,000 I have just received a letter to say it is to mature in December this year and will make 18,785. I complained to the firm who sold it in May 2006 who wrote back saying they are not responsible as this took place before April 1988 when financial services act came into force and advisers did not have to do a fact find. I did not take it any further, it got pushed to the back of a drawer and I had lots of stuff going on in my life (illness, caring for a disabled child). Since then I heard the the firm I bought it off had no records of anything left from the days they sold us this. Is it worth complaining to the fsa or is it too late.

EdInvestor

Unfortunately there's nothing you can do about this on the misselling front, as they said, because it pre-dates regulation.

What company is it with?

dunstonh

You have actually failed on two counts here.

1 - Its pre 29th April 1988.
2 - You can only complain once and have 6 months to appeal any decision. You complained 18 months ago.

starfish10

Clerical Medical and I know, do the fsa make exceptions

dunstonh

Not in this case. There was no real requirements or regulations in place when your policy was purchased. So, the person that sold it to had no rules to follow and therefore couldn't break any rules.

The FSA (or previous bodies) have no jurisdiction on pre 88 cases unless the advising firm agrees to it.