Endownment not covered by IFA HELP PLEASE

Lyndafootsie

Hi
Wondered if anyone has come across this prblem,I applied to the ombusmand about mis selling of an endownment,after the company diagreed with my claim.I have just recieved a reply from them to say that as the policy was before 2000 and the company was not part of IFA THEN they would be unable to help me.They advised that I seek legal advice.
Can anyone tell me if they have done this,was it expensive and did were they successful in their claim.

Thanks for reading this

EdInvestor

Who sold you this policy and when?

dunstonh

There were no rule changes about policies sold before 2000 by IFAs.

The key dates are:

29th April 1988 - if sold before this date you have no protection under the FOS unless the firm has voluntarily agreed to review them (most IFAs do not)
28 August 1988 - if the firm is no longer in business and has no assets the FSCS will consider applications made after this date. (Firm would also have to be SIB/PIA/FSA authorised. Not FIMBRA)
July 1994 - Firms that were FIMBRA authorised that did not go onto become PIA (now FSA) authorised closed at this point and had no liability for advice given prior to this date. Those that went on to join PIA/FSA authorisation then had the FOS/FSCS protection backdated.

I am wondering if you are not referring to IFAs but to Solicitors? I think they had some rule changes around 2000 with the law society.

The term IFA means Independent Financial Adviser. It is a type of adviser and is often overused by people who havent used an IFA (over 2/3rds of people who see tied agents think they are seeing an IFA. Using a solicitor or accountant is no the same as using an IFA). I dont think you saw an IFA from what you say so the rules covering IFAs dont apply. I think you probably used a solicitor. Can you confirm?