Robbed by my bank

Hi, I had several peps and isas in the 90s and at one point I was making 13.5 % interest on one of them, another I was told that what it makes every month would be put into my savings account, at the end of the 7 years I ended up not even making a single penny out of any of them, I was miss sold and worse blatantly robbed of all the interest that they all made. I was very young and shy quiet boy at the time and when I noticed that something went seriously wrong I looked into it. But the bank said I should of complained in the allotted time frame🤬 well is a thief still and was found out 30 years later they would still be prosecuted, so why are banks allowed to get away with this by their accountants. It’s pathetic and these rules need to be amended🤬 please help🤞

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  • k3lvc
    k3lvc Posts: 4,175
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     please help🤞
    What help do you want ?

    Your out of time for complaints and being a young and shy quiet boy doesn't negate your responsibilities for being on top of your investments

    Presumably there's more to the story but given you're not going to get any compo for it I'm not sure what the point of digging further is  
  • masonic
    masonic Posts: 22,905
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    please help🤞
    If financial worries from 15-20 years ago are still weighing heavily on your mind, then perhaps it would help to share how you are feeling with a trusted friend or family member. You will need to come to terms with what has happened, continuing to direct anger towards the bank that you feel wronged you will not be productive. One step towards doing that will be to accept the part you played in the way things have unfolded. Looking on the bright side, what happened evidently wasn't the end of the world.
  • jimjames
    jimjames Posts: 17,498
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    Hi, I had several peps and isas in the 90s and at one point I was making 13.5 % interest on one of them,ded🤬 please help🤞
    A PEP was Private Equity Plan. They didn't pay interest. ISAs didn't exist until 1999.  You might be thinking of another product, maybe a TESSA? It would be worth making sure you have the correct terminology before you approach anyone if you are complaining about this.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • dunstonh said:
    Hi, I had several peps and isas in the 90s and at one point I was making 13.5 % interest on one of them, another I was told that what it makes every month would be put into my savings account, at the end of the 7 years I ended up not even making a single penny out of any of them

    These sound like SCARPS (the 7 year term is a classic SCARP timescale).  Banks did a lot of them in that period.  The vast majority did very nicely.  It was only the ones maturing during the dot.com crash period or the credit crunch that didn't.   However, that is the risk you take. 

    I have eliminated their unit linked range as they were open ended and values changed daily. So, doesn't match your description.

     I was miss sold and worse blatantly robbed of all the interest that they all made.

    SCARPS never paid interest.          

    Investments go down as well as up and sometimes, the stockmarkets do not grow during a period and you don't get the bonus amount if the terms of the SCARP are not met.  Most of the bank ones were actually pretty good as they returned the capital in full if the terms were not met.  You just didn't get the additional payout.    Some of the SCARPS out there would reduce your capital as well. 

    I suspect your issue is that you were not robbed of anything but you just don't understand what you had or the terms of what you agreed to.

     well is a thief still and was found out 30 years later they would still be prosecuted

    There are timebars in law as well.

     so why are banks allowed to get away with this by their accountants.

    Nothing to do with accountants.  it is to do with English law.

    It’s pathetic and these rules need to be amended

    The rules are actually more consumer-friendly than law as there is no long stop.  Just the requirement to complain within 6 years of the sale or three years from being reasonably aware of an issue.


    I know stocks go up and down but as I said one was supposed to go strait into my savings account monthly but nothing did, and hitting 13.5 percent on one of them for a long time should of gave me back some interest. Like I said, I’ve definitely been done over as why couldn’t they find the account that dealt with me, she just vanished off of the earth🤯 
  • droopsnoot
    droopsnoot Posts: 1,735
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    I know stocks go up and down but as I said one was supposed to go strait into my savings account monthly but nothing did
    As frustrating as your situation is, did you not notice this wasn't happening after the first month? While we're used to online banking and getting up-to-the-moment information these days, even back in the 90s you'd normally expect to receive a statement which would show you straight away that something is amiss. 
  • Sorcerer2018
    Sorcerer2018 Posts: 143
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    Aren't PEPs similar to ISAs. In which case what was your PEP invested in, are you sure the interest wasn't paid inside the PEP and not a separate account, or were  invested in something like a ACCumation fund? Interest rates at the time were about 6%, so how were you getting 15% did you invest in very high risk investments. I would assume high yield would pay 13.5% + in those days. Do you still have all of your paperwork. And also why are you bringing this up now, 20 years after the event. What have you done about it for the last 20 years. When did you find this all out.
  • dunstonh
    dunstonh Posts: 115,722
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    Aren't PEPs similar to ISAs. 

    Basically yes and that is why PEPs automatically became ISAs.

    . In which case what was your PEP invested in, are you sure the interest wasn't paid inside the PEP and not a separate account, or were  invested in something like a ACCumation fund?

    As I mentioned higher up, what the OP describes is a SCARP.


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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