Aviva - Endowment Delay Excuse

Ndarbyshire

dunstonh said:

Really that’s what he said so they can’t fine a company for none payment , I think I should  double check what my husband said with regards to the responses from the ombudsman 

Nope, they have no ability to fine a company.  The FOS is an independent arbiter of complaints.   It looks at both sides, and if the company has done wrong, it tells the company how they should put it right.  It cannot fine them.   The only bodies that can fine a financial services company are the Financial conduct authority, the Prudential Regulation Authority (where applicable) or the courts.

The FOS can award an inconvenience payment.  e.g.  ".....you should have done this but as it took you a year longer to do it you should pay the policyholder £150 for inconvenience for the phone calls, repeated postage etc"

Would you recommend taking them to court, is that something that can be done 
thanks 

dunstonh

Ndarbyshire said:

dunstonh said:

Really that’s what he said so they can’t fine a company for none payment , I think I should  double check what my husband said with regards to the responses from the ombudsman 

Nope, they have no ability to fine a company.  The FOS is an independent arbiter of complaints.   It looks at both sides, and if the company has done wrong, it tells the company how they should put it right.  It cannot fine them.   The only bodies that can fine a financial services company are the Financial conduct authority, the Prudential Regulation Authority (where applicable) or the courts.

The FOS can award an inconvenience payment.  e.g.  ".....you should have done this but as it took you a year longer to do it you should pay the policyholder £150 for inconvenience for the phone calls, repeated postage etc"

Would you recommend taking them to court, is that something that can be done 
thanks 

Legal action is a route but you will need to tidy up how you got from A to B.  i.e. when it started, what the issues were each time, what action was taken and what the outcome was.

You would also need to be sure that Aviva are at fault for each stage.    They may not be.   For example, solicitors are notorious for not sending assignments on endowments.     Or they send them to an address of the insurer but the wrong address.  For example, ex AXA policies under Aviva are dealt with by Bristol.  ex Friends Provident dealt with by Milford.  ex NU endowments are mostly out of Norwich.   Their systems are not linked. They also have offices around the country for other policy types.   So, if it went to the wrong office, they wouldn't know what to do with it unless there was an easy way to identify where it should have gone.     A good solicitor would know that assignments are acknowledged and chase the insurer until acknowledged.   Many don't bother chasing.

In those examples above, the fault for that stage would be with the solicitor.

So, you need to really write down the timeline of events and the outcomes so it is easy to follow and then decide whether the delay was acceptable.      

You also need to be clear on what the FOS has said or is doing.   The FOS is more consumer-friendly than the courts.   You have a misunderstanding on what the FOS has said so far.   I suggest you clear that up with your partner.   The FOS is no cost to you but courts would be.