Think You Were Missold Your Endowment Complain Now!!!! [CLOSED]

dunstonh

I have been told there is no way to force the ex-partners, if found, to investigate any claim and so if they can be found the only option would be court action.

A partnership or sole trader has personal liability. A limited company does not not. In this case, you just need to ask the insurer who the original sellers were and they will provide the details. They can also tell you who the current servicing agents are as well. No doubt the current servicing agent is the same person that sold it.

Seems a bit unfair that firms can trade as "regulated" by the FSCS but if the firm stops trading the FSCS ceases to have any responsibility for their actions during the period of regulation and can walk away from the indemnity responsibility.

Personally i think the whole FSCS should be scrapped. I dont see why I should pay out £2000 a year, per advisor, for other peoples complaints when I have not had one upheld complaint. I would like all advisors to maintain their own liability. That's one sure way to ensure the advice is good.

Would this be worht taking to the ombudsman?

I doubt the ombudsman would consider it as they would want the original advisors to review it first. They could help you find them perhaps but its easier to ask your insurers that information.

Poppy9

How could I go about finding the person who sold me a policy in 1985? All I have is a name?

dunstonh

How could I go about finding the person who sold me a policy in 1985? All I have is a name?

If its not a bank or building society, then there is little point with a 1985 policy.

Poppy9

Can I ask why. I have letters regarding the plan signed in his name as Finance Manager of EA. EA taken over by Principality BS. They say though that he was free lance.

Joseyjo_2

Find all this very confusing. I feel I wasn't warned about my policy under performing when it was sold to me in 1986 and complained to the brokers. They wrote back fairly promptly telling me that

'the standards and requirements introduced in April 1988 are not applied retrospectively to the products sold and advice given earlier. Prior to this date general duty of care principles applied to the advice and sale of such policies and we believe these principles were fulfilled and that the adviser acted within general industry practices at the time. In addition, the endowment policy arranged for you was an appropriate repayment vehicle for an interest only mortgage that you commenced at the time. In view of the above, I cannot conclude that this policy was missold to you and am unable to proceed further with your complaint.'

Is this indeed the case? I have done nothing since receiving this letter which I have to confess was last year!

Would appreciate someone saying the bloke's right, just so I can finally put this one to bed!

Cheers.

dunstonh

Is this indeed the case? I have done nothing since receiving this letter which I have to confess was last year!

Would appreciate someone saying the bloke's right, just so I can finally put this one to bed!

Yes, that is correct. The consumer protection came in 1988.

phingers

Can I just say a quick thank you to dunstonh who must have wrists of steel or great painkillers for rsi!!! Am just pursuing a claim now and will update on success hopefully!

Joseyjo_2

Dunstonh - does that mean that compensation is out of the question because my endowment was bought before 1988?

Thanks

dunstonh

Joseyjo wrote:

Dunstonh - does that mean that compensation is out of the question because my endowment was bought before 1988?

Thanks

Yes it is. I'm afraid.

Joseyjo_2

Thanks dunstonh. I shall now forget about the whole endowment thing!