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

maisie_2

I am in a similar endowment mis-selling trap in that my adviser was my accountant. The Financial Ombudsman is not interested as my accountant is not an IFA and says that I must complain to the latters regulatory body about his negligence in giving unsatisfactory advice; I am told that I will have to issue court proceedings. This will inevitably be costly and I cannot guarantee I will succeed, despite the fact that my policy extended into retirement and I was not suggested alternative ways of paying the morgage. Has anyone any advice please?

Fullup

I have sent off my letter to Lincoln, I'll let you know how I get on

Thanks to all
Fullup

littlereddevil

I have just had a letter after nearly 2 years saying that I am getting nothing as all the risks were explained to me!!!!! I think not!!It appears there is now nothing I can do and am at risk of a £25.000 shortfall!!!!!

littlereddevil

Basically I had the same sort of letter as stepster.
Forgot to say endowment is with legal and general and was sold by someone working for solicitor who then went bust.

firework

this may be a silly question but i need some help here. i responded to an online questionaire asking was i mis-sold my endowment, and was told by ambulance chasers that even though i cashed in my policy i could still claim. ?

i took out an endowment in 1994, it was my 1st mortgage, and the guy who sold it said with an endowment you get to pay off the mortgage and have a nice lump sum left over. think it was about £15-£20k surplus. by about 1999 i started to get concerned that the endowment was not doing too good, think i'd had a letter from Friends Provident , so i decided to switch to a repayment mortgage. I tried to sell the endowment but no one would touch it as it was not old enough, so i ended up cashing it in. do i have any kind of claim? next problem is i have no paperwork from that policy - am i a lost cause or what???

FOSman

firework wrote:

this may be a silly question but i need some help here. i responded to an online questionaire asking was i mis-sold my endowment, and was told by ambulance chasers that even though i cashed in my policy i could still claim. ?

i took out an endowment in 1994, it was my 1st mortgage, and the guy who sold it said with an endowment you get to pay off the mortgage and have a nice lump sum left over. think it was about £15-£20k surplus. by about 1999 i started to get concerned that the endowment was not doing too good, think i'd had a letter from Friends Provident , so i decided to switch to a repayment mortgage. I tried to sell the endowment but no one would touch it as it was not old enough, so i ended up cashing it in. do i have any kind of claim? next problem is i have no paperwork from that policy - am i a lost cause or what???

I would say you are time-barred. You have 3 years to complain from when you were reasonably aware there was a problem with the policy. As you switched everything over because you were worried in 1999, then you should have complained sooner. Nevertheless, you can certainly give it a go. The firm has to time-bar you. If they don't, then the FOS can still look at the complaint.

defender_of_the_weak

It is not up to anyone even fos man to decide whether a case is time barred. I understand where he is coming from but it is up to the Ombudsman office to officially apply a time bar, no one else, not even the life company can do this.

Kelvin

Thanks for the web link for letter of complaint, the thing is I can’t remember who sold me the plan, think it was an independent financial advisor working in the estate agents who were selling the house, this was in 1989. Yeah I know, I know, but was my first house and didn’t have a clue.
Can I complain to the company that holds the policy, Eagle Star, instead?

dunstonh

Can I complain to the company that holds the policy, Eagle Star, instead?

Its not their fault so they are not responsible. However, they can tell you the details of the advising company.

FOSman

defender_of_the_weak wrote:

It is not up to anyone even fos man to decide whether a case is time barred. I understand where he is coming from but it is up to the Ombudsman office to officially apply a time bar, no one else, not even the life company can do this.

Like I said, the FOS need the firm to raise the issue for it to be time barred. Ofcourse its not for me to say it was time barred, its not one of my cases. But if a firm raised this scenario on a case infront of me, I certainly would be time barring the complaint. But like I said, the firm have to be switched on and spot it first.