Complaint Upheld, but no compensation??

Sarahjovi

I received a phone call from The Bank of Scotland to tell me that they upheld the complaint on 2 counts on my endowment policy. However I am not entitled to compensation, because I have signed the policy over to my husband.

As you can imagine I am fuming about this. The policy is still an endowment on my life and I have paid all the instalments. We signed the policy over to my husbands name a few years ago, and had intended to sign it back.

Can they really not pay the compensation for this reason!

It is a Prudential With Profits policy (originally Scottish Amicable) taken out in May 1988, sold by The Leeds, taken over by Halifax who are part of The Bank of Scotland. (See they can transfer it as much as they like). It was for £45000, I was told would mature at least £60,000, but will shortfall as much as £11,000. It was unassigned from a Mortgage in about 1992 and kept as a investment/life insurance policy.

Of all the ways I thought it would be rejected, this was the last thing I expected. I did ask the gentleman if we signed it back to me would I be entitled to the compensation, he said he would have to look into it and let me know. I also asked how much the compo would be, but again he didn't know, said it was a different department.

Any advise would be appreciated

Thanks

Sarah

Sarahjovi

I've now had a written reply to my complaint, which does state that they are upholding my complaint.

It also says

"because you do not have beneficial interest in the policy there is no redress calculation required and no redress payable. Should the condition of your policy change in the future please approach us and we will be happy to look at these points again."

So to answer my own question. It may be worth changing the policy back into my name and hopefully they will then pay me some compensation.

Thanks to everyone who looked! :j

Sarah

payless

there are a number of points that would laed me to think you won't get what you are hoping

was advice in May 1988, or before ( wonder if claased as pre regulation advice)

If only mortgage related for 1988- 1992 this may restrict the loss calculatiosn for these years

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If they say husband is the benificial owner - has he considered complianing?

Sarahjovi

Thanks for your input, I would have thought if the policy was pre regulation advice, they wouldn't have bother investigating it and has they've upheld the complaint it must be valid?

A friend of mine has just been offered £3,700 on her policy which was linked to a morgage for 6 years, so a little is better that nowt!

If my hubby complains, wouldn't they say, that as he wasn't the original policy holder he isn't entitled to compensation (or doen't it work like that?)

(Sorry for the speed of my reply, I;ve been on holiday for a week).

Thanks again

Sarah

EdInvestor

Sarah


Either have your husband resubmit the complaint or change the policy name and then resubmit it yourself.

The Halifax BoS is playing silly games here and if the Daily Mail got to hear about it, they might regret it.Very poor behaviour.

Explain the whole story to the Pru when you change the names - you may find the Pru will put some pressure on HBoS to play ball.

Sarahjovi

Thanks, will do!

Sarah