How to get information about existing investments

qwerty11

I'm trying to help mymother in law work out how much her current investments are worth, but we are finding it almost impossible to get the information out of the Co-op. Each time she asks whatt she (& her late husband) have, the advisor just jots this down on the back of an envelope.

I'm going to go above his head, but I was wondering if anyone has a sample letter I could use to ask for all the relevant information aboutthe investments so I don't forget anything. I'm thinking along the lines of asking for type of policies (& accounts), current values, other benefits (ie, life insurance elements), current values, penalties on cashing in early etc.

Or is there somewhere I could go to get a list of things to ask, like the CAB? My inclination was to get an IFA to do it all for her, but she feels very loyal to the berk who just sold a credit card to a 78 year old ... presumably for his commission

Thanks!

dunstonh

An IFA could do it but its probable that you would incur charges for doing it as its not a service that would earn the IFA any income from other sources.

Not sure the CAB could help.

Alternatively, go direct to the CIS and request a full breakdown of policy information with current and surrender values, terms and premiums paid.

EdInvestor

Hi qwerty11

Are all her savings and investments at the Co-op? The whole lot? Seems odd.

To get the Co-op to cooperate it might be necessary to officially sack the IFA by writing to the Coop saying he doesn't represent MIL any more and she has no IFA. They will then have to communicate direct, and will probably appoint a "broker consultant" to liaise between MIL and the company.[The IFA can be reappointed later if MIL wants.]

The downside with this is that if your MIL has investments elsewhere but has no info about them herself because it's all with the IFA, she could lose touch with her financial situation completely by sacking the IFA, who certainly would not tell the other companies of the change because he would lose the trail commission he is paid on your MIL's investments.

However I'd have thought a stern letter requiring him to produce a full list of all your MIL's savings and investments for review might do the trick. I'd have thought the regulator would take a complaint about withholding information and potential misselling involving a 78 year old lady quite seriously.

dunstonh

Where has an IFA come into it Ed? This is co-op and the vast majority of their stuff is tied agent. Therefore the rest of your post is therefore incorrect as tied agents with co-op can't be sacked and dont get trail.

The regulator will not handle any complaint about administration without making a complaint to the co-op first. Even then if you cant get resolution from co-op if would go before the FOS and not the FSA. It would also not be treated as an FSA regulated complaint anyway but a servicing complaint.

EdInvestor

Sorry perhaps I misunderstood.The OP says the MIL has an advisor - I assumed he meant an IFA.

Has the MIL got no documentation at home from the Co-op?
Unless she's moved recently, if she's got no IFA she should be receiving all the information directly.