Execution only, advice needed

denise43

I was sold an endowment policy in 1991 by a High street Bank mortgage advisor but my policy states that this was issued on an 'Execution only' basis. Have I still got grounds for complaint if I felt I was mis-sold?

dunstonh

Execution only means that no advice was sought or given on any matter relating to policy bought. i.e. you went to them and said "I want an endowment policy for x amount" and they provided that policy with no advice given.

If advice was given, then it wasnt execution only, regardlesss of what was said.

Their paperwork supports execution only and the advisor has 1% or less of their business on execution only, it will be hard for you to prove otherwise.

payless

On assumption thats its from tied source, I am aware that some banks are accepting thats execution route was very rare

for example
why did you go to that particular branch for this product - and not the insuer direct, did you know the adviser and/or did you recieve better terms than usual?

FOSman

denise43 wrote:

I was sold an endowment policy in 1991 by a High street Bank mortgage advisor but my policy states that this was issued on an 'Execution only' basis. Have I still got grounds for complaint if I felt I was mis-sold?

Get a copy of all the paperwork. If it shows any shred of advice being given, for example, if they noted your earnings, your assets, your goals, then why would someone take that information if you already knew what you wanted and for how much?

But you should remember...did you take any advice? If not, then you no, you don't have grounds to complain.

denise43

Thanks for all your replies, the problem is the advisor was a friend of mine, and at the time I had no idea what an endowment was or did. She filled in the paperwork in the staff room (that's how casual it was), and I remember coming away thinking my mortgage will be paid off and I would have a lump sum at the end an amount was even given. Even though she no longer works there I don't want her to be contacted (she's in her 60's and unwell), as i'm sure she sold this in good faith, however I am having to find an extra £25000. Do I or don't I complain? and have I good enough grounds to.

FOSman

I think you have grounds to complain, in that you believe you were mis-lead. Whether you have enough evidence to support your complaint is another matter. Complain in writing to those responsible for the advice. Say what you have said, that you didn't understand endowments, and that you did receive advice.

If your circumstances show that it was unlikely that you would have been able to turn up to the adviser, and specifically ask for what you got without advice, then regardless of what they say, your complaint may be upheld.

If they reject your complaint, and you feel they have not presented you with enough evidence, then you can take the complaint to the Financial Ombudsman Service.