Endowment Mis-selling Claim Can't get compensation

shazoo_2

Hi,

My husband and I used a company for our endowment mis-selling claim.

They have said that as the policy was sold prior to 1988 ,we took out the policy in november 1985 by an independent financial advisor.

That policies bought before April 1988 were taken out before the introduction of the current financial service regulations and the formal licensing of financial advisors.This means that we must rely on insurance companies and other organisations to retrieve the relevant information from the archives.

Even if we were able to find the original selling agent, they are not bound to investigate you claim.To make matters worse,we cannot insist that your agent refer your case to the financial ombudsman service to look at your case if they reject your claim.We have also considered employing the financial service compensation scheme,but the timing of your policy purchase means you do not qualify.

So we are sorry to say that - though you may still have a case for compensation - we do not feel we can bring your claim to a satisfactory con clusion.

Please remember you still have the right to approach the agent who sold you your policy and take up your complaint with them.You can also got to court if you remain dissatisifed.Unfortunately ,we are not in a position to support you if you go down this path.


All they have offered is to helps us with financial advice.

Has anyone else who was sold the policy prior to 1988 by a independent financial advisor,who is hard to find.Got any compensation and how?

Thanks
shazoo

EdInvestor

Shazoo

I'm afraid you've got no hope via the misselling/Ombudsman system.

Is the loss small (under 5k)? If so you could try the Small Claims Court.However if the original IFA has disappeared/gone out of business, it seems like you've reached a dead end.

FOSman

EdInvestor wrote:

Shazoo

I'm afraid you've got no hope via the misselling/Ombudsman system.

Is the loss small (under 5k)? If so you could try the Small Claims Court.However if the original IFA has disappeared/gone out of business, it seems like you've reached a dead end.

You can try the small claims court, but as many firms like to point out, you may find that the Limitations Act 1980 may stop you taking the firm to court. The act says you have 15 years to take them to court. I would guess by what you have said that your time is up.

Froggitt

Unless it was sold to you by a Bank, Building Soc, or Life Co, youre unlikely to have much luck.