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Time bar on friends provident endowment
worrier29
Posts: 7 Forumite
Hi guys would appreciate any help with this problem,basically my endowment provider has time barred my complaint because apparently i did not complain 3 years of them sending me a "high risk or red letter"even though the letter itself says its a endowment update letter which gives me 5 point action plan and which does not include anything about complaining about the policy shorfall,has anybody have ant experience of this??? They have now told me that i should get legal advice and the FSA ,FOS cant help either !!!!!!!
HELP.
HELP.
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Comments
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When were you sent your first red alert letter?............
FP endowments were mostly time barred by 2007....not much you can do I'm afraid........0 -
They have now told me that i should get legal advice and the FSA ,FOS cant help either !!!!!!!
The time bar rules are set by the FSA. Plus they dont deal with consumer complaints. The FOS deals with complaints but only within the FSA rules. They wont overrule a time bar without good reason. Given that notifications of shortfalls started around 2001 and most FP endowments were time barred 3 years ago (giving you nearly 10 years of notifications) its unlikely a time bar would be overruled as you would have to explain why you couldnt put a complaint in during that period.
Time bars exist in law as well. So, you would probably find just as much problem there. Plus, very few are successful in the courts with endowment complaints and if you fail, you can come off worse due to costs.
FP wording on time bars was quite clear. Indeed, they even used red writing on the statements telling you when the time bar date was.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The so called,RED/HIGH RISK LETTER is very clear and was sent once in 2004 and 2005.HOWEVER in 2000 they sent me a letter with the heading "your endowment update" can they class this as a red warning letter,when it doesnt include the word RED or RISK???The time bar rules are set by the FSA. Plus they dont deal with consumer complaints. The FOS deals with complaints but only within the FSA rules. They wont overrule a time bar without good reason. Given that notifications of shortfalls started around 2001 and most FP endowments were time barred 3 years ago (giving you nearly 10 years of notifications) its unlikely a time bar would be overruled as you would have to explain why you couldnt put a complaint in during that period.
Time bars exist in law as well. So, you would probably find just as much problem there. Plus, very few are successful in the courts with endowment complaints and if you fail, you can come off worse due to costs.
FP wording on time bars was quite clear. Indeed, they even used red writing on the statements telling you when the time bar date was.
This is my complaint the date of this letter is 2000 yet they are using this as the first warning letter.0 -
guys,guys just got a letter from FOS they have agreed to look at my case again with a view to lifting the time bar.They agree that the first letter was very ambigous and it tells me a list of things i can do to rectify the situation.
1.change to repayment
2.increase premiums
3.pay off a lump sum
4.WAIT AND SEE !!!!
can you believe it??
i cannot see anywhere on the letter where it says i can make a complaint to them or the FOS.
I HOPE THIS HELPS OTHERS WITH SIMILIAR SITUATIONS0 -
guys,guys just got a letter from FOS they have agreed to look at my case again with a view to lifting the time bar.
Be wary on this. FP went to court on a case and lost. That was based on a very early warning (around 2001 IIRC). The warning was not deemed suitable. However, by 2004 FP had complied with the correct warning methods which meant their time bars were valid in 2007.
The FOS are inconsistent at times and they may surprise you. However, it may be that the first letter in 2000 is wrong (almost certainly was) but when FP go on to give the FOS the 2004 letter then you would expect the FOS to use that instead to validate the time bar. If FP dont supply the 2004 letter, then you may get lucky.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Since June 2004, all providers have been required to remind customers of a pending time bar six months before it is applied. The Financial Ombudsman Service can consider complaints outside these limits only if failure to complain in time is a result of 'exceptional' circumstances.
If people want to pursue their mis-selling case and challenge a time bar in the courts, they will have to bear their own costs.
If it is 15 years since the sale of the endowment, a court challenge is unlikely to be successful because previous ones have been rejected
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