Has anyone challenged a time barred claim for missold endowment policy

marcia21 · 13 October 2006 at 4:26PM

I've finally summoned up the courage to make a claim for missold endowment policy to friends provident and have been informed by them that they wouldn't look into it as i should have made a claim by 1st July 2006 - i made a claim on 10 october 2006.

Has anyone successfully managed to challenge this before now - and do you think it's worth pursuing this any further.

dunstonh · 13 October 2006 at 5:38PM

Vinno, on this forum has. Although FP tried an earlier time bar to what they are using now. Their belief is that their 2003 letter is strong enough to allow the time bar and they do appear to have followed the time bar rules from there.

You could take them to court like Vinno if you think you have been unfairly time barred.

Dilly · 14 October 2006 at 11:08AM

I have the same problem. Sun Life of Canada say they wrote to me in March 2005 and told me that I had until May 2005 to make a claim.

I did not receive that letter or I would have been prompted to act. I do not have a copy of it and I ALWAYS keep everything of a financial nature

They say that they will not consider a claim on the endowment policy but will on the other savings policy I took out at the same time. Which they are currently dealing with... hopefully

Do they have to prove that I received the letter or is the fact that they say they sent it sufficent for them to ignore my claim?

Any suggestions would be welcome

vinno65 · 15 October 2006 at 10:54AM

Hi Marcia,
FP are very hot on time bars as theirs are some of the worst performing endowments out there and hence if they have to pay out for a miss-sale it usually costs them lots.
In your case I believe thay would have had to have sent you a letter 6 months before the deadline informing you of it. Did they? If they did then it would almost be impossible to have the time bar overturned by the FOS unless there were exceptional circumstances that prevented you from complaining(hospital stay, bereavement etc.).
If they didn't send you this letter (informing you of the deadline) then you can challenge the time bar at the FOS.
Hi Dunston re:the FP 2003 letters. These were basically the same as the ones sent in 2000 but they omitted the advice to "wait and see" After my case FP put out some bull that this 2003 letter was more strongly worded than the 2000 one they lost the case on but basically they are the same but no-one has tested it in court yet (I presume the statement they made was to frighten people off from trying!) They have been following the rules post May2004 .I know because although they tried to bar me on the basis of the 2000 letter they sent me a letter in N0v2004 telling me I had till june 2005 to complain!!They passed over this in court as just a computer generated letter blah blah blah!

regards Vinno

elizw · 15 October 2006 at 12:50PM

I used to work on endowment complaints and every time barred case I referred to the Financial Ombudsman was rejected by them as they say that the company was within its rights. The only hope you have is if they say they sent you a letter warning you of the problem but you can prove that they didnt or that you didnt receive it - but it has to be a really good reason. HOWEVER did you see in the Sunday Mail today that Barclays and Halifax were secretly reviewing a lot of cases that were rejected and sending out compensation - sometimes to people who did not even complain. I would assume that this will spread to other banks and insurance companies. Therefor DO NOT GIVE UP I would write to the companies every couple of months to ask if they would review my case and keep an eye on the news.

dunstonh · 15 October 2006 at 1:29PM

Barclays (L&G) and Halifax were instructed to as they were two of the more well known companies that were unfairly rejecting cases. That article has a few facts and creates a story to fit them.

Crazy_Saver · 16 October 2006 at 8:09PM

Hi Marcia.

I am by no means an expert and I have actually had some fantastic advice from both Dunston and Vinno and I must add that with their help, I am now in the process of taking my claim to the FOS.

You don't say what reason you have been given for the time bar but if your case is anything like mine, then my story may be of some help to you.

The company representing the advisor who sold me my endowment tried to time bar me. They claimed that my first "Red Alert" warning letter was sent to me over 3 years ago. I keep copies of all my correspondence, and I have only received one Red Alert letter and that was in July this year. I challenged the time bar and eventually received an apology from the company the financial advisor works for and the time bar was lifted.

Hope this helps.

Crazy Saver

Has anyone challenged a time barred claim for missold endowment policy

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