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  • FIRST POST
    • maggiemy76
    • By maggiemy76 10th May 18, 3:34 PM
    • 5Posts
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    maggiemy76
    Royal & Sun Alliance Endowment mis sold
    • #1
    • 10th May 18, 3:34 PM
    Royal & Sun Alliance Endowment mis sold 10th May 18 at 3:34 PM
    Hi everyone,
    I bought a endowment through the Royal bank of Scotland who sold it under Royal 7 Sun Alliance in 1996.

    It completely unperformed really badly and looking back I just know we were charged PPI. We received nothing from it at all.

    My question is that i am struggling to find the name of Royal & Sun Alliance to input in to eh Financial Ombudsman claim website. When you type in Royal & Sun Alliance a list of associated companies come up. I don't have any paper work either.

    Does anyone know if I would get this from RBOS or any advice would be great.

    thank you,
    Maggie
Page 1
    • dunstonh
    • By dunstonh 10th May 18, 4:00 PM
    • 94,560 Posts
    • 62,539 Thanks
    dunstonh
    • #2
    • 10th May 18, 4:00 PM
    • #2
    • 10th May 18, 4:00 PM
    My question is that i am struggling to find the name of Royal & Sun Alliance to input in to eh Financial Ombudsman claim website.
    You are very late to the endowment complaint party. Over 3/4 of the remaining endowments were timebarred by 2009. Nearly a decade ago.

    Royal & Sun Alliance didnt sell direct to the public. So, you wouldnt complain to them.

    Does anyone know if I would get this from RBOS or any advice would be great.
    You complain to whoever, sold the endowment. However, be aware that, whilst you may get lucky, the statistically likely outcome is that you will be told you are time-barred. Time bar rules are that the sale must be more than 6 years ago AND more than 3 years of being aware of a potential issue. In the case of endowments that means the projection figure on the statements showing a high risk of a shortfall for more than three years.

    It completely unperformed really badly and looking back I just know we were charged PPI.
    PPI cannot exist on an endowment policy. Just not possible. So, how do you know this when its not possible?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • kingstreet
    • By kingstreet 10th May 18, 4:35 PM
    • 34,134 Posts
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    kingstreet
    • #3
    • 10th May 18, 4:35 PM
    • #3
    • 10th May 18, 4:35 PM
    1996?

    Sure it wasn't Royal Scottish Assurance, the joint venture between RBS and Scottish Equitable?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • maggiemy76
    • By maggiemy76 10th May 18, 4:42 PM
    • 5 Posts
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    maggiemy76
    • #4
    • 10th May 18, 4:42 PM
    • #4
    • 10th May 18, 4:42 PM
    yes it was Royal Scottish Assurance. om my goodness kingstreet!

    Also the grounds for claiming I was mis-sold would perhaps as you say dunstonh but it would be no disclosure that the endowment was on the stock market

    thanks Kingstreet
    • dunstonh
    • By dunstonh 10th May 18, 5:41 PM
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    dunstonh
    • #5
    • 10th May 18, 5:41 PM
    • #5
    • 10th May 18, 5:41 PM
    Also the grounds for claiming I was mis-sold would perhaps as you say dunstonh but it would be no disclosure that the endowment was on the stock market
    That reason (ignoring others) would be destined to fail. 1996 sales would have had a defined layout on the quotes and the risk warnings would have been clear that it was subject to investment risk. There would be plenty of disclosures telling you this (key features document, quote, reason why letter etc).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • kingstreet
    • By kingstreet 10th May 18, 5:57 PM
    • 34,134 Posts
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    kingstreet
    • #6
    • 10th May 18, 5:57 PM
    • #6
    • 10th May 18, 5:57 PM
    You would have been asked about your attitude to risk as your money would be invested only in RSA unit linked funds such as UK Gilt, Managed, UK equity and so on...

    This would have been sold either directly by a RBS branch or by a Royal Scottish Consultant (which was rare as most were busy advising on RBS savings accounts and RSA Investment Bonds).
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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