Endowment policy

[jjandbump]

Hi all,

 

My mum and dad wrote to andrews mortage services back in 2005 when they were told about the mis selling of endowments (they have a £65k Shortfall) and its really stressin them out.

 

I have got all the paperwork, and andrews did reply in 2005 , but nothing states at all final responce.

My mum is one that will not make a fuss, but this is making her ill.

 

i have written to andrews and they have said tha they have sent their final responce in 2005 and will not reply as this is now time barred, i have read (and re-read) all teh paperwork, and it really doesnt look like a final responce.

What can i do , your assistance would be greatly appreciated.

they are due to retuire in 3 years and is really causing distress.

[citizenB]

I will flag your thread for assistance - it might not be until this evening after they have finished their day jobs..

[jjandbump]

thank you, i am sorry if i have posted in wrong area i did look and didnt know where to start ;-)

[citizenB]

I will move your thread to mortages.. you wont have to do anything, it is purely administrative and your thread will still be found through the usercp panel at the top of the screen and you will still get email notices

[citizenB]

When your parents received the first notices of an impending shortfall, were they offered any options as to how best deal with the shortfall?

[jjandbump]

no nothing, they have tried to save and get there, but we run a family business and its paid with dividends so its not been a good few years at all. they totally were missold it, and they were told to write letters etc, and andrew have been no help at all. x

[citizenB]

Aha, righto. mis sold endowment.

 

I think you will need to collect all your evidence of the mis selling - if you believe that none of the correspondence received was in fact a final response, then you should still be able to make a claim.

 

Someone will be along to ask all the right questions in order to help.

[citizenB]

Just some information for you to have a read of so you will know what type of questions you might be asked..

 

http://www.which.co.uk/consumer-rights/making-a-complaint/mis-sold-endowments-how-to-claim/

 

 

 

http://www.which.co.uk/consumer-rights/making-a-complaint/mis-sold-endowments-how-to-claim/step-by-step/

 

 

http://www.guardian.co.uk/business/2005/jan/21/endowments.money1

 

http://www.thisismoney.co.uk/money/mortgageshome/article-1583978/Endowment-mis-selling.html

 

HTH

[honeybee13]

Hello there.

 

Have you spoken to the FSA at all? They have a good helpline [in my experience] and should be able to tell you whether you have a case against these people.

 

http://www.fsa.gov.uk/

 

My best, HB

[citizenB]

Some more advice for you.

 

 

" Companies were told they would only need to deal with claims if they were made within two time limits… the LONGER of:

 

Either... six year from when you bought your policy.

 

You have six years from the date your bought your policy, yet most policies were now sold substantially more than six years ago, so this one is mostly defunct.

 

Or... three years from the date you realised it may’ve been mis-sold.

 

Again, time is ticking here as it is more than three years since the regulator told companies it had to write to customer’s who had shortfalls. Yet not all banks started sending letters straight away and you may not have had a shortfall initially and therefore received a letter later.

What to do if you think you’re past the time limit.

 

Even if they are past the limit it is worth still trying to put a claim in, as we’re often talking a vast amount of money. The nature of your complaint needs to address why you didn’t put a claim in – in time.

 

Even if this is just “I got the letter and didn’t really understand what it was telling me, but have had it explained and it does now”. The best thing to do in this case is give a quick call to the helpline for the Financial Ombudsman. "

[ukaviator]

The Financial Services Act - which brought about the concept of best advice and created the definition of independent financial advisers (IFAs) - came into force on 29 April, 1988. The significance of this date is that if you were mis-sold a policy after that date, you can take your case to the relevant Ombudsman and potentially be compensated. Andrews Financial Services was independent. But in 1993, it stopped being independent. Today, Andrews Estate Agents acts just as an introducer for Norwich Union.

 

Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-1557115/No-escape-from-endowment-black-hole.html#ixzz1zdqqRK2K

[caro]

Andrew's Estate Agents are members of the NAEA. Could be worth giving their Compliance Department a call see what they make of it. http://www.naea.co.uk/about-us/contact-us/

[jjandbump]

I'm getting nowhere at all any suggestions

[citizenB]

Does it say anywhere on their 2005 letter that this is their final response and that if you are unhappy you can refer your complaint to an ombudsman ?

[rdm2006]

Looks to me like they want to have you running round in circles until all is too late. Stop jumping through their hoops and complain to the ombudsman direct. FOS will either deal with it or pass it back to them to deal with properly, but at least it will be on record with FOS

[jjandbump]

right they have said that the Norwich union policy was arranged by Andrews financial services,

which ceased to be IFA un 1993 when it withdrew from FIMBRA the regulator at that time.

 

As Andrews financial services ceased to be an IFA firm in 1993,

it was not regulated by the personal investment authority,

or indeed the Financial services authority,

therefore we have been advised by the FOS that it does not have jurisdiction to consider or comment upon your complaint

however you can contact them to confirm this!!

 

I do not know where to go.

 

mortgage was sold in 1990??? grrrrr sounds like they know all the tricks! any advice.

[caro]

Might be worth seeing if FSCS can help. http://www.fscs.org.uk/