I have been told that because i did not buy the plan from the endowment co rep direct i may not have a claim.
The plan is with the prudential formally Scottish Amicable.
2006-11-08 20:18:15 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
i answered this question a few days ago..click on my profile and look at my answers..good luck
2006-11-08 20:20:29 · answer #1 · answered by ginger 6 · 0⤊ 0⤋
Your claim is against the person giving the advice. Before arranging the policy, he should have checked that it was a suitable contract for you and given you a written explanation of the risks involved. If he did both, you have no grounds for a claim.
An endowment policy used to be the best way to repay a mortgage. The change in economic conditions over the past 15 - 20 years means that this is normally no longer the case. Depending on how long ago your endowment started, it may have appeared to be the best approach for you at the time. The IFA should have made it clear that there was a risk of a shortfall and weighed up the advantages and disadvantages related to your circumstances. It's not the IFA's fault that the Stock Market fell down a deep hole after 9/11 or that interest rates have halved.
If you still feel you have a valid complaint, write to the IFA firm setting out the grounds. Address your letter to "The Compliance Officer". You should get an acknowledgement within a few days and a full answer to your complaint after a couple of weeks. If you're not satisfied with the outcome (or if they ignore you) you can complain to the Financial Ombudsman.
Avoid going to a Claims firm. They can't do anything you can't do yourself and they'll want a large chunk of any compensation so you still have a shortfall.
2006-11-08 20:31:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The name of the government office you want escapes me, but go and ask at a CAB. The deadline is very close and you must act quickly.
2006-11-09 13:10:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋