Extract of letter sent to the Financial Services Compensation Scheme today, in respect of first endowment:
I am writing to ask for your assistance in obtaining financial redress for the mis-selling of an endowment policy by B.
The FSA have advised me that this organisation is no longer authorised to provide investment advice. Please be advised that I have written to B; their compliance and quality control director advised me that they were not authorised, or registered, to carry out a review of my complaint.
I understand from the FSA that, under these circumstances, I should present my case to the FSCS.
The details, by way of a brief overview, are as follows:
- Endowment policy number ...
- Mortgage reference number ...
An adviser from B sold me a A endowment policy in August 1987. The target amount was £35000. The policy is not expected to meet this target.
The basis of my complaint is as follows:
Other options for repaying the mortgage were not discussed fully with me
The adviser did not explain there was a risk that the endowment would not meet the target amount
The adviser did not discuss in full the funds my endowment was to be invested in
The adviser did not properly establish my attitude to risk
The adviser didn't fully explain the fees and charges on the policy
The adviser said the policy was guaranteed to pay off the mortgage
The adviser said there would be a lump sum in addition at the end of the term.
Please feel free to contact me should you require additional information.
Thank you in advance for your assistance...."