The Endowment Diary

I received a 3 page letter from the Financial Ombudsman Adjudicator today, regarding my complaint about the mis-selling of my second endowment.

It states that they will not uphold my complaint, and lays out the reasons why.

Their reasoning, I have to say, is somewhat lacking in intellectual rigour (indeed one point they make could not be more factually incorrect). Their reasons include the following:

 The fact that I took 6 weeks from first starting to arrange the mortgage to actually completing it (the house purchase took longer than expected).

 The incomplete fact find performed by A is not evidence of mis-selling (it does represent a breach of A’s procedures).

 As I now hold shares I am an individual who takes risks (to compare my investment and risk position now with my investment and risk position 12 years ago, when I took the policy out, is absurd).

One particular paragraph of the letter made my jaw drop in amazement:

“I have noted that in 1992, you already held an A endowment policy for a target of ** which had been taken out in 1987. I understand that this was also a “With Profits, Build Up” policy and yet I have been informed by A that you have not complained about this policy. In particular you don’t appear to have questioned the suitability of this product. In view of this, I would question why you have complained that the endowment taken out in 1991 was not suitable for you.”

As those of you who regularly read this diary know, nothing could be further form the truth. I have complained:

 to B who sold me the policy

 to A with whom the policy resides

 and to the Ombudsman.

All 3 stated that, as it was sold in 1987, the current law does not apply; and I have no grounds for redress.

I am at a loss to understand how both A and the Ombudsman could forget this lengthy, and detailed, correspondence.

I will compose a detailed point by point rebuttal over the next few days; and post it to the Ombudsman, and to this site.

Evidently the Ombudsman is so overwhelmed by complaints, that fatigue is setting in; and serious errors are being made.