The Endowment Diary

The Endowment Diary


The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Monday, September 01, 2003

I received a rather unhelpful response from the FSA, a few days ago, in connection with my enquiry as to the relationship between A & B that existed at the time I was sold my first endowment.

The FSA stated that they could not respond to all queries individually. They then went on to answer a question that I didn’t raise; namely providing me with the contact details of B, and noting that B was no longer authorised to provide investment advice (both of which I knew already).

Clearly no one at the FSA had bothered to read my letter!

Then for good measure, they enclosed a number of leaflets and an expensive booklet; about the role of the FSA, and how to complain.

I wouldn’t mind, but it was the Financial Ombudsman Service (not entirely unconnected to the FSA) that advised me to write to the FSA in the first place.

This sorry performance begs the question; if the FSA cannot provide answers to questions raised by members of the public, with respect to the activities of organisations operating under the remit of the FSA, then precisely what is the FSA there for?

I think that I may give the FSA one of my “Worse Than Worthless” awards.

I will be passing my complaint about B on to the Financial Services Compensation Scheme; which handles issues relating to companies which are no longer authorised to give investment advice.

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