The Endowment Diary

The Endowment Diary


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

Friday, December 19, 2003

I see that the FSA has fined Friends Provident £675K, for unfairly rejecting 5500 complaints about mis-selling of endowment policies.

That is good news for all of us who have had their complaints rejected by other firms.

The FSA have released some stats relating to the complaints they received during 2003.

They received 26000 complaints, each one of which took around 6-8 months to process.

They upheld about a 1/3rd of them.

As I have noted many times before on this blog, given the fact that there are about 5M people who may be in a position to claim; there is going to be an almighty backlog soon!

Tuesday, December 09, 2003

I received an email from a fellow endowment holder, who has a policy dating back before 1988.

His initial complaint was rejected by the major building society who sold him the policy, as it was pre 1988.

However, he received a letter from them recently which said that they have been passed details of his appeal against their decison by the FOS.

They have again reviewed the case, and they will now uphold the complaint after all.

It seems that the 1988 rule is flexible after all; just as the claims company that is handling my pre 1988 case have indicated to me.

Maybe we will get somewhere.

Wednesday, December 03, 2003

I see that John Tiner, Chief Executive of the FSA, has admitted that there was "very widespread mis-selling of endowment mortgages".

No kidding?

Now the flood gates of claims will really open.