The Endowment Diary

The Endowment Diary


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

Tuesday, October 12, 2004

A "Shabby Habit"?

It seems that Abbey National are allegedly not playing fair with endowment complaints, relating to policies sold before 1988.

According to reports, the Abbey National are automatically rejecting out of hand any complaints made about policies sold pre 1988.

This despite the fact that the Financial Ombudsman Service (FOS) has warned them that they must investigate each case.

According to mortgage complaint handlers, such as Endowment Justice and CPH Financial Advisory Services, 100% of complaints are being rejected by a pro forma letter; which claims that Abbey do not have to establish attitudes to risk, or keep records of what was discussed pre 1988.

Over a year ago the FOS warned banks and building societies that mis-selling still can have occurred pre 1988. Our chums in the life assurance industry, despite attempts to obfuscate over this issue, still owe us the hapless owners of these useless policies a duty of care.

Our chums may now find themselves in hot water over this, as the FOS has reported their names to the FSA.

Abbey denies the allegations.

Will anyone who was sold a policy by the Abbey, pre 1988, and who has managed to gain compensation from them please drop me a note.

I am more than happy to back up Abbey's claim!

The bottom line here is, that if you receive a rejection letter from the company that sold you a worthless policy; don't accept it.

Fight back!

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