The Endowment Diary

The Endowment Diary

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

Sunday, April 10, 2005

The Gestation Period of An elephant

The Gestation Period of An Elephant

Taking, what I can only describe as, the gestation period of an elephant; my "professional" claims handling firm has finally come back to me on the complaint that I raised around a year ago, in relation to the mis-selling of my first endowment policy.

They state that they have received notification from my policy provider that it was sold to me by an IFA, they knew this already, and "due to the current rate of success in this type of complaint (it was sold pre 1988) we do not feel that we can help you".

This response, in a nut shell, shows you why complaint handling firms are in general a waste of space.

In effect the service that they are really only prepared to offer is that of filling in paperwork, that you could well do yourself, and raise the matter with the life assurance provider and the FOS.

They are then happy to take 30% of any compensation that you receive, for their "endevours" on your behalf.

The bottom line is that you can save yourself this 30% fee, by doing precisely the same work for yourself.

The only way that they can conceivably add value is where you have already taken these actions yourself, and got nowhere, just as I did.

Unfortunately, as we can see, they are not prepared to help.

I am of course more than happy to hear from any complaint handling company that would actually like to do some real work to earn its fee.

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