According to the recent survey carried out by the Consumers' Association; less than half of those people, who complained to the companies who sold them an endowment, bothered to raise the matter further with the FSA if their original claim was rejected.

Come on guys!

If you don't complain you won't get compensation; the companies who sold you the policies, more often than not, need a little "push" from a third party.

It costs nothing, other than a little of your time, to raise the matter with the FSA.

The clock is ticking!

I received a letter from the Ombudsman yesterday, in respect of my complaint about my second endowment.

The letter advised me that my complaint has now been passed on to the Adjudicator, who will act to try to mediate between myself and A in order to reach a satisfactory solution.

I clicked on one of the services for claiming redress for mis-selling (advertised on the left of this diary), and filled in their brief form wrt the endoment sold pre 1988.

They came back to me today, saying that at the moment they cannot claim for endowments sold pre April 1988.

However, they are looking into the possibility of bringing legal action on behalf of people who were sold policies pre April 1988.

As such they will hold my details, and contact me when they have further information.

I had a letter from the Financial Services Compensation Scheme today, in relation to my claim for compensation against B.

The FSCS said that as I bought the mortgage before 28 August 1988, they were unable to help me. However, if B had given me further advice after that date they might be able to help.

Nil desperandum!

I will now explore other options.

I completed the form from the Ombudsman, and sent it off to them.

Let's see how this goes.

Extract of letter sent to the Financial Services Compensation Scheme today, in respect of first endowment:

"Dear Sir/Madam,

I am writing to ask for your assistance in obtaining financial redress for the mis-selling of an endowment policy by B.

The FSA have advised me that this organisation is no longer authorised to provide investment advice. Please be advised that I have written to B; their compliance and quality control director advised me that they were not authorised, or registered, to carry out a review of my complaint.

I understand from the FSA that, under these circumstances, I should present my case to the FSCS.

The details, by way of a brief overview, are as follows:
- Endowment policy number ...
- Mortgage reference number ...

An adviser from B sold me a A endowment policy in August 1987. The target amount was £35000. The policy is not expected to meet this target.

The basis of my complaint is as follows:

 Other options for repaying the mortgage were not discussed fully with me

 The adviser did not explain there was a risk that the endowment would not meet the target amount

 The adviser did not discuss in full the funds my endowment was to be invested in

 The adviser did not properly establish my attitude to risk

 The adviser didn't fully explain the fees and charges on the policy

 The adviser said the policy was guaranteed to pay off the mortgage

 The adviser said there would be a lump sum in addition at the end of the term.

Please feel free to contact me should you require additional information.
Thank you in advance for your assistance...."

Received a letter today from the Ombudsman, relating to my complaint about the mis-selling of my second endowment.

The complaint has been passed on to their casework area for further consideration.

They also enclosed a detailed questionnaire, which I will fill out and return in the next few days.

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.

I finally finished filling in the Ombudsman's form, and collated all my letters relating to my claim against A for endowment number 2.

Sent it off this evening.

Let's see how that goes.

Letter from the Ombudsman, enclosing a complaint form for me to fill in wrt my complaint against A.

The Ombudsman also replied in the letter to my email:

"Regarding your other complaint and recent email. I can only suggest that if you wish to pursue the matter further, you may wish to consider taking legal advice."