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*PLEASE NOTE* This site is
for information purposes only - we are not accepting
any new cases from January 2007
Case study The following
case discusses another common situation. The "adviser"
when conducting the endowment product sale - fails to
properly assess the customers attitude to risk on
investments.
Our client n this case wished to complain about a
failing endowment policy which was sold in 1989. The
policy was supposed to reach a target of £57,000 but was
now forecasting a return of £43,000.
The customer quite rightly felt misled because at the
time of the endowment sale there was a heavy emphasis on
the target being reached and in addition there would be
attractive bonuses on top.
The client had been given a familiar sales pitch by
the adviser and had certainly been misled regarding the
level of risk that he was taking with the investment.
The client had only recently decided to act on the
shortfall having received yet another warning letter
from the endowment company. With time running out to
claim (you only have three years to
make your complaint following a warning letter) we
were happy to assist.
After completing our thorough claims review before
presenting the complaint, we realised that the client
may not have had his "attitude to risk" properly
assessed at the time he purchased the endowment.
Part of the sales process involves direct questioning
of the customer to determine their attitude to risk
taking so far as investments are concerned. This must be
fully recorded and the customer fully aware of the risks
associated not only with the endowment concept but with
the funds adopted for his/her specific investment.
As part of our claims procedure we obtained a copy of
the "Fact Find" document which was prepared at the time
of the sale. We found that the salesman failed
completely to record the clients attitude to risk. The
endowment company agreed to uphold the clients complaint
about this and a number of other crucial issues.
The client won £7,651 in redress compensation
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