I have an endowment that I took out in 1986. I have made a compensation claim via the Estate agents that mis-sold the policy and then the FOS both have replied that I have no claim as the policy predates the Financial Services Act of 1988. Is this true, is there nothing else I can do ?
TIA Chris
Prior to the Financial Services Act 1988, most (if not all) financial products were unregulated and your nan could sell you a life policy, if she wanted.
There's nothing to stop you suing the estate agent yourself. It'll cost you and you may not win. The systems weren't in place in those days where any Tom, Dick, or Harry could have a punt free of charge because they'd got nothing to lose, and if the guy they were punting couldn't prove he'd done the job properly then it was assumed that he hadn't. The compensation culture hadn't been born then.
Rob Graham
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