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Who "owns" the advisors who sold me my endowment

Hi,

Can anyone tell me which organisation I have to go to to find out who is now liable for the poor advice the advisor gave me when I took out my mortgage endowment.

The original company say they sold the business lock, stock and barrel to the Halifax . The Halifax say, "... the Halifax has sold it's shares in XXXXX and with this sale went our obligations and liabilities for this company." They don't say who they sold the shares to.

Is this a smokescreen? Just because I own shares in company XX doesn't mean I ever actually owned or sold the company itself, surely?

I don't want to waste my time with the Halifax (they have " investigated my complaint as a gesture of goodwill.") if I should rightfully be persuing someone else.

Any pointers would be most welcome.

Reply to
Sparky
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Why so coy ?

Name the company and someone may be able to give you a quick answer, otherwise call the MCCB who, if they can't help, may point you in the direction of someone who can.

Daytona

Reply to
Daytona

If the policy was bought after April 1988 (ie, when the Financial Services Act 1986 came into force) and the policy was sold by a tied agent (ie, only selling the products of one company), then the Life Company takes responsibility for the advice given by the adviser, regardless of whether they directly employed them (ie a Prudential or Pearl agent), they were self employed as a representative running their own local company, or as part of a local estate agency group.

Do not worry about who 'owns' the adviser, go to the company.

Reply to
Simon Karande

I have done.

The endowment policy was bought in May 1987. The life company (Sun Alliance, now part of Royal & Sun Alliance) said it was nothing to do with them and referred me to the Estate Agency which employed the advisor who sold me the policy. The Estate Agency no longer exists, but the existing commercial arm says that they sold the business to the Halifax. The Halifax says that they "sold the shares".

So, where exactly does the buck stop?

Reply to
Sparky

Because until I either win my case or conclusively lose it, I don't want to give anything away, just in case someone from one of the other parties reads this newsgroup.

Thanks. I will follow this up.

Reply to
Sparky

I think you're stuffed then. I got nowhere with my claim on my original endowment which was started in '83. Those taken after '88 have been resolved.

Dave

Reply to
David Lowndes

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