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An interim announcement fromCPH Financial Advisory Services
TIME-BAR CHALLENGE
In May 2006 the Prudential became the last "major" life insurer to announce a time-bar on mis-selling complaints for all of its mortgage endowment customers. This will start in earnest soon and will be the final piece in a jigsaw started in 2003 when the first firms started time-barring.
Prudential's decision to begin time-barring was in stark contrast to its previous stated policy of waiving time-bars. As recently as 3rd October 2005 BBC News was reporting that Prudential had "no plans to begin time-barring". Prudential's change of heart seems to follow decisions by many of the other major UK life offices to introduce time-bars, many of whom have completed "U-turns" on earlier decisions not to do so.
Whilst we must stress that not all complaints are currently time-barred, obviously more and more will become so as time passes. This is clearly a major issue in Financial Services at this present time and has implications for the future finances of millions of individuals. Time-barring across the board will now leave many people who face an endowment shortfall and have yet to complain (or have complained out of time) to fend for themselves, with potentially thousands of pounds to find before the end of their mortgage term.
As we are entering a new stock market bear phase many future shortfall re-projection letters might well begin to really concern you. However, the main problem lies some few years hence therefore the full extent will not be known until millions of the endowments in question begin to mature in 7 or 8 years time.
WHAT IS A TIME-BAR?
In this instance a time-bar effectively means that you cannot (through the free of charge Financial Services complaints procedure) have your complaint regarding the mis-selling of your endowment policy investigated. In loose terms these rules are based on United Kingdom Statute Law.
In most cases people have either to make a complaint within six years of being sold their endowment policy, or three years from the receipt of their first "red" or "high risk" warning letter, if later.
WHO ARE WE AND WHAT DO WE DO?
CPH Financial Advisory Services is a firm of Independent Financial Advisers (I.F.A.s) based in Cheshire who specialise in obtaining compensation for people whose endowment policy is unlikely to pay off their mortgage. The team at CPH is headed by qualified partners with many years experience in financial services and who, since 2001, have focussed on seeking compensation for victims of negligent advice.
As this Firm was one of the first to introduce professional endowment complaint handling services on behalf of the general public we have a greater understanding of how the events have unfurled. Needless to say that whilst we have a commercial interest in this area, we do not agree with the principle of time-barring or with the way in which it has been introduced which is clearly designed to bring a premature end to mortgage endowment complaints.
WHAT CAN BE DONE ABOUT THIS?
We believe the millions of ordinary people who through no fault of their own are directly affected by this situation need to have something done about it.
Consequently CPH are currently endeavouring to assess all available avenues which could be used to overturn some, if not all, of the decisions to time-bar mortgage endowment complaints.
Whilst we cannot guarantee any level of future success in this area we feel that there will be many people who would like to be kept abreast of developments on time-barring, as and when these occur.
For this reason we would like to offer you the chance to register your interest, without future obligation, on this matter.
If you are interested please register your email address below so that we can keep you posted on any significant developments and ensure that you are kept informed of the latest news and developments which may be of interest to you.
We look forward to hearing from you shortly.
REGISTER YOUR INTEREST
If you would like to be informed of the latest developments regarding time-barring, please enter your email address below and we will be in touch.
Contact Information:CPH Financial Advisory ServicesThe Bath Master's House Davenport Street Macclesfield Cheshire SK10 1JF Email us at info@cphfinancial.co.uk Office Hours: 9.30a.m. - 5.00p.m. Claims in respect of Endowment Mis-selling are handled by CPH Financial Advisory Services of the Bath Master's House, Davenport Street, Macclesfield, Cheshire, SK10 1JE The Principal of which is Mr. Michael J. Cooper CPH Financial Advisory Services is regulated by the Ministry of Justice in respect of regulated claims management activities; its registration is recorded on the website www.claimsregulation.gov.uk See what our clients say about us:Mr R. of Midlothian :-"Please find enclosed a cheque for £825.97 for the agreed commission. On behalf of my wife and I, I would like to thank you and your team for the wonderful job you did for us. You stuck with us for 3 years. We could not have done it without you." Mr T. of Bedfordshire :-"I had originally decided not to pursue the matter. It was only a very modest policy, the failure of which I was going to put down to expense, and I was totally daunted at the prospect of launching a complaint. A chance remark by a colleague at work made me look at your website and from that point on at every stage along the way everyone was oustandingly helpful and courteous. All your terms and conditions were clearly stated at the outset with no chance of any misunderstandings and help was always on hand when completing some of the forms." Mrs S Smith of Cambridgeshire :-"Please find enclosed a cheque for your commission for our endowment complaint against Lloyds T.S.B. We accepted their offer of £8,471.94. You made the process as quick and straight forward as it could be and the calculation checks were invaluable." |