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Is their anyone on the Forum who took out an endowment policy with Mark Dunning of Northern Services Insurance, on behalf of Friends Provident in the late 80's had any success in tracing this conman, or been able to claim the shortfall. I know the Battalion let this person sell his policies to all members for many years. i would be interested in hearing from anyone who has had dealings.
Hi Carl
I, through a financial advisor, is claiming for mis-selling by Dunning. The FCCS have to check wether he is still in the business of selling policies, if he is, then he has to pay out the compensation. If he is retired or bankrupt, then they pay compensation. They are still currently tracking him down. It's a long process and they reckon it takes up to a year to investigate Mark Dunnings circumstances fully. Hope this helps
regards
We too were sold an endowement by him and have been told that its too late to claim. We are now paying loads more to try and catch the shortfall. Be interested too to hear if anyone does catch him and gets any money back. Good Luck!
Anita Corbett
I too have 2 endowments as the paymaster in Lemgo was encouraging us all to deal with him but wont know the damage until 2011 as Friends wont tell us what the final figures are likely to be - if there is a positive Friends have been making more than 8% in recent years - they were working out of Newcastle and I did make some money off them when they went on the open market
Hi Carl,
Tim and i took one of these policies out in 1993 through Naafi in Tidworth. I think ours was with Standard Life.
In July this year we had a nice little sum back.
Someone mentioned being too late to claim. We were told that everyone has until 2007 to claim. The sooner you get started on it the better.
Glen:chatterbox:
Glen, when you say you had some money back, did you mean the money from the flotation. My advisor has told me to claim for the endowment policy, and when or if I get compensation for mis-selling, he advised to sell the endowment, as it well never return the money you will put in. I know everyones situation and type of policy is different, but I'm just letting you know what I have been advised. Mine is also with SLife.
regards
Dai
I also had an endowment policy with Mark Dunning of Northern Service, My policy is with Scotish Provident. Has any one out there got any idea whats going on?:arghh:
Hi Kieth,
it's all about mis-selling. Mark sold me two endowment policies in Berlin. According to my financial advisor, as a single soldier at the time, I should never had, had these policies (endowment). I should have had savings policies. I went to the FCCS for compensation and you have to go through a process to find out where the blame lies for mis- selling. It takes about a year to track financial companies down, if they are still going. If you need anymore info, give us a bell.
dai
he advised to sell the endowment, as it well never return the money you will put in.:shocked:
These plans must be doing really badly for that to happen. I know a few people who sold thier endowments and are now regretting not "fighting through" the anticipated shortfall. I'm sure everyone is taking independent advice, its just that sell your policy rang an alarm bell for me.
A local businessman bought out a few people and is now really quite pleased with himself.:Randy-git:
Hiya Di,
Our endownment policy went with out mortgage. One day had a statement and on the bottom noticed that it said "seek advice" about the shortfall.
Being a pretty cautious person (i panicked!!!) then took it to the bank manager:wub: .
We changed the mortgage to a repayment mortgage straight away. The bank couldnt advice us about the policy but at least I knew we didnt have any worries in the future regarding the shortfall.
Weve kept the endownment policy going to this day .......Im curious now to see how much less it will be. It also gives us both death cover should anything happen.
I got intouch with one of those companies in the paper who then took it up for us.
Hope this helps Dai.
Glen