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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
Hi Glen,
From my understanding of endowments if a rate of 6% is used for predicted growth there will be a 30% shortfall. Alot of endowments are acctually growing at 8%, hence my warning - don't just sell in a panic because some unscrupulous individual will do ya!! Of course there are many variations and circumstances to take into account. Being a financial muppet myself I took independent advice from a recommendation of someone I trusted.
Dave
Thanks for the advise dai, sorry that I didnt get back to you earlier. I hope that your bathroom is now finished and that you are happy with product? I will most proberbly see you at the Llandudno Branch give me a call
Hi Carl,
Bit late looking at the forum, however, I have some info which might help. When we first starting trying to trace Mark Dunning regarding our shortfall in 2004, we traced him through a company called Mount Financial Services and a fella named Brian Win. He advised us that Northern Services had ceased trading and that his company were acting as continuing Independent Adviser Company for ongoing clientele.
However, 2 months later we received a letter from Mark Dunning himself on Northern Services headed paper stating he had reviewed our case and insisted that all information regarding possible shortfall had been shown to us at the time the policy was sold to us - RUBBISH!!
We went through the FSCS but they have eventually told us (took about 18 months) that we are unable to claim any compensation.
If you need any more info, get in touch - hope this helps.
Mal Owen 96
Hi!
I'm sure you are aware that the Government is now involved in tracing these scams that saw incorrect selling of insurance products and especially Endowment Mortgages. There is an advertising campaign on TV regarding this and it's worth anybody contacting them (it's free according to the advert) as there is a cut off date for claims(so I'm led to believe!).
My middle son has just taken out a Mortgage with Northern Rock which is a repayment style mortgage. Having trawlled the Financial Institutions for the most appropriate deal the only way it seems your going to be sure of the property being yours at the end of the term of payment is by using the repayment method. It's a mine field out there, these agents are only after making a fast buck or two on the backs of people who only want a home to live in.
Good Luck to all in chasing any shortfalls you may have.
Hingey
Hello all,
Firstly i like to thank everyone for there replies. As for the last posts from Mal and Paul i to have been chasing this for the last three years, only to be told that the company does not exist and the Battalions old friend Mr Dunning has long gone and was not able to claim any compensation. If there was a way you could go through the MOD to claim compensation i would as if you all remember this great man was introduced to the Battalion by the Regimental Paymaster 1 RWF dating back to Ternhill where i took out my first policy. As i can remember since then Mr. Dunning was like a VIP member of the WOs + SGTs Mess were at times he was accommodated were he set out from ripping the Battalion members off. Just to finish i know i sound bitter and apologies for that, but can i advise that all you Mr Paymasters please do your research.
Regards Happy New Year to you all.