Financial Ombudsman Service - Have your Say

[LooLoo]

Re: Financial Ombudsman Service - SuperComplaint

Good luck Scrappy - i feel your pain I HATE COUNTRYWIDE with a vengence!

[Never-In-Doubt]

Re: Financial Ombudsman Service - SuperComplaint

Niddy I think in this case it's Countrywide the insurer

Yea we found it and I linked to it above mate

Ok, that makes more sense ---> Countrywide Assured - Providers of long term financial protection

Countrywide (on it's own) is an amalgamated IFA..... my confusion.

[mgfboy]

Re: Financial Ombudsman Service - SuperComplaint

Hiya

Ok, you're going to hate me here - that is what should happen. A policy cannot be surrendered until all relevant info and ID has been received. In a nutshell, had you sent the claim and the ID at the same time then you'd have had the unit price set correctly (ie in July), BUT as they waited for info, they applied it at the date the info was enough to complete a surrender.

I am sitting on the fence, but from my time within insurance, that's how I see it. Countrywide are an IFA - not an insurer, who was the policy with?

Niddy I think in this case it's Countrywide the insurer, I think though they may be non trading now. They used to mainly sell though tied agents in estate agents.

As for the the problem, I've seen it happen both ways, it depends on what the companies process is, but it does seem that they should have informed the clients of all the info that was required at outset for surrender.

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

Cheers NID

[Never-In-Doubt]

Re: Financial Ombudsman Service - SuperComplaint

Yes they did but didn't offer and explanation. Very short letter from them offering £100 compensation and that's our final decision.

Cheers
Scrappy Coco

You need the policy document..... In the meantime, I would email the adjudicator and state "I am requesting the policy document from Countrywide, please place this complaint on hold until such time they respond to my request".....

That is all you need to do for now, without that you are wasting your time as the terms will tell you what should happen. If you did what the terms state you'll win, if not then sadly this decision may stand.

Just contact Countrywide (call them) and ask for a copy of the policy document terms relevant to your now surrendered account

Keep us updated.

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

Yes they did but didn't offer and explanation. Very short letter from them offering £100 compensation and that's our final decision.

Cheers
Scrappy Coco

[Never-In-Doubt]

Re: Financial Ombudsman Service - SuperComplaint

I will double check as the policy document had to be sent back with the surrender paperwork and I think it was on the back of that.

If I haven't got it, I will SAR them

Cheers
Scrappy Coco

or ask for a copy..... no need to SAR.

So did they decline your complaint for the same reason as the fos?

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

I will double check as the policy document had to be sent back with the surrender paperwork and I think it was on the back of that.

If I haven't got it, I will SAR them

Cheers
Scrappy Coco

[Never-In-Doubt]

Re: Financial Ombudsman Service - SuperComplaint

I called them and asked to surrender the policy and could they fax all the information over that day as it was urgent. This they did, but we no know it was the policy surrender documents and nothing else.

I don't know the insurer. All the documentation is from Countrywide Assured Plc dating back to 1992. I've check my file and there is nothing else from anyone apart from them

Cheers
Scrappy Coco

Ok, that makes more sense ---> Countrywide Assured - Providers of long term financial protection

Countrywide (on it's own) is an amalgamated IFA..... my confusion.

Ok so Countrywide rejected your complaint based on the fact you never sent ID etc off in time, which the FOS are standing by?

Do you have a copy of the policy document, more specifically the surrender policy wording...?

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

I called them and asked to surrender the policy and could they fax all the information over that day as it was urgent. This they did, but we no know it was the policy surrender documents and nothing else.

I don't know the insurer. All the documentation is from Countrywide Assured Plc dating back to 1992. I've check my file and there is nothing else from anyone apart from them

Cheers
Scrappy Coco

[Never-In-Doubt]

Re: Financial Ombudsman Service - SuperComplaint

Hi NID

I don't hate you and I fully understand what your saying from my time in banking.

What's pee'd me off is the fact that each request was sent separately when all the information should have been requested at the same time.

In my opinion they caused the delay by not sending the correct paperwork and the point of contact.

Cheers
Scrappy Coco

So when you surrendered the policy, what was the process? Did you just write in asking for it to be surrendered or did you complete a form or what?

Who is the insurer?

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

Hi NID

I don't hate you and I fully understand what your saying from my time in banking.

What's pee'd me off is the fact that each request was sent separately when all the information should have been requested at the same time.

In my opinion they caused the delay by not sending the correct paperwork and the point of contact.

Cheers
Scrappy Coco

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

Oh my god. My eldest daughter looks older than her and she's only 15

This is what we have to deal with. leave Uni can't get a job work for FOS and make the right decisions and walk into and job with a financial institution

My personal opinion

Cheers
Scrappy Coco

[Never-In-Doubt]

Re: Financial Ombudsman Service - SuperComplaint

What happened is as follows.

We requested the surrender pack on the 21 July 2011 via Fax to speed things up.

Documents received and signed and returned the same day recorded next day delivery. Countrywide received and signed for them on the 22 July 2011.

What should of happened next is Countrywide should have taken the surrender value as of the 22 July 2011.

Instead they held onto the documents and kept sending us more information requested etc.

All the time we believed that the unit price would have been taken from the 22 July 2011.

This isn't what happened, They sat in the surrender docs until the last piece of information from us was received. Copies of Passports, then surrendered the policy. 25 days after they received it. During this time the fund value decreased by £1600 approx

Make sense?


Cheers
Scrappy Coco

Hiya

Ok, you're going to hate me here - that is what should happen. A policy cannot be surrendered until all relevant info and ID has been received. In a nutshell, had you sent the claim and the ID at the same time then you'd have had the unit price set correctly (ie in July), BUT as they waited for info, they applied it at the date the info was enough to complete a surrender.

I am sitting on the fence, but from my time within insurance, that's how I see it. Countrywide are an IFA - not an insurer, who was the policy with?

[Scrappy Coco]

Re: Financial Ombudsman Service - SuperComplaint

What happened is as follows.

We requested the surrender pack on the 21 July 2011 via Fax to speed things up.

Documents received and signed and returned the same day recorded next day delivery. Countrywide received and signed for them on the 22 July 2011.

What should of happened next is Countrywide should have taken the surrender value as of the 22 July 2011.

Instead they held onto the documents and kept sending us more information requested etc.

All the time we believed that the unit price would have been taken from the 22 July 2011.

This isn't what happened, They sat in the surrender docs until the last piece of information from us was received. Copies of Passports, then surrendered the policy. 25 days after they received it. During this time the fund value decreased by £1600 approx

Make sense?


Cheers
Scrappy Coco