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It ain't over till it's over

Feb 5 2007

Liverpool Daily Post, Liverpool Echo

 

MILLIONS of endowment mis-selling victims could still be in line for compensation despite missing their deadline to register complaints.

Brunel Franklin says legal action undertaken by itself and others within the claims industry will open the floodgates to people who have been "unfairly" denied the right to recompense.

The firm said despite seeing alegal challenge against "time barring" turned down, it was now working on other lines of attack on behalf of consumers mis-sold products.

Ian Allison, corporate relations director at Brunel Franklin.com, said: "We believe that one or more of these avenues being pursued will ultimately open the window for hundreds of thousands of members of the public to finally claim compensation against their mis-sold endowments."

At present, endowment providers can "time bar" a complaint if the consumer makes the claim more than three years after they first receive aletter warning them of a "high risk" of shortfall on their policy.

Firms must also send out a"red letter" six months before the deadline, informing the consumer of the impending date.

Earlier this week, the Financial Services Authority (FSA) said its own investigation indicated the majority of firms who had time-barred complaints had done so legitimately.

But Brunel Franklin said it has evidence that proves the industry is incorrectly applying the rules to the customer's disadvantage.

It claims to have case studies in which customers have been time-barred despite letters going to the wrong address and delays in processing of complaints.

In a bid to get time barring overturned, Brunel Franklin said claims management firms could now pursue anumber of legal options.

 

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