Chasers' site targets annuities
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Claim-chasers have set up a website offering to help pensioners who believe they have been missold annuities win redress.
Missoldannuity.co.uk targets people who may have been eligible for an enhanced annuity but were sold a conventional product.
It states: “If you were not asked to disclose certain lifestyle or medical conditions, you may be receiving a lower income than you are entitled to. Therefore, you may have been missold this financial product.”
The firm is also targeting pensioners who believe their provider did not make it clear that they could shop around. It cites the FSA’s review of insurers’ wake-up packs from 2008 as proof that pensioners may have been missold an annuity.
The website adds: “Even if you are not sure if you have been missold to, contact us today. You have nothing to lose.”
Missoldannuity.co.uk says it will take 25 per cent of any redress on a no win, no fee basis.
It does not mention advisers but Burrows & Cummins partner Billy Burrows says some IFAs will inevitably face the blame.
Burrows says: “IFAs who do their job properly have nothing to fear but those who have been taking the easy option and not asking clients about their health will be left exposed.”
Missoldannuity.co.uk refused to comment. As Money Marketing went to press, the website was no longer live.
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Readers' comments (3)
Dave | 18 Mar 2010 3:36 pm
Wait until the new finance bill is passed and these ambulance chasers will have a field day courtesy of HMRC. At a cost to everyone in the financial services industry.
It will create a have a go culture and all that happens is the PI insurance will increase along with the costs. And all because the industry is not policed properly by guess who ???????
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Baron Bolligrew | 19 Mar 2010 1:59 pm
How about setting up a company to chase other claims companies that have made promises that they cannot then substantiate or deliver on?
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Anonymous | 19 Mar 2010 3:19 pm
yes lets set up claims companies to chase claims companies that encourage consumers to file a claim "even if you are not sure you have been missold" If the claim turns out to be frivolous & time wasting and has cost money to have fos check it The "claimer of claims" could then recoup our losses.That might just stop these parasites who take 25% of any redress when, for the price of a stamp the client could easily complain to fos themselves if they think they have been missold.
This is a great idea IFAs could pay a retainer to have a company like this act on their behalf.
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