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Massow provokes anger with advice to seek payouts on endowments

IFAs are rounding on high-profile IFA Ivan Massow for his comments on how policyholders should deal with potential endowment shortfalls.

Massow&#39s advice in the Daily Telegraph has outraged IFAs who say he is stirring up the controversy about endowments at their expense.

Massow was replying to a Telegraph reader who wrote to the paper for advice after receiving a letter saying he could be facing a shortfall of £25,000.

Massow reply reads: “The system is so loaded againstthe company that gettingcompensation should be adoddle…Just complain and the PIA will work like a gleeful machine and inflict mayhem on the company/individual in question. Many people have discovered that it does not cost anything to complain – the broker picks up the legal bill regardless of whether the claim was justified.”

IFAs say Massow is right that they are always hit with the bill for complaints, regardless of whether they are found to be justified. But they are angry Massow is highlighting what they say is an unfair system.

Harris Investment Services principal Alan Harris says: “I think Massow&#39s comments are outrageous. It is fine telling people to complain if they think they have been poorly advised but it is not appropriate for an IFA to say complain and the PIA will jump to attention.”

Massow says: “I was trying to highlight that the system is unfair. I also suffer the injustice of this system. I was hoping my comments would gen-erate this response. I deliberately wrote it in the most confrontational way possible in the hope that IFAs will get together and complain about the system.”

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