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No win, no fee,no ethics

Mystery shopping is all the rage these days so I thought I would do some of my own.

I called a firm of endowment claim specialists, having read their advertisement, frustrated at the suggestion made that compensation was available if you had a shortfall, omitting to mention only if you have been “missold”.

I made it clear that I was fully aware of the product I had and the risk involved throughout but there was a projected shortfall. the question I asked was: “Although I was not missold, is it worth my time applying for compensation?” The answer was: “If you are prepared to forget what you have just told me, if the shortfall is sizeable, go for the compensation regardless.”

So much for the professionalism of these so-called specialists. I suggest that other IFAs might want to make similar mystery calls and report their findings to the Office of Fair Trading, as I have. No win, no fee, no ethics.

Barry Johnson
Senior partner,
Barry Johnson Financial Services, Northampton

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