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Brunel Franklin Exposes Scale Of Mis-Selling Scandal
Brunel Franklin, leading endowment claims company, has exposed a series of serious allegations made by several ex-life company employees about the unscrupulous and often illegal sales practices employed during the height of the endowment mis-selling scandal. Brunel Franklin has detailed these mis-selling practices in an open letter to Walter Merricks at the Financial Ombudsman Service (FOS), and is urging FOS to launch an urgent investigation – given the gravity of the allegations.
These allegations, drawn from written and verbal testimonies of ex-senior staff of life companies during the 80s and 90s, suggest that policy sales advisers, employed by several different life insurers were told to sell endowment policies using practices that clearly broke industry rules.
Ex-advisers say they were routinely told to mislead customers using past-performance figures, which would be exaggerated; repeatedly ordered to stress that an endowment policy was guaranteed to pay off the customer's mortgage; and to sell endowments to several close relations, to boost sales figures.
Ian Allison, Brunel Franklin’s corporate relations director, said: “This is the tip of the iceberg. We have written to FOS detailing 20 illegal selling practices we believe were widespread among leading life companies in the 80s and 90s. These illegal practices include forging client signatures; backdating paperwork; telling customers an endowment was compulsory; refusing to deal with complaints; and failing to give clients illustrations of how a policy might perform – among other serious breaches.”
In the letter to FOS, Brunel Franklin also highlights again what it believes is the unfair issue of timebars, which Brunel Franklin has been campaigning against for almost three years. Brunel Franklin launched a legal challenge against time bars earlier this year and is soon to announce its next course of action regarding the campaign against arbitrary time bars.
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