I am never quite sure how much store to set by claims websites. The widely held industry view is that claims chasers or, gosh I’ve forgotten the term they prefer, oh yes, claims management firms, move from issue to issue seeking out the next rich seam of claims. I doubt they will ever hit pay dirt as they did with the endowment issue but what I find difficult to judge is how much traction they gain when they alight upon something new.
The latest site, I was pointed to this week, is www.missoldannuity.co.uk run from an office in central London. This site asks whether annuitants have been asked all the appropriate questions about the open market option though the emphasis is on whether people might have missed out on an enhancement. No mention, say, of drawdown. It does highlight an FSA pronouncement that 40 per cent of providers’ letters discussing retirement income did not give OMO enough prominence.
What I don’t know, not being a lawyer or an ombudsman, is whether there is enough ‘purchase’ for claims. Is this another rich seam or a barren one?
I also have t0 wonder how robust some IFAs’ processes are around OMO particularly for those smaller ‘less cost effective’ pots. Reading the site, it seems to me that the main object of the chasers’ desires are the big providers’ deep pockets. I know, anedotally, they hate going after IFAs because they usually get the fight of their lives.
I have no sympathy with these outfits. Some sail very, very close to the unethical wind. But while the industry, including IFAs, is raising its game around OMO, I think most would accept there is still some way to go. It might be wise to check out the site and see if you think you are claim proof.
This is yet another despicable attempt to perpetuate the notion that a vast number of consumers have been short-changed.
Often these firms are operated by refugees from the financial services world – failures who couldn’t make it work and possibly failed the aptitude test to be a regulator.
Apathy is the greatest threat to financial well-being and until consumers exhibit greater commonsense and appetite for self reliance they will always suffer some financial penalty.
What next, mis-sold a deposit account? If your bank didn’t tell you that their internet account pays a higher rate you may have been mis-sold. Oh please.