Mis-sold a life assurance policy - they have found in my favour

[GimmeAy]

Now they want to know how to come to an agreement.

What would you request?

I'm quite happy to be put into CF territory. What will it cost them in fines for miss-selling? Because I have the proof in emails, let alone the phonecalls.

You're not entitled to anything back as you've not paid anything but it would cost them up to £1000 If you went to FOS so if you ask for good will gesture below that yiu might get something.

Pretty sure you can cancel within 30 days with no comeback.

As far as I can remember (which I really should do as I’ve got an exam on it this week) the only policies that are non cancellable are travel insurances.

Given you won't have paid much, I'd ask for a refund, get cover from a reputable provider and report.

They're a broker. I specifically asked the question whether it would pay out in any death and they said it would. Turns out it pays 2k in funeral costs in any death, not the amount they told/mis-sold me.

As in they don’t have a cooling off period.

Did they send you a key features document?

This should outline all benefits. If not they’re non compliant and you could report them anyway. You’d probably be sound a lot of people a favour

You want to blackmail them???

I'm within the cooling off period. I've asked to cancel. I also told them that I'd be reporting them. Now they're saying I was mis-sold and want to come to an agreement.

Yes, you can cancel your life insurance policy at any time - but please remember that there is no cash in value. You have a 30 day cooling off period to change your mind. If you want to cancel within this period we'll refund any premiums you've paid.

The above is standard policy (and law) therefore they need to refund and cancel with no quibble.

Their attitude however is unethical and should be reported to the FCA

Blackmail? No, they were selling me something that wouldn't have paid out. So I am going to report them to the Financial Ombudsman so that they lose their licence. But now they've admitted that they mis-sold the product to me and want to come to an agreement.

Well I'd be quite happy to be a total CF here, because being that CF and making them pay hard cash for trying to shaft you might make them not do it to someone else. Who might indeed not look at the small print and get a nasty shock down the line. The more they pay you the more of an impression it might make on them - watch what you say!

BUT - no idea on money.

You sound very grabby considering you haven't really been inconvenienced at all.

Ask for £500 goodwill and move on.

You want them to lose their licence because someone made a mistake and they have acknowledged that and made good?
Did you receive documents on what you would be covered for in advance and read them?

Just ask for the policy to be cancelled and then report.

They are offering you money/services not to report. Which is a further example of their unethical behaviour.

Check the documents they’ve given you. You should have received a brochure/document detailing their complaints procedure, this will give you the network they work under (if they’re not fully independent) and the details of where to complain if you are not satisfied with their response.

Fizzy, that's my point. I could have been happily paying into this for 20 years and then get nothing in return. Likewise, someone who isn't prone to fine print may well have this policy and their relatives realise on their death that there's nothing there.

A day of my time can be worth 600 quid plus VAT so it depends. As others have said though, what you paid, reward for your time to sort and calls/letters, plus a nominal amount for inconvenience £100 sounds reasonable to me

They won't lose their licence even if it was found (by ombudsman) to have been missold. More likely whoever sold to you will be sent for "extra training"

I could have been happily paying into this for 20 years and then get nothing in return.

You read the policy and cancelled within the cooling off period. That is where it ends. You are not due anything for loss or for mis selling. The cooling off period has you covered.

If you have been mis-sold they should reimburse any cost you've incurred due to their mistake. If you want compensation on top of that then around £100 may be reasonable. But they should be making an offer to you to resolve the issue.

Compensation for cancelling within the cooling off period

Don't be ridiculous.

Compensation for being mis-sold a product.

I asked specific questions in emails and was outright lied to. If I had taken the lies as reality, I'd have been paying into this fund until the end of days. Luckily, I read the documents.

@GimmeAy

I could ask them what their trading licence is worth to them I guess!

That sounds like blackmail! You are looking for a payout. It hasn't cost you a bean. You cancelled when you read the contract. That's what it's for.