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?

Refund of any premiums paid, and an apology.

@GimmeAy

Compensation for being mis-sold a product.

Like I said, you have suffered no loss and are within the cooling off period so will not suffer any future loss. Why on earth do you think you need compensation?

They won’t pay you for “could have”, it’s not the Daily Mail.

They should pay D&I but I would expect about £50. It’s a mistake, shit happens, it’s not cost you anything and it’s been going on for just a couple of weeks. You sound really grabby and a tad hysterical. they’re not going to lose their licence for one mis-selling complaint that’s more likely a mistake than deliberate negligence. If every company that made a mistake lost their licence there would be no financial services companies left.

I work in financial complaints. No one is going to lose their license. An error was made, they accept that and have apologised. You have no financial loss and only a very minor inconvenience of purchasing another policy. Max D&I in cases like this is £50 and from experience FOS would agree that decision. Search online price comparison sites for an idea of the cost of life insurance for the cover you need. An accidental life policy with a low funeral cost cover must have been extremely cheap compared to Life Cover. It should have given you a clue.

They told me that it was life cover. I'm not in the business of buying life insurance daily, so no, the price didn't raise alarm bells.

I recently took British Gas to the ombudsman because they kept taking double direct debit payments. It happened three consecutive months and I kept having to do an indemnity claim with the bank. The ombudsman told them to send me a letter of apology and I was awarded £100.

I don't think you will get very much (if anything) for your inconvenience.

It was life cover though. Accidental death is still a life policy, its just that you wanted more comprehensive cover. You realised this and cancelled within the cooling off period so no harm done. I get that you're pissed off but youre delusional if you think a windfall is coming your way.

My issue is that I was deliberately missold the policy and what was included. Deliberate direct questions asked by me and deliberate lies received in response. All there in writing. That's my issue.

Agree with @XiCi FOS would likely say a D&I of £50-£100 would be sufficient in this case. I know it costs the company to take it to FOS but you would be wasting an adjudicators in investigating this when you can just take a payment now.

@GimmeAy

My issue is that I was deliberately missold the policy and what was included. Deliberate direct questions asked by me and deliberate lies received in response. All there in writing. That's my issue.

I understand that's your issue. But you have cancelled within the cooling off period so it really isn't an issue at all.

No one is going to lose their licence over this.

Ask for £500, settle at £250.

You sound desperate to be on the front of the DM with the standard 'sad face'. Stating that they deliberately mis-sold your policy rather than made a mistake is proof of that.

You read the paperwork, it wasn't what you thought and so you cancelled. Why on earth would you be able to ask for anything? You are reminded to read the paperwork to check for errors.

I don't think licences are lost and compensation awarded for things which 'could' happen but didn't. Better luck next time though!

I doubt whoever emailed you deliberately lied, sounds more like a mistake / training issue. Have you never made a mistake at work?
You might get some poor employee a warning or out of a job, the insurance company won’t lose their licence.
They won’t have a company policy to deliberately mis-sell.

Oh yes, do go to the FOS. Let us know how you get on.

What is the difference in cost between the policy you thought you'd bought and the one you were sold? I think I'd be cheeky and ask for £1,000 but settle for less.

10 years ago I was told that I hadn't paid PPI but an offer to look into it for 10% plus VAT came up. I got a staggering £3,600, and got my tax on interest back. So you've nothing to lose

Hello op.

I work in this industry.

You are doing the right thing.

This type of behaviour reduces confidence in an industry that is already not well trusted.

They lied to you. This is a broker? Go for it. Makes me so angry.

Also I assume you know which insurer the policy was with. It would be worth contacting them and letting them know that X broker mis-sold you a policy and you thought they'd like to be aware.

Insurers are on the look out for this shit and do not want brokers like this on their books.

For those saying no issue.

OP had a policy that was not what she asked for. She noticed. Other people who went through this broker won't have noticed and are not covered for what they thought they were covered for. A proper investigation hopefully will result in them being tracked down and advised of this. If they are 5 years down the line, say, and they get a new policy that is what they wanted in the first place, now, it will be pricier. Hopefully something can be sorted out for them.

Also, and this can happen. Say op got this policy and in the time between signing up and realising it was not what she wanted, found a lump or got diagnosed with something etc. Well then she's a bit fucked isn't she. Getting a new different one could be way more expensive or impossible.

I've been in the industry for 25 years and I say clobber them op. They lied to you in order to get a sale. Knowing they were leaving you exposed. Totally wrong whichever way you cut it.

So you're enraged this happened and could happen to others but for the right price you'll keep quiet about it and let them keep lying to other consumers?

Sounds like you deserve each other.

Report them if they're trading unethically and move on.

Sorry didn't read op properly

Go to the ombudsman

Other people may be affected and not know

Tell the insurance company as well

@ShesMadeATwatOfMePam

1 million pounds.

@ShesMadeATwatOfMePam please tell me you said this with your pinky at the corner of your mouth 😂

Why not ask them to make a charity donation and ask for evidence they've done it. I'd ask them to request on the significance of misspelling to decide the amount ie how much time and reputational cost may be and then decide the amount. I think the charity should be something like the insurance sellers benevolent society or similar.

Reflect on, not request on.

I find this a bit grabby tbh. I couldn’t get worked up about this.

@GimmeAy

My issue is that I was deliberately missold the policy and what was included. Deliberate direct questions asked by me and deliberate lies received in response. All there in writing. That's my issue.

Out of interest how do you know it was deliberate? Have they told you that? That's very stupid of them when they could have said it was a training issue, no one would be able to prove it was deliberate would they?

Op, you're 100% correct. They lied to get a sale. It's disgusting and illegal and they know they've been caught out. I can't believe the people saying it's a mistake. I would just ask the broker what their proposal is.

They won’t lose their licence... the most they’ll lose is £600 approx FOS fees, and that’s if they’ve not used their ‘free cases’ up. They’ve already found In your favour do it seems they’ve investigated it fully.
I think ask for the FOS fee equivalent (don’t say those words) but that’s pushing it as you’ve not actually suffered a loss, be prepared to accept less though. I would offer you £150 as a gesture of goodwill.