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?

The fact that if they've been doing this doing this for a while there will be other people who are affected, bothers posters less than I thought it would.

@Newlittle

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.

Hit the nail on the head here!!! It’s not about the ethics just greed!

You still haven't said why you think you need to be financially compensated?

You took out a policy, it wasn't correct, you cancelled it without the legal time frame.

No loss, financial or otherwise. So why the need to be compensated?

WITHIN the legal time frame

Ask for what you want.

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

But that won’t hold weight in terms of compensation. It might be a reason to give up on your settlement and report them; so the FOS can see if this is a regular practice?

If they’ve used their free cases, the FOS would charge them just under £500 for the complaint, so anything more than that is likely to be deemed not worth it. £300?

You have suffered no financial loss. You can kick up a fuss and get a token amount but this is not a major financial scandal that will rock the firm. You really are over stating it.

Have you asked yourself why they would lie and missell you this policy? When policies are mis-sold its usually companies over-selling products. Persuading customers they need more cover, more expensive policies so that they can reap the commission. Brokers make their living from commission so it seems highly unlikely they would lie and sell you a crappy cheap policy when you wanted a more comprehensive, more expensive one. They would literally be cheating themselves out of income. I would therefore think this was more of a training issue that needed to be addressed rather than it being intentional on their part.

A couple of weeks😂😂 When I opened it I was expecting you to say years. As a PP said, I wouldn’t expect more than £50 and that’s if you’re lucky.

You hold all the aces. Demand the cure for coronavirus and if they can't provide this, threaten to throw a bunch of grapes at them. One by one.

We're on your side, champ.

What if the OP doesn't want 50 quid. What if the OP wants them to look into every policy sold by this company or missold or whatever she's calling it. What if the OP actually cares more about the poor cunts who were sold this policy and were not told what it doesn't cover? Is she greedy then? She seemed to spot it straight off, but others might not have. What if this company were investigated for how many people they've missold the policy to?

@HooNoes

What if the OP doesn't want 50 quid. What if the OP wants them to look into every policy sold by this company or missold or whatever she's calling it. What if the OP actually cares more about the poor cunts who were sold this policy and were not told what it doesn't cover? Is she greedy then? She seemed to spot it straight off, but others might not have. What if this company were investigated for how many people they've missold the policy to?

Then she would have been asking how to make the complaint, not how to get financial compensation.

The OP has already said that she's making a complaint via the ombudsman. From what I can see, she was asking what to do with the company who sold her the insurance or whatever it was.

The broker isn’t going to look into the sale of every policy sold off the back of one complaint. Unless there are multiple complaints about the same thing this just wouldn’t happen. It would be hard for the OP
to prove this was deliberately mid-sold rather than human error and that this is something they are doing on a regular basis, if indeed that is the case.

I find it frustrating when it comes to insurance that everyone cries it’s the big bad companies trying to rip people off when often people haven’t looked into what they are actually buying and don’t read the documents sent to them.

@ShinyFootball

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.

Thanks for this, I called a broker today for whole life insurance and she wanted to do it all over the phone. From you and the OP I've learnt I need it all in writing and I need to check.

I also think OP is completely right, it's something you buy once and trust your broker to do.

Look at how many mis selling issues there have been with PPI etc. Sometimes it's too late to do anything after. There are regulations for a reason.

Caoilainn once you complete your application over the phone its sent to you to check and sign.

Speak to the FOS. When I worked in this area I would have expected to see you get al if your premiums back plus compounded interest (I think the FOS rate was around 7% - much higher than current rates anyway) plus an amount for distress and inconvenience.

If you've only just bought it ask for premiums back and £50. Anything more and you are taking the piss

did OP actually pay any premiums.
i thought she was at the stage of reading the documentation before signing it to make the contract.
she has suffered no loss.
the error over being told what it covers is probably just an error.
can't see why she thinks it was deliberate. and imposs to prove such.
whole thing sounds rather over-dramatized.

The fair outcome would be a refund of premiums paid + 8% interest from the date of payment until it’s refunded. Maximum £100 in D&I. It sounds like they want to reach an amicable outcome with you though which is a good sign. Given that the product you wanted and thought you were getting doesn’t exist with your insurer, have you researched how much a suitable policy would cost you? I think they might be receptive to paying the difference between what you agreed to pay and the cost of a new suitable policy for the first year. There’s no financial loss or consequential loss given that what ‘might have happened’ didn’t. But the crux of your issue is the difference in premiums you’ll be paying if that is the case. You’ll need to be able to evidence that though. If you want to report the broker you can contact the FCA providing they’re regulated.