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  • FIRST POST
    • stevobreen73
    • By stevobreen73 21st Feb 16, 6:32 PM
    • 8Posts
    • 37Thanks
    stevobreen73
    Reclaiming PPI- Arranged via independent financial advisor
    • #1
    • 21st Feb 16, 6:32 PM
    Reclaiming PPI- Arranged via independent financial advisor 21st Feb 16 at 6:32 PM
    In 2007, I received financial advice from an independent financial advisor in my local estate agents- Allen and Harris in Clarkston. They gave advice on my mortgage and protection policies such as unemployment, sickness and critical illness cover. I took all of these policies and from memory I think they were with Legal and General.

    Can anyone advise if these are the policies that may have been missold and if so, who would I make the claim against; the estate agent who sold the policies or Legal and General? I was paying these policies up until at least 2010.

    Any help would be appreciated.
Page 2
    • magpiecottage
    • By magpiecottage 29th Feb 16, 10:51 PM
    • 9,101 Posts
    • 5,584 Thanks
    magpiecottage
    It seems daft arguing over whether tied investment advisers are pretending to be IFAs or not. The OP didn't see an FA or an IFA. They saw a tied insurance rep.

    The disclosure requirements for IFAs and FAs are different to mortgage advisers.
    Originally posted by dunstonh
    Absolutely.

    So getting back to the original point, the original sale was not by an independet or a tied adviser.

    The OP has told us he was sold unemployment and sickness cover and critical illness cover for a mortgage.

    There would be a need to clear the loan in the event of a critical illness and the policy would be underwritten at outset so unless there was a mismatch between the level or term of the cover and the loan this would not be a missale. The OP has not told us of such a mismatch so for anybody else to suggest otherwise is pure speculation.

    Similarly, the OP's home would be at risk if he could not keep up repayments so on that basis the sickness and unemployment cover would be suitable. If the OP had alternative sickness cover that might mean it was unsuitable but the risk of unemployment was still there so it is more likely that it would simply be of less value than to a somebody with less sickness cover. The OP has not told us this so there is little point in speculating about it.

    This policy might not pay out if it turned out that there was some factor that would have prevented the policy paying out but once more, the OP has not told us of any such issue.

    In the event of a complaint by the OP, these are the points on which it would be assessed - not on whether other advisers have missold or even whether the same adviser has missold to other people.
    • Maggie Stansfield
    • By Maggie Stansfield 5th Oct 17, 10:55 AM
    • 2 Posts
    • 0 Thanks
    Maggie Stansfield
    Hi, Could I ask a question about my case?
    I don't know if I can claim or not.
    I got my first mortgage in 2007 through an Independent Financial Advisor. I also signed up to PPI through him at the same time. He got commission for signing me up to both as I recall.
    I remember that he said it was free for me to sign up, but after X number of months I would start paying. I agreed to it because I thought I should.
    I then spent 1 year renovating the house and didn't think anything of this PPI, until a few years later when I noticed this payment being taken and rang the company to see what it was. On hearing it was PPI I cancelled.
    I don't recall receiving any annual statements etc.
    I worked for the NHS who give 6 months full sick pay and 6 months half pay, and I didn't have any dependents at the time. So in theory I didn't need PPI. My parents would have also been able to provide some financial backing.

    What I don't know is would this be a claimable PPI? And if it is then who would I claim against?
    If I can't claim then that's fine but I must have been paying for a few years.

    Any help would be appreciated. Thanks
    • dunstonh
    • By dunstonh 5th Oct 17, 11:03 AM
    • 89,853 Posts
    • 56,511 Thanks
    dunstonh
    I don't recall receiving any annual statements etc.
    It is not an investment. No annual statements are required.

    I worked for the NHS who give 6 months full sick pay and 6 months half pay, and I didn't have any dependents at the time. So in theory I didn't need PPI. My parents would have also been able to provide some financial backing.
    12 months sick pay is not an issue with MPPI. The FOS reject complaints on that basis.
    MPPI has nothing to do with dependents - so not having any is not an issue.
    Parental support is not a valid reason either.

    What I don't know is would this be a claimable PPI? And if it is then who would I claim against?
    None of your reasons are valid for MPPI.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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