Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • glamorgans
    • By glamorgans 29th Nov 17, 10:56 PM
    • 1Posts
    • 0Thanks
    glamorgans
    Halifax GIP
    • #1
    • 29th Nov 17, 10:56 PM
    Halifax GIP 29th Nov 17 at 10:56 PM
    I took out a GIP (Guaranteed Investment Plan) and at that time was told by Halifax employee that insurance was compulsory. Is this correct or can I claim for mis sold insurance like on a credit card? My late mother also took out s similar GIP and she too paid this insurance. She passed away and the account was closed and paid back. Will the insurance on that GIP also be eligible for a claim? I cannot find the appropriate items listed on the resolver letter to make a claim for this at it appears only to be for credit cards or loans and not investments.
Page 1
    • antrobus
    • By antrobus 30th Nov 17, 7:13 AM
    • 15,296 Posts
    • 21,827 Thanks
    antrobus
    • #2
    • 30th Nov 17, 7:13 AM
    • #2
    • 30th Nov 17, 7:13 AM
    I took out a GIP (Guaranteed Investment Plan) and at that time was told by Halifax employee that insurance was compulsory. Is this correct or can I claim for mis sold insurance like on a credit card? My late mother also took out s similar GIP and she too paid this insurance. She passed away and the account was closed and paid back. Will the insurance on that GIP also be eligible for a claim? I cannot find the appropriate items listed on the resolver letter to make a claim for this at it appears only to be for credit cards or loans and not investments.
    Originally posted by glamorgans
    It's not insurance. It's some kind of investment product.

    I'd suggest you contact Halifax to find out how much it is worth.
    https://www.halifax.co.uk/investments/existing-customers/contact-us/

    You can, of course, still complain that it was mis-sold.
    • dunstonh
    • By dunstonh 30th Nov 17, 12:04 PM
    • 89,872 Posts
    • 56,539 Thanks
    dunstonh
    • #3
    • 30th Nov 17, 12:04 PM
    • #3
    • 30th Nov 17, 12:04 PM
    I took out a GIP (Guaranteed Investment Plan) and at that time was told by Halifax employee that insurance was compulsory. Is this correct or can I claim for mis sold insurance like on a credit card?
    The guaranteed investment plan was an onshore investment bond. It fell under life assurance taxation rules because it had a nominal amount of life assurance. That was part of the product and not optional. You cant have an investment bond without life assurance otherwise it ceases to be an investment bond. It is the nature of the beast and it dictates the taxation rules it falls under.

    In over 20 years of investment advice I have never ever heard anyone refer to the life assurance element as being told the insurance was compulsory. That would be like buying a phone and being told that the ability to make phone calls is compulsory. It is part and parcel of what the product is. I wonder if your recollection is not quite there considering how long ago this was. Memory fades after all.

    She passed away and the account was closed and paid back.
    So, there was also a financial gain made because of the notional life assurance amount.

    For reference, you cant get PPI on investments, food, clothes, petrol etc. PPI covers debts.
    Last edited by dunstonh; 30-11-2017 at 12:08 PM.
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,023Posts Today

8,522Users online

Martin's Twitter