Whose to blame for wrong policy? (if anyone)

ANNIEHAHA

Policy bought off financial advisor for self employed person to cover them for 1000 pound a month when they have no work

When this happened the company told the policy holder that it only covers the mortgage and not said 1000 a month

Financial advisor wrote a letter to the company with regards to this but we get back standard replies

I would like to know who we contact about this and find out who is to blame if anyone

Wutang_2

ANNIEHAHA wrote: »

Policy bought off financial advisor for self employed person to cover them for 1000 pound a month when they have no work

When this happened the company told the policy holder that it only covers the mortgage and not said 1000 a month

Financial advisor wrote a letter to the company with regards to this but we get back standard replies

I would like to know who we contact about this and find out who is to blame if anyone

Did adviser provide KFI or reasons why letter do you have quote still who policy with what policy is it what standard replies are these?

dunstonh

If you buy under advice, then the adviser carries the liability to make sure what you need and ask for is what you get. If you use the adviser on execution only or direct offer basis then the liability is with you.

If advice, which it sounds like, then the adviser should not have set up an MPPI but a PPI. They are at fault by the looks of it.

ANNIEHAHA

This is a friends case

They have the original documents and have used this financial advisor for several years (now retired) for advice and policies needed

the monthly payments were £37.50 for 4 and a half years, the policy has now been cancelled as it is not what they expected it to be

what is the next step to this case if any?

ANNIEHAHA

p.s whats a KFI?

The letter the financial advisor wrote was to the effect of 'not using them for any other clients/policies and policy he told client to take out is not what they asked for

The policy was taken out with Prudential and given out by another company (the underwriters is it?)

dunstonh

For many many years now the submission of MPPI/PPI plans has been electronic. In other words, the adviser picks the product from the list of products available within the provider's software/website. The adviser does all the work.

Then a few days later a policy schedule turns up and the adviser is responsible for checking that is correct.

p.s whats a KFI?

Its the illustration of key benefits and costs and key risk factors.