Unresponsive broker - what next?

waterbaby

Then again... it says 'you are looking for a cost efficient product...' - well we had one already so we weren't actually looking for one at all.

Is that any use? They've sold me what I wasn't looking for?

dunstonh

Cancellation of a product and recommendation must be fully documented. It will be a compliance breach if he hasnt mentioned it. Sounds like you have seen a right charlie.

Conrad

Waterbabe

Thier contract terms are unfair - thats the basis not to pay.

I bet my right arm thier contract didnt tell you EVERYTHING YOU NEEDED TO BE AWARE OF TO MAKE AN INFORMED DECISION.

For example ; It didnt tell you PRIOR TO PROCEEDING that the new policy might have poorer definitions.

So your argument would go: "I was told the 2% fee was not an issue as the life policy commision would take care of this cost, which seemed reasonable, however I was not made aware the 'new' policy wcould be inferior. Had I been aware from outset I never would have proceeded with this firm and I clearly told them at the start I would not agree to pay this high fee, given other brokers were charging zero or vastly lower fees, and they reassured me the 2% was nothing to worry about as it would never be due"

Good luck

Conrad

waterbaby wrote:

OK well I can't see how I can really complain that, having approached a tied agent, they have sold me a product from a company that they were tied to,

You are a layman. They have a 'duty of care' to ensure you understand ALL implications of thier advice.

Keep comming back to this.

If your Doctor (ie an advice giver) tells you as a layman to stick your todge in the toaster as a cure for gout, he cant then say "ah but Im not liable for my advice"!!!!!

In other words you must expect the ADVICE GIVER to consider ALL OF YOUR NEEDS.

dunstonh

I would agree with Conrad. If the salesman you have seen starts complaining about it then say you will be happy to refer him to his compliance department for recommending he cancelled his existing "better" plan and replace it with an inferior one but then ommiting to disclose that in the factfind and recommendation letter.