HSBC Flexilife Plan

Brundle25

Hi All

I took out a HSBC Flexilife Income Protection plan in June 2005.

The idea was to provide monthly income for me IF i could not work due to illness.The policy was not taken out to protect against any loan, but was to allow me to have income should i not be able to work.
I cancelled the policy in July 2007 on advice from a financial advisor as the plan did not come with a guarenteed payout in case of illness.
This was not mentioned to me at the time of taking out the policy. Therefore I believe I was missold the policy.

Do i have a case here to claim back 2 years of payments?

Do I need to be specific about how it didnt have a guarenteed payout in the policy? It was something the advisor noticed but i cant remember the specifics.

Any help is appreciated.

Thanks

di3004

Hi there, bumping up for you, hopefully someone will know the correct answer and post up soon, good luck.

dunstonh

Do i have a case here to claim back 2 years of payments?

Not necessarily. HSBC selling an HSBC product is all they can do. They are tied agents. Their remit is to sell you the best product in their range. This may not be an exact fit or the best option as their range may not offer that. That does not make it a mis-sale.

You say it didnt come with a guaranteed payout in case of illness. What exactly were you after? I believe that the policy you had was a permanent health insurance policy (PHI). Not a PPI. So, you had the best income protection policy in their range.

I cancelled the policy in July 2007 on advice from a financial advisor as the plan did not come with a guarenteed payout in case of illness.

Was that an IFA or an FA? (important as IFAs are allowed to discuss and "review" and recommended products from all providers but FAs are not). FAs sometimes say a product is bad in an attempt to sell you their one. IFAs will frequently tell you an existing product is bad as IFA products are virtually better than tied agent products. What was taken out to replace it?

Do I need to be specific about how it didnt have a guarenteed payout in the policy? It was something the advisor noticed but i cant remember the specifics.

Yes you do. If you are making an accusation of fraud against the HSBC adviser who would have a factfind, needs analysis and would have written a suitability report outlining the reasons why you need it (along with any potential negatives) then you need to state what was wrong. Otherwise they are just going to look at the documentation and say you had a financial need and the product met that need and there is no indication of any mis-sale.