Barclays Mis sold insurance to my elderly mother . Plea for help.

dunstonh

I have every right to my opinion of the bank and persons responsible until proven otherwise regarding the incorrect /inappropriate sale of policy/product for loan protection purposes.

You may have an opinion that there is life on Mars.

The problem is that this is not a loan protection product. It is not packaged with the loan. It is a standalone product that is not sold or set up by the same person that does the loan. It is also done under an advice process with a factfind, need analysis and written report.

PPI is sold under a sales process and lacks all the things above. Hence why it is so easy in most cases to get a PPI refund.

Barclays track record on mis selling / inappropriation speaks for itself !

Yes. They have a poor reputation but it is still in a minority of cases and unlike non-advice cases (like PPI), this would have been set up by an FSA authorised individual.

You are making a verbal accusation without evidence to support it. The only way that is going to work is if there is a technical failing in the advice or the documentation is missing or incomplete in key areas.

Louis1963

Yes indeed , it is not a loan protection product.
But sold as one .
The same Barclays loan clerk dealt with both the loan and policy .
My determination has been reinforced and will be pursuing this matter with vigour.
Many thanks.
Regards Louis.

PH68

Personally I would claim anyway.
Having only been on the forum for a few days it is VERY clear that there do seem to be one or two Users on this site that seem to put people off trying to put complaints in.

I look at it this way, put the claim in... if you don't get the claim upheld you've lost nothing anyway. If you win it's a bonus.



The FOS form found on this site is straight forward to fill in.

Give all the reasons for the complaint.
Possible reasons might be that your mother was not asked about pre-existing medical conditions?
Or she was not told at point of sale what is/isn't covered?
Insrance was described as Loan Protection, when it might not have been.
Plus anything else you may find useful.

anaylorefc

I'm no bank expert but the whole sale process, as you described it, sounds very dodgy. Before you complain be sure to know exactly what you wish to complain about and have as much information, hopefully down on paper, as possible.

The whole information, as you posted it, sounds very much like a dodgy door to door salesman scaring the elderly into purchases they don't need. So it's entirely possible lies happened. Despite dunston's sometimes very pro-bank posts, he does raise the same points banks will raise. So make sure you have facts straight and all the information.

dunstonh

Yes indeed , it is not a loan protection product.
But sold as one .
The same Barclays loan clerk dealt with both the loan and policy .

That is highly unlikely given that the product sold requires an FSA regulated individual. Whereas the loan doesnt. Indeed, getting that point wrong on a complaint could be damaging, especially given your intent to complain without any supporting documentation. i.e. if blame the loan seller and make accusations against them when the documentation shows the loan seller neither advised, sold or set up the life assurance, then it damages the complaint credability.

Having only been on the forum for a few days it is VERY clear that there do seem to be one or two Users on this site that seem to put people off trying to put complaints in.

I have been here much longer and dont see that. What you see are people highlighting issues where there are no mis-sale reasons or where there are flaws in the complaint reasons.

I'm no bank expert but the whole sale process, as you described it, sounds very dodgy.

Please point to where it sounds dodgy. Based on the limited information so far, it sounds fine.

Before you complain be sure to know exactly what you wish to complain about and have as much information, hopefully down on paper, as possible.

This is the point I am trying to make. The only reason given so far on this thread is a verbal accusation. That can work on loans where the PPI is factored into the loan and charged interest on as the single premium PPI is a failure reason. So, even thought the verbal accusation is easily rejected by them, the single premium issue cannot be. In this case, the insurance is standalone and paid monthly. So, it will take a bit more than a verbal unproven accusation. Especially as it would be done under an advice process.

The whole information, as you posted it, sounds very much like a dodgy door to door salesman scaring the elderly into purchases they don't need.

Again, where does it indicate that on this thread?

Despite dunston's sometimes very pro-bank posts, he does raise the same points banks will raise. So make sure you have facts straight and all the information.

Good God, I am not pro bank. However, you are right in that I am looking at it in the way they will.

The bottom line is that at the moment Louis1963 is making a verbal accusation with no proof against an FSA regulated individual (so, not an unregulated individual that would normally be the case with PPI). There should be a factfind, needs analysis and suitability report. Things that do not exist on PPI. In a complaint documentation is king.

So, assuming Barclays have these documents and they are correct, then it will be an absolute doddle for them to reject the complaint. It will therefore require a technical failing either in the advice or the documentation.

It could be a mis-sale. I am just saying that using the PPI reasons is going to require luck whereas a bit more effort in looking at the details could see failure reason that makes a complaint more obvious.

I look at it this way, put the claim in... if you don't get the claim upheld you've lost nothing anyway. If you win it's a bonus.

Against non-regulated individuals and faceless corporations that is correct. However, in this case, a regulated individual would have had to be used. Complaints against regulated individuals go on their own file and can create career damage or even being sacked and finding themselves unemployable. Now, if the complaint is valid and correct to make then go for it. However, if its a "nothing to lose" complaint, then there is clearly something to lose. Some FSA regulated individuals are now starting to look at taking action against try-it-on/fraudulent complaints because of the damage they can do. (not saying the case on this thread is but responding solely to the "nothing to lose" comment)

dilus

Sound advice if ever I saw it

src007

Louis1963 wrote: »

I will be contacting the bank and insurance provider in writing for full details of the policy .
Thanks again and I will post any news on here when I can.

This seems like the sensible thing to do. Which you put in your second post.

Have a look to see what the cover actually is and whether the insurance covers 80 year olds.

If you find she was sold insurance she wouldn't have been able to use, then you should complain.

magpiecottage

Louis1963 wrote: »

She was 80 years old at the time she took out the loan.
She didnt ask for a life policy .
Barclays told her the policy was for loan protection cover.
She signed for that and not for a life policy which Barclays failed to explain /disclose .
I have every right to my opinion of the bank and persons responsible until proven otherwise regarding the incorrect /inappropriate sale of policy/product for loan protection purposes.

You have a right to your opinion but have not said anything that indicates there is any evidence to support it.

Presumably you were not present at the time, in which case it is mere hearsay.

Barclays track record on mis selling / inappropriation speaks for itself !

Perhaps but a complaint should be investigated on its own individual merits.

I will investigate this matter throughly.

As it is not your policy you will need your mother to provide authority before Barclays will deal with you about it.

Louis1963

Thank you for your reply.
I have authorisation to speak to individuals concerning all my mothers financial affairs . Written authorisation signed by my mother to all concerned.
I have already spoken to Insurance companies and Barclays on my mothers behalf regarding her policies ,current accounts /direct debits.

I appreciate what you say about not being present at the time of signing her loan /insurance . However , I do trust my mother foremostly.

Also, I have had previous dealings with Barclays and my own previous bank (remaining nameless) to rectify certain matters i.e. banking errors and "lost" recorded delivered correspondences.
All of which they duely corrected and apologised for.

Regards Louis.