Income Protection Plans. Can these be reclaimed like PPI's?

jinkyjimmy67

I was sold an 'income protection plan' many years ago, have always been self employed, and have no use for this what so ever (by the same token as PPI's have little value for self employed persons). I have successfully argued this point with my credit card companies several of whom had set up payment protection without my knowledge or without explaining it fully to me, but on talking to Friends Provident who hold this policy, I was told I should "take it up with the broker who sold it to me" and they weren't in the custom of paying up. As the broker is acting on Friends Provident's behalf, and FP are the one's who financially benefit from it, are they not liable for the mis-sale and are there any precedents?

dunstonh

I was sold an 'income protection plan' many years ago, have always been self employed, and have no use for this what so ever (by the same token as PPI's have little value for self employed persons).

So, your dont have any income from your self employment?

Income protections (PHI) are very common with self employed and do not differentiate between employed/self employed as part of their paying out requirements.

but on talking to Friends Provident who hold this policy, I was told I should "take it up with the broker who sold it to me" and they weren't in the custom of paying up.

FP have no liability for the advice you were given and your argument is wrong.

As the broker is acting on Friends Provident's behalf, and FP are the one's who financially benefit from it, are they not liable for the mis-sale and are there any precedents?

Plenty of precedents on liability going right back until the 1980s.

When you complain, you are complaining about the advice. Not the product. FP gave you no advice. The adviser gave you the advice. So, you would complain to the adviser. However, based on your complaint reason, you would fail as you seem to be mixing up product types and assuming they are all the same.