Help on Life assurance complaints?

kevl84

Hi,

I don't want to post all the details (I tried but my browser deleted it all before posting!!! :eek:) so I just have a general query.

My parents think they've been mis-sold a life assurance policy. They complained in 2004 but after having the complaint turned down thought that was the final decision and didn't take it further.

The policy is now due to mature and they've told me about it, and why they're upset and I would like to know if anyone knows whether a new complaint now would have a different outcome? As I strongly disagree with a few statements on the decision letter from the original complaint I'd like to know if anything can be done.

Thanks for any help.

kevl84

Also forgot to say. the life assurance fund in question is run through Winterthur and hasn't had any "with profits" bonuses added since 2003, even though pension funds run by them have, and the company is making profit.

How are "with profits bonuses" actually decided?

ACG

When was the policy taken out?

I dont know the dates but life insurance policies and endowments wernt regulated before a certain date - there is a member on here called dunston that would be able to confirm it.

Im just going off what ive read on here.

dunstonh

They complained in 2004 but after having the complaint turned down thought that was the final decision and didn't take it further.

Once a company issues a final decision, they have 6 months to refer it to the FOS if they disagree with that decision. Once the 6 months is up, they cannot complain about the case again unless there is significant new information which clearly shows a reason to overturn. The company can now timebar the complaint and refuse access to the FOS.

Also forgot to say. the life assurance fund in question is run through Winterthur and hasn't had any "with profits" bonuses added since 2003, even though pension funds run by them have, and the company is making profit.

Bonuses are not linked to the profits of the company but linked to the profits of the fund. Most with profits funds are invested with financial solvency being the primary requirement and have been for some time (happened after the dot.com crash and the period that followed 2001-2003).

I dont know the dates but life insurance policies and endowments wernt regulated before a certain date - there is a member on here called dunston that would be able to confirm it.

Investment backed life assurance falls under investments. So, it would be April 1988.

kevl84

Thanks for your replies.

It was sold in 1992, but the only new evidence is basically the fact that they now know they can get help rather than just complaining themselves.

I didn't think they'd be able to make a complaint again, but thought I'd ask people who might have more experience.

Ah well, at least they've got back slightly more than they've paid in, (only £500 up in 20 years, but £8k less than the target) I've heard real horror stories so it's not as bad as it could be.

McKneff

They have also had all that life insurance for all those years too.

Thank goodness that neither had to claim on it.

Doesnt sound so bad now, does it.

dunstonh

It was sold in 1992, but the only new evidence is basically the fact that they now know they can get help rather than just complaining themselves.

There has been no change in the FSA regulated complaints process in that time. So, that would not be any grounds for the complaint to be re-opened.