life assurance missell question

Confused_Assurance

Advice would be appreciated.

In 200 I was seconded by my company to work in Europe, and they offered to provide financial advisors to help sort out our finances.

The advisor persuaded me to buy a product described as:


Future financial planning with optional Additional Life Assurance Cover and Premium Protection Cover

Type of policy: An offshore unit-linked whole of life policy using single or regular premiums

The company providing it was based on the Isle of Man

Each month I paid them four hundred euros which bought units in a number of different funds. If I died before I was 60, the amount invested (plus gains, less very high costs) would be paid as a death benefit. If I survived until I was 60, I would get the amount invested (plus gains etc) back.

I stopped buyin this after three years- I was single at the time it was sold to me, single at the time I stopped, no dependents, no mortgage etc.

The surrender value of this product is a third what I paid into it, but the funds I bought have grown in value (so the loss is due to the high fees, I would guess the advisor commission).

Would I have any grounds for claiming a mis-sell here? Is there anything important that I've missed out?

dunstonh

Would I have any grounds for claiming a mis-sell here?

You dont appear to have given any grounds for complaint.

Is there anything important that I've missed out?

Couple of things.
1 - Were you a UK resident at the time?
2 - Was the company providing advice based in the UK (and therefore FSA regulated)?

My first guess is that you were not UK resident and the firm selling it to you was not regulated by the FSA and subject to UK standards. If that is the case, you cannot apply UK rules and standards to other countries.

Confused_Assurance

Thanks for the reply dunstonh, not looking good...

I was living in the Netherlands at the time (seconded there by employer). I have no idea where the financial advisor was based, unfortunately- it was a decade ago, and I've not seen him since, and don't have any documents from him. The company selling the product itself is based on the Isle of Man.

So the key point isn't the product itself, or the location of the product provider, but where I and the advisor were based?

dunstonh

So the key point isn't the product itself, or the location of the product provider, but where I and the advisor were based?

Yes. And that assumes it was an adviser and not a sales rep.

When regulation come into this country and the qualifications came in a lot of those that couldnt get qualified went abroad and targetted ex pats. The regulations and requirements in other countries was frequently non-existent or minimal at best. A lot of these people were sales reps with no qualifications or regulation. The UK equivalent product to what you have went obsolete early 90s. Problem is that you were subject to the rules of the country you were in (Netherlands). I dont know their rules, if they had any, in 2001.