Halifax TMPP bank of Ireland change

HaloBurn

Hi I need some advise on my Halifax TMPP as I have received a letter today telling me that they are moving it to another part of the Lloyds Banking group (St Andrews Plc) and will now be underwritten by the Bank of Ireland.

I’m not very happy with this as when the TMPP was sold to me I had concerns that these types of policies have a bad reputation for not paying out, I was sold on it as I was told at the time that as it was a Halifax policy underwritten by the Halifax for a Halifax mortgage that it was guaranteed to pay out should I need to claim.

Now I have a problem as I wouldn’t have bought a policy like this without that assurance. I now have deep concerns that the policy is being underwritten by the Bank of Ireland which I believe is not a UK based bank and therefore I may not have the same legal rights should a future dispute occur with the policy.

Can anyone advise on this? Has a similar situation occurred to anyone else ? Is the bank obliged to offer an alternative solution or do I simply have to cancel and lose everything I put in?

roonaldo

I've never heard of them having a reputation for not paying out. All will if you comply with the terms and conditons.

I think its irelevant if the insurer has changed, it will be in their t&c that they can make amendments to policy. The fact its in Ireland is irelevant too, a UK firm can have offices abroad and still comply with FSA regulations. Its Halifax Insurance Ireland not bank of Ireland too. I've checked FSA website and Halifax Insurance are regulated by FSA, so there nothing wrong there.

Its how PPI is sold, in your case it would have been sold by an advisor. It sounds like your're clutching at straws.

[Deleted User]

roonaldo wrote: »

Its how PPI is sold, in your case it would have been sold by an advisor. It sounds like your're clutching at straws.

I agree.
Plus, it's the seller who has liability for any mis-selling.

HaloBurn

Thanks for the replies. The letter states it will no longer be Halifax Insurance Ireland that I will have policy with it going to be St Andrews plc and although they are are a UK based company the policy is now going to be underwritten by Bank of Ireland a non UK bank (I think). I have no idea what St Andrews plc's reputation for paying out is opposed to the Halifax. I was initial sold on the fact that the advisor told me that that as it was all Halifax I wouldn't have an issue later.

I wouldn't have bought the policy if it wasn't all with the Mortgage provide.

[Deleted User]

HaloBurn wrote: »

I have no idea what St Andrews plc's reputation for paying out is opposed to the Halifax.

You are complaining based on the supposition that they are somehow worse? That's not a valid complaint.
Any claim you make will be dealt with according to the terms and conditions you originally signed. If this is not to be the case, they'll have to tell you in writing and only then is it likely that you might have cause for complaint.

dunstonh

I’m not very happy with this as when the TMPP was sold to me I had concerns that these types of policies have a bad reputation for not paying out, I was sold on it as I was told at the time that as it was a Halifax policy underwritten by the Halifax for a Halifax mortgage that it was guaranteed to pay out should I need to claim.

Oh the things sales reps will say to make their [usually inferior] in house products appear better than they are.

Now I have a problem as I wouldn’t have bought a policy like this without that assurance.

Its a bit of a naff assurance.

I now have deep concerns that the policy is being underwritten by the Bank of Ireland which I believe is not a UK based bank and therefore I may not have the same legal rights should a future dispute occur with the policy.

It works under exactly the same laws and regulation.

I wouldn't have bought the policy if it wasn't all with the Mortgage provide.

more fool you then (to be honest). Lenders own products are rarely even close to average let alone best.