Newbie - Help Please! Pushy Financial Advisor

ProudPreston

I took out a PPI policy at the same time as my mortgage through a financial advisor - the policy was with a seperate comany to my mortgage.

At the time i had just spilt up with my ex-girlfried and was going thourgh the motions removing her from the mortage with ended up switching to a new company. The financial advisor i used was pushy and i ended up with policies covering being out of work, death and critical illness. It was only a few years in when i checked and the cost was staggering and i found cover cheaper elsewhere - i assume this was because he was getting a fee of some sort.

Where do i stand with claiming?

magpiecottage

Loss of job cover for a mortgage is good advice, as is critical illness. Life cover might not have been absolutely necessary but the cost in relation to the CI, which is usually on the same policy is inexpensive.

So that does not suggest a missale.

The mere fact that he was not as cheap as somebody else will not amount to a missale either unless he promoted himself as "whole of market".

ProudPreston

Thanks MagpieCottage thought as much - just wish i'd have shopped around and got it at the 'right price'! Oh well lesson learnt!

dunstonh

tied agent (FAs) are typically 25-50% more expensive than IFAs. Cost is not grounds for complaint as mentioned above. You should always avoid using FAs. Use IFAs if you need advice. However, an IFA will still typically be more expensive than DIY as you are paying for advice and administration (not always the case as I have often seen more expensive DIY cases - mostly on investment/pension side).