Mis-sold Life Insurance

Lizald

In 1979/80, I was 22/3 years old and had just bought a business.

I had no dependants, only parents.

I was visited by a customer who sold me life insurance.

I thought I was buying some form of investment, similar to an endowment.

It was not linked to my business loan.

Around 1987/8, I applied for a mortgage on a house and proudly presented my current policy details, thinking I was half way to paying for the property.

It turned out I had pure life insurance and there was no investment element at all.

I cancelled the payments and wrote it off to bad experience.

This week, I was talking to somebody who said I might have a potential claim.

I have no details of the policy and can only vaguely remember that it might have been with Allied Dunbar, but I think that the company had been called something else when I first took the policy out, or it was AD and became something else.

I do remember the bank account details where the payments were taken from though, but maybe after all this time, the Nat West records will be gone.

I can only remember the first name of the rep, but the surname will come in time (if I think a bit harder)

Is there anywhere I can trace the policy does anybody know?

It's a very long time ago, but I do remember how disappointed I was that the policy I'd paid for so long was worthless.

Thanks very much for any help.

stephenni1971

Lizald wrote: »

In 1979/80, I was 22/3 years old and had just bought a business.

I had no dependants, only parents.

I was visited by a customer who sold me life insurance.

I thought I was buying some form of investment, similar to an endowment.

It was not linked to my business loan.

Around 1987/8, I applied for a mortgage on a house and proudly presented my current policy details, thinking I was half way to paying for the property.

It turned out I had pure life insurance and there was no investment element at all.

I cancelled the payments and wrote it off to bad experience.

This week, I was talking to somebody who said I might have a potential claim.

I have no details of the policy and can only vaguely remember that it might have been with Allied Dunbar, but I think that the company had been called something else when I first took the policy out, or it was AD and became something else.

I do remember the bank account details where the payments were taken from though, but maybe after all this time, the Nat West records will be gone.

I can only remember the first name of the rep, but the surname will come in time (if I think a bit harder)

Is there anywhere I can trace the policy does anybody know?

It's a very long time ago, but I do remember how disappointed I was that the policy I'd paid for so long was worthless.

Thanks very much for any help.

You were definitely missold and I can confrim you are entitled to a squillion pounds compensation....

Now back to the real world...

You seriously think you can claim on a policy you bought 30 years ago and cancelled 25 years ago?

kingstreet

79/80 it was probably Hambro Life, or Allied Hambro, the forerunner to Allied Dunbar.

Unfortunately, this is so far back before any idea of regulation you have no chance of making a complaint stick.

Lizald

kingstreet wrote: »

79/80 it was probably Hambro Life, or Allied Hambro, the forerunner to Allied Dunbar.

Unfortunately, this is so far back before any idea of regulation you have no chance of making a complaint stick.

You're right - it was Hambro Life and I thank you for your polite response.

Lizald

stephenni1971 wrote: »

You were definitely missold and I can confrim you are entitled to a squillion pounds compensation....

Now back to the real world...

You seriously think you can claim on a policy you bought 30 years ago and cancelled 25 years ago?

How rude!

Can't imagine anybody coming to you for advice.

You're not funny, just obnoxious!

SleeplessinScandinavia

I think you'd need some harder information and records about the original policy. Why not contact the company you believe sold the policy and ask them to provide details of it 'for your records'?

Having got that, you could try and 'square it' with the company (you feel you were mis-sold the policy because..(?).- you stopped paying into it - on reflection you feel some form of compensation is due to you etc) - and see what they say.

As others have suggested though, it may be difficult after such a long time

stephenni1971

Lizald wrote: »

How rude!

Can't imagine anybody coming to you for advice.

You're not funny, just obnoxious!

Just fed up to the back teeth with the whole idea of people claiming they were mis sold.

I just found it amazing that you even thought about misselling on a policy you cancelled over 25 years ago - where you had absolutely no documentation ( as you couldn't remember the company you got it from ) and where you could only remember the first name of the guy who sold it to you!

Sorry if it's harsh - but I think it's ridiculous.

dunstonh

It is pre-regulation and way past the 15 year stop gap.

Game over before it starts.

Lizald

stephenni1971 wrote: »

Just fed up to the back teeth with the whole idea of people claiming they were mis sold.

I just found it amazing that you even thought about misselling on a policy you cancelled over 25 years ago - where you had absolutely no documentation ( as you couldn't remember the company you got it from ) and where you could only remember the first name of the guy who sold it to you!

Sorry if it's harsh - but I think it's ridiculous.

You're not harsh but you are rude.

If you re-read what I put, I had written it off to experience over 25 years ago, but I had a conversation with somebody who I met in my professional capacity last week who said I should investigate.

I was advising him on a legal matter and in the course of our appointment, he told me he was a debt counsellor for a local housing association.

He mentioned his own claim for a mis sold endowment and I told him my story of how I'd been conned by an unscrupulous financial advisor when I was in my early 20s.

He gave me his professional opinion that it was worth enquiring further.

I was not asking for your opinion, merely if anybody knew if there was a starting point for tracing old financial information.

The contact I had with my old insurance salesman stood me in good stead for the rest of my life - I have never trusted anybody who is selling investments since.

Quite frankly, if they're having to make face to face opportunities or knock on doors for a living, then they can't be much good! I have made my own mind up about my financial affairs ever since.

As it happens, the poster who mentioned Hambro Life helped me recall the name of the salesman.

I thank others in this thread for their polite and considered information.

dunstonh

He mentioned his own claim for a mis sold endowment and I told him my story of how I'd been conned by an unscrupulous financial advisor when I was in my early 20s.

Financial advisers were not classified until 1988. So, a 1979 case couldnt have been with a financial adviser as you know them today. Mostly they were insurance agents back then.

The contact I had with my old insurance salesman stood me in good stead for the rest of my life - I have never trusted anybody who is selling investments since.

I tend to find the opposite. The complaint stats support that as well (e.g. IFAs have 1% of complaints at the FOS despite being the main distribution channel). Insurance agents and sales reps are where most of the issues are. Dont look at 1970s and 80s standards as an indication of 2012 standards. It is so far removed from that today. Indeed, the fact the banks are mostly pulling out of it as they cant satisfy regulatory requirements any more just shows you how much better it is.

Lizald

dunstonh wrote: »

Financial advisers were not classified until 1988. So, a 1979 case couldnt have been with a financial adviser as you know them today. Mostly they were insurance agents back then.



I tend to find the opposite. The complaint stats support that as well (e.g. IFAs have 1% of complaints at the FOS despite being the main distribution channel). Insurance agents and sales reps are where most of the issues are. Dont look at 1970s and 80s standards as an indication of 2012 standards. It is so far removed from that today. Indeed, the fact the banks are mostly pulling out of it as they cant satisfy regulatory requirements any more just shows you how much better it is.

Yes - dead right, he was an insurance salesman of course.

I was obviously in a mind to buy and can only think that the reason he sold me the life insurance was because he made more commission out of it than if he'd sold me a more appropriate endowment/investment product.

It is much better now, but it most certainly left me with a bad feeling which has lasted to this day and I don't take anything at face value any longer.

I'd written it off and forgotten about it until the client I saw last week mentioned his own claim and I only mentioned mine as a bit of an ironic joke - this is how naive the lawyer used to be!

He said I should investigate as his endowment dated back to the early 80s and he'd also seen people in his professional capacity who had pursued claims as old as mine.

I wasn't wishing to cast doubt on the FAs - I have dealt with a lot of these PPI claims and quite frankly feel a bit cross with clients when they look dismayed that the refund will be taken off their loan/arrears - I now refuse to take any of those instructions.

I used to deal with IVAs too, but once again, when you look around someone's house and see the flat screen tvs etc and realise they're laughing because they'll be able to tell the Provident woman where to go on Friday, I stopped doing that too!

I've only banged on about it because of the sarcasm from the first poster - I asked a question, I was not soliciting an opinion.

I have learned another valuable lesson though - only lurk in forums unless you want to be shot down in flames!