Mis sold Life Insurance

roystc

Is it possible to claim for miss sold life insurance? My Mother Banks with Lloyds TSB and was called in some years ago to review her account. She asked if she could pay more into a small pension she had going with Lloyds. She was told yes and increased her payments. On retirement age she contacted Lloyds as she had not heard from them. She was told that she had been paying the money into a life insurance policy not an increase in pension as she asked. She immediately cancelled the policy and threatened to move banks they apologised but nothing more. Is there anything she could do under the miss selling the banks have done??

R_P_W

Does she have any kind of paperwork?

dunstonh

Is it possible to claim for miss sold life insurance?

You can complain about anything you like. Even the colour of the carpet in the branch. Whether the complaint has any validity is the more important thing.

Is there anything she could do under the miss selling the banks have done??

When LTSB arranged the policy, they would have issued an illustration at point of sale. Followed up by another with the cancellation rights. A report would have been issued explaining the financial need and reasons why it was recommended.

What does that report and paperwork say?

At the point of sale, was there any financial dependants or anyone worse off in the event of her death? (spouse/partner/children etc)

roystc

Thanks for the reply I will check with her and get back to you. She just thought she was paying extra into her pension. So cant see how she was given any paperwork. Will check.

R_P_W

Any kind of paperwork received after she went into the bank?

So did she have a life insurance policy with LLOyds? -

Did she not get a annual pension statement from Lloyds?