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1 Pays, 1 Doesn't !!!!
awhitmore
Posts: 12 Forumite
Hi,
We had 2 endowment policies, one for the original house purchase, the second when we topped up our loan for home improvements. We put in a claim on both policies and were paid out by Abbey Life (2nd policy). Friends Provident, who sold us the first policy THROUGH Abbey National (as they were tied to them at the time) refused any compensation. We thought this strange at the time - how could one firm accept liability but the other not - but Friends Provident refused to budge. How do we stand now? Have things changed at all? The worst thing was that I was employed by Abbey National at the time of taking out both Loans!
Thanks, hope someone can advise.
We had 2 endowment policies, one for the original house purchase, the second when we topped up our loan for home improvements. We put in a claim on both policies and were paid out by Abbey Life (2nd policy). Friends Provident, who sold us the first policy THROUGH Abbey National (as they were tied to them at the time) refused any compensation. We thought this strange at the time - how could one firm accept liability but the other not - but Friends Provident refused to budge. How do we stand now? Have things changed at all? The worst thing was that I was employed by Abbey National at the time of taking out both Loans!
Thanks, hope someone can advise.
:beer:
0
Comments
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When you say you put in a claim, are you talking about mis-selling or a critical illness claim?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I assume that the Friends Provident policy is a With Profits and the Abbey Life is unit linked.
Compensation claims can be for different reasons, one being the risk profile of the client. At the time of taking out the Friends Provident policy you may have had a cautious attitude to risk and a With Profits policy was recommended.
You may still have had a cautious attitude to risk when you took out the Abbey Life policy but this was not assessed properly and a more adventurous unit linked policy was arranged.
Further to this your claim was probably assessed after the stock market crash after the year 2000 when unit linked policy values took a 50% dive.
Hope this makes sense.
Regards
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
The claim was for mis-selling.:beer:0
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