Advice needed Re leaving our old Mortgage Advisor

Jon_Davies

Pretty boring replying to someone who obviously doesn't read the post, just replies with what they want to say.

But here goes...

The first point is answered by by comment:-
BTW, the guidance to maintain a relationship is some form of contact each 6 months; so the yearly review point is moot - you can continue with the review but you still have to form some contact in the meantime, be this through a telephone call, newsletter etc.

I have no link as I usually find out information in that wild and new-fangled way of talking to people. In this case, an FSA officer who is a good frined of mine, also corroborated by the chief compliance officer from my mortgage Network. As I mentioned, this is not a written rule simply the current stance that they are taking.

Please actually read my post properly (and for that matter the OP's) before replying.

dunstonh

I have no link as I usually find out information in that wild and new-fangled way of talking to people. In this case, an FSA officer who is a good frined of mine, also corroborated by the chief compliance officer from my mortgage Network. As I mentioned, this is not a written rule simply the current stance that they are taking.

To be honest, I think they are talking rubbish. Every 6 months is over the top. Although it doesn't surprise me that it has come from a mortgage network.

Please actually read my post properly (and for that matter the OP's) before replying.

In post #2 you stated: Did he contact you at any time during the past 2 years? If he didn't, he was cold-calling you in this instance (in accordance with the definition by the FSA).
I'm sorry but that reads that you are making out that it is an FSA rule. I have pointed out that there is no such rule.

fries

Thanks to all of you for your informative replies!!!!

We won't cancel my GF critical illness policy until we read everything carefully!!!

If you didnt take out any insurances, how did he gain commission from everything else? he may only have received commission at a paltry rate from the mortgage. It is possible he got nothing at all with some lenders.
Can you clarify if you did insurance through him or not?

I personally only took the life insurance - not critical illness! plus he arranged house/contents as well as all the policies for my GF.

Thanks once again for the advice, I now feel I understand the situation enough not to be intimidated by him. It should make for some polite but firm conversations!!!!

Ta

dunstonh

Be strong. Expect some intimidation (threats of small claims courts) etc. However, ask to see the fee agreement you signed agreeing this and tell them you will make a formal complaint and follow it through the FOS if they do not uphold your complaint. The current FOS fee for an advising firm is £400. It costs you nothing so even if the FOS do not uphold in your favour, you pay nothing and they pay £400. Often what firms do is that it isnt worth wasting time claiming money off you if it is less than the FOS fee for a complaint. Plus the threat of a complaint may be enough to put him off as none of us want complaints on our record as they stick with you, even when not upheld.