Miss sold Assurance Policy

DogCat_4

10 years ago I took out a repayment mortgage with Halifax. I used independant Financial adviser in this process. At the time I was told I needed to take out a Scottish Widows Level term Assurance policy, which I have been paying over the 10 year period. I spoke to Halifax last week and they tell me that this policy is not necassary for the mortgage I have with them. Do I have a case to claim for this?

dunstonh

Do I have a case to claim for this?

No.

Firstly, it is pre-regulation. So, the IFA doesnt have to consider your complaint. They can reject it as such.
Secondly, it is a very common model of mortgage advisers to require the purchase of the insurance through them to enable them to give "free" mortgage advice. It is the insurance where they make their money. That model is allowed as long as there is a financial need for the insurance.

Whilst the IFA is not likely to consider the complaint, it is possibly they will voluntarily do so. However, life assurance complaints are unusual and most are rejected. Typically, you would need to have no financial need for the policy. In other words you must be single with no children or other financial dependants and living alone. if that is the case, that would be your complaint reason. If you are married etc then dont waste your time. Nearly everyone that is married/partner or has children etc with a mortgage has life assurance. It is the expected position.