missold ppi on an endownment policy with standard life

margiemay55

hi I wool out a 10 year endownment policy with standard life via a financial advisor that has ton out of business. I wrote to SL who told me about this and advised that I try the financial ombudsman. The cost of the policy is £2 per month so not crippling, but I don't need it as my workplace covers my pay for illness so I couldn't claim against the policy. The FA knew this as I told him.
Is it worth claiming and how would i do it.

antrobus

margiemay55 wrote: »

hi I wool out a 10 year endownment policy with standard life via a financial advisor that has ton out of business. I wrote to SL who told me about this and advised that I try the financial ombudsman. The cost of the policy is £2 per month so not crippling, but I don't need it as my workplace covers my pay for illness so I couldn't claim against the policy. The FA knew this as I told him.
Is it worth claiming and how would i do it.

You can't claim against the policy because it's an endowment policy; it will automatically pay out at the end of ten years. Or when you die, whichever is sooner. It has nothing to with PPI, or illness.

dunstonh

missold ppi on an endownment policy with standard life

No you weren't. You cant have PPI on an endowment.

I wrote to SL who told me about this and advised that I try the financial ombudsman.

That is incorrect. They should have told you to go to the FSCS if the firm is no longer trading. The FOS have no remit to deal with firms that are no longer in business and have no assets.

The cost of the policy is £2 per month so not crippling, but I don't need it as my workplace covers my pay for illness so I couldn't claim against the policy. The FA knew this as I told him.

You are probably referring to waiver of premium. That is not PPI. It would be unaffected by your workplace benefits.

Is it worth claiming and how would i do it.

As it is not PPI and there appears to be nothing wrong here, there is nothing to complain about.