MPPI reclaim

ajsexton

Hi,

I'm imagining Ill get a response in the negative on this one, but just on the off chance....

Just wondering are banks supposed to check the suitability of products when recommending/supplying them?

Just if someone purchased a house several years ago (7 or 8) was sold an ongoing mppi policy for sickness/accident, it providing cover for a little over the mortgage payment per month for up to 12 months but had 12 months of full sick pay in their job.

Would this be classified as a suitable policy? If not is there any possibility of it being classified as missold?

If not does anyone have experience of back claiming on these policies? Policy holder not really being aware when ill for several months several years ago that they could claim and as they weren't suffering financial hardship due to sick pay never did.

Cheers for any advice, as I said at the start I imagine the responses will be "no it was not missold and no you cant back claim" but can always hope as either would potentially provide a sizeable sum.

The mppi policy will be cancelled soon as they will no longer be working (plus it was stupidly expensive for the amount covered)

dunstonh

Just wondering are banks supposed to check the suitability of products when recommending/supplying them?

Only on advised sales. Not on non-advised sales.

Just if someone purchased a house several years ago (7 or 8) was sold an ongoing mppi policy for sickness/accident, it providing cover for a little over the mortgage payment per month for up to 12 months but had 12 months of full sick pay in their job.

FOS has been rejecting complaints where people have 6 months full, 6 months half pay and an MPPI. That reason works better on loan and credit card PPI as it is short term minor debt. It is not a good reason with MPPI where it is a major long term debt.

Would this be classified as a suitable policy? If not is there any possibility of it being classified as missold?

Doesnt appear to be anything wrong there and no indication of a mis-sale.

roonaldo

ajsexton wrote: »

If not does anyone have experience of back claiming on these policies? Policy holder not really being aware when ill for several months several years ago that they could claim and as they weren't suffering financial hardship due to sick pay never did.

The thing is these are monthly paid policies so they really should have been aware of the policy.

The policy holder could have claimed on the policy as it would have paid out on top of the sick pay, its not a sales failing that later down the line someone didnt claim.

You also say the person may no longer be working, is this another claimable event that will pass them by?

ajsexton

Cheers, as indicated sort of expected as much, thanks for taking the time

ajsexton

roonaldo wrote: »

The thing is these are monthly paid policies so they really should have been aware of the policy.

The policy holder could have claimed on the policy as it would have paid out on top of the sick pay, its not a sales failing that later down the line someone didnt claim.

You also say the person may no longer be working, is this another claimable event that will pass them by?

Again cheers, the person just didn't really think about it as they were rundown and ill but were being paid in full so it wasnt as though they were struggling financially.

Also it was being paid monthly alongside the mortgage payment so mentally it was just treated as part of the mortgage.

They may be leacing work for a few years voluntarily, not claimable