B&B or Scottish Equitable/Aegon ... Who do I chase?

[Deleted User]

Davcor wrote: »

surely there is the hint of verbal 'sleight of hand' ?

Nothing you have said indicates any wrong-doing, only (apparently) a failure by you to remember the actual circumstances properly.
Make a "mis-selling" complaint if you have a mind to, but I wouldn't get hopes of any refund up.
You say you had no knowledge of your MPPI policy, but your signed mortgage application documentation paperwork will contradict this assertion.

Davcor

Points duly noted and taken on board Gentlemen. Thank you for your patience and for taking the time to enlighten me.

Regards,
DC

dunstonh

dunstonh: I do remember the Adviser telling me that there was a 'usual waiting period' during which the State would pay Statutory Sick Pay - but (in retrospective memory) I cannot honestly recall a deferment period of 52 weeks ever being mentioned. That really doesn't make financial sense to me given that I would have been incapable of maintaining all outgoings for twelve months.

The optimal and correct way to set up income protection is one of the following:
1 - MPPI or standalone PPI to cover first 12 months and then an income protection to kick in with a 12 month deferment.
2 - an income protection only with a 4 week deferral with no MPPI/PPI. This one is not always possible with some occupations and it can also be more expensive than option 1.

The fact you would not have been capable of maintaining all outgoings for 12 months just cements the advice as being suitable. SSP is not an issue given the small amount it pays and the fact it doesnt prevent MPPI from paying out.

It should also be noted that today, only two types of PPI are still retailed. MPPI and standalone monthly premium PPI. These two products did not suffer the same sorts of issues and that loan and credit card PPI did. If you were talking loan or credit card PPI put in place on a non-advised sales process then you are looking at a very high chance of a successful complaint. However, you are talking about products that the FOS reject most complaints on. Plus, only 1% of PPI complaints are adviser related. Most of those are rejected. PPI is not seen as an adviser failing. It is an unregulated sales distribution failure.

Complaints about what was said verbally usually fail on that point due to lack of evidence. Then the suitability of the contracts and the advice is looked at. In this case, generically, you have exactly what you would be expected to have with no overlap.