Complaint against IFA?

Momax10

Not sure if this is the right area to post but it seemed the most suitable. Apologies if it is not.

Some years ago my IFA sold me an income replacement plan which paid out when I was long-term sick prior to being medically retired last year. The IFA handled absolutely everything in respect of the plan.

Prior to retiring I informed the IFA of the pension I would receive and requested he check whether the IRP would still be applicable. Followed this request up in writing and verbally. He never stopped the plan and continued to factor it in to calculations regarding what my wife and I may be able to do regarding our financial future. Despite being uneasy with this, we let the policy run as we trusted our IFA, who we'd employed for numerous years and had never on the face of it been incorrect.

Having just contacted the company providing the plan myself, I've found that I shouldn't have been receiving income and that it really should have been cancelled when I retired. Fortunately I'm able to refund any overpayments but where do I stand regarding my IFA. Is not dealing with it negligence on his part?

I realise that yes, I am ultimately responsible, but don't we pay IFAs to take care of things like this? Grateful for any thoughts/views.

Sooler

I got the wrong advice - what can I do?
http://www.moneysavingexpert.com/savings/best-financial-advisers#missold

dacouch

What costs have you experienced as a result of this?

The over paid premiums should be refunded, have you incurred any other costs?

Momax10

dacouch wrote: »

What costs have you experienced as a result of this?

The over paid premiums should be refunded, have you incurred any other costs?

No overpaid premiums. But who would be at fault? The IFA for selling me a policy and administering it but not telling the company (or me) I didn't qualify to claim, thus letting the claim run for a year? Or me?