PPI Claim but Broker has disappeared

one_dull_guy

I've just discovered that I was missold a Critical Illness policy with my endowment mortgage (1999) but the broker who sold it to me has disappeared. I tried to contact him back in 2002 when I moved house again, regarding getting hold of the paperwork in order to carry it forward.

I have only recently noticed that the policy with the Prudential increased it's premium by 7.5% every year. The policy pot is now worth 4 times the value of the mortgage. It also includes life assurance, even though I have this through my employer.

Do I make the claim through the Prudential (with whom the policy is)? Otherwise, is there anything I can do about brokers who are no longer in business?

dunstonh

I've just discovered that I was missold a Critical Illness policy with my endowment mortgage (1999) but the broker who sold it to me has disappeared.

How were you mis-sold it? Many people take out CI cover with their mortgages. Its a normal to see it recommended and nothing wrong with that.

I have only recently noticed that the policy with the Prudential increased it's premium by 7.5% every year.

So, you have had it since 1999 (16 years) but now only notice the annual increase?

he policy pot is now worth 4 times the value of the mortgage. It also includes life assurance, even though I have this through my employer.

it is normal to include life assurance with CI cover. It often make no difference to the premium or where it does, it is just a few pence. Totally common sense to have it.

Do I make the claim through the Prudential (with whom the policy is)?

Claim for what? You are obviously not dead so it wont be a life cover claim. Have you suffered a critical illness?

or do you mean complain? If you mean complain then there is no-one to complain to and it is pre-regulation. So, if you dont like what you have got there is nothing you can do about it. Either keep it or cancel it.

PPI Claim but Broker has disappeared

Your title says PPI claim but there is nothing in your post about PPI.

one_dull_guy

dunstonh wrote: »

How were you mis-sold it? Many people take out CI cover with their mortgages. Its a normal to see it recommended and nothing wrong with that.

I was not told that it would be increasing every year, wasn't told how much the policy was going to cost me by the end of the mortgage, and the policy included life insurance which i didn't need as my employer offered this as a benefit. I have also noticed that the same broker sold me ANOTHER CI policy 2 years later when I moved house, duplicating the original policy.

So, you have had it since 1999 (16 years) but now only notice the annual increase?

I have 2 endowment policies and 1 repayment. I was a lot of direct debits running through my account so struggle to keep track with every outgoing.

it is normal to include life assurance with CI cover. It often make no difference to the premium or where it does, it is just a few pence. Totally common sense to have it.

The policy started at £25 per month and is now over £300 per month. Hardly a few pence.

Claim for what? You are obviously not dead so it wont be a life cover claim. Have you suffered a critical illness?

or do you mean complain? If you mean complain then there is no-one to complain to and it is pre-regulation. So, if you dont like what you have got there is nothing you can do about it. Either keep it or cancel it.

I mean complain. I believe that I was mis sold this policy due to the reasons given at the top.

Your title says PPI claim but there is nothing in your post about PPI.

I have since discovered that this is an Insurance misselling issue rather than PPI.

dunstonh

one_dull_guy wrote: »

I have since discovered that this is an Insurance misselling issue rather than PPI.

OK. However, it changes nothing. You have no-one to complain to. It is before consumer protection started and the firm has gone. Game over.

And to be honest, even if you did, nothing you have said indicates a mis-sale. That doesnt mean it wasnt but just saying that based solely on what you have said.

krissharman

I have been informed that if you have a missold endowment policy and your broker has gone out of business you can contact the Financial Compensation scheme however you have a date deadline on this. I am still trying to find out about the next steps if you have been caught on a date deadline.

dunstonh

krissharman wrote: »

I have been informed that if you have a missold endowment policy and your broker has gone out of business you can contact the Financial Compensation scheme however you have a date deadline on this. I am still trying to find out about the next steps if you have been caught on a date deadline.

If the adviser was authorised by the PIA and the sale took place after 29th August 1988 then the FSCS will consider your complaint if the endowment has not been time barred.

Timebar can be applied if it is more than 6 years from the sale or more than 3 years from being reasonably aware of the issue. Whichever is the longer. The 6 year rule rarely applies but the 3 year rule was very active with endowments.