Redundancy Cover

Captain_Gas

Hi there,

New to MSE forum website but avid listener to Martin on 5live.

Recently sifting through my partners old papers to do some destroying and came across a PPI policy she had which she didn’t know excited.

She had taken out a redundancy cover policy in 2009 whichshe only ended last year and I found a PPI policy annual statement. She didn’t know she had purchased it and wants to reclaim. I have made contact with the insurance company and awaiting confirmation I can act on her behalf.

Apparently she had taken out the policy through a broker. Is that something that can affect her claim or can we proceed with talking to theprovider direct?

Kind Regards,

Ben

dunstonh

Apparently she had taken out the policy through a broker. Is that something that can affect her claim or can we proceed with talking to theprovider direct?

It means the complaint is made to the adviser. Not the insurer.

Adviser complaints are less common for PPI. PPi is not generally regarded as an adviser failure. The success rate on complaints is much lower as advisers tend to have much better audit trails (factfind, needs analysis, statement of demands and needs etc). This does not mean it cant be mis-sold (anything can). it just means its less likely to have been compared to a bank or debt related sale.

The use of standalone monthly premium plans also have lower success rates as that is how PPI should be set up. Indeed, today, this is one of two types of PPI that are still retailed.

if it was not an advised sale but a non-advised purchase (such as buying online) then there is nothing to complain about. If it was an advised sale, then poor memory recollection is not a suitable complaint reason. Does your partner really have that poor a memory (she would have given bank details, got written confirmation of the direct debit and dates, a policy document etc - she forgot all that?) or perhaps she is embarrassed and isnt giving you the full story.

Captain_Gas

Thanks for the reply.

Interesting. Just spoke to her. My understanding is that shewas not aware she had agreed to take out PPI. She has said to me that she wouldhave opted out of it (as I would have done) given the chance. She would havegiven out bank details to confirm the original policy anyway so those detailscould have been used for the PPI as well.

If we are to make a claim, should we be aiming at the brokeror the policy provider (in this case Cardif Pinnacle)? If the broker, should webe requesting their audit trail? Is the audit trail something the policyprovider would request to see (assuming there records show it was purchasedthrough a 3rd party)?

P.S, She really does have that poor a memory lol

dunstonh

My understanding is that shewas not aware she had agreed to take out PPI. She has said to me that she wouldhave opted out of it (as I would have done) given the chance.

If its a standalone plan then it will not be a case of opting out. It is something that is pro-actively applied for.

She would havegiven out bank details to confirm the original policy anyway so those detailscould have been used for the PPI as well.

What original policy?

If we are to make a claim, should we be aiming at the brokeror the policy provider (in this case Cardif Pinnacle)

The complaint is about the sale. You complain to the seller. So the broker. Although is it an adviser or a broker?

f the broker, should webe requesting their audit trail?

Unlike banks and credit cards, this will be a complaint against an individual and it will go on their record and create increased costs for them for the rest of their working life and could affect their future career. So, quite a bit more serious than a bank/insurer complaint if you have doubts about anything. So, you may want to discuss this with the broker first before raising a complaint. They may have something to jog her mind.

jellie

Captain_Gas wrote: »

Recently sifting through my partners old papers to do some destroying and came across a PPI policy she had which she didn’t know excited.

She had taken out a redundancy cover policy in 2009 whichshe only ended last year and I found a PPI policy annual statement. She didn’t know she had purchased it and wants to reclaim.

Interesting that she has in her possession the original PPI policy documentation along with at least one annual statement, but yet she didn't know this insurance existed.

wolverines

What was the PPI protecting?