Can insurance company up premium because they made a mistake !

magpiecottage

Hastings_Direct_company_representative wrote: »

I'm sorry we've made a mistake and I can appreciate how frustrating it would be to be offered an incorrect price. If this happens for instance due to a letter typo or a software error we must re-rate to the correct premium and offer it again.

Hastings Direct Company Representative

SYSC 5.1.1 says "A firm must employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them."

So I presume that you are, at the very least, aware of the FCA's Principles.

Principle 2 says, "A firm must conduct its business with due skill, care and diligence."

Principle 7 says, "A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading."

Principle 6 says, "A firm must pay due regard to the interests of its customers and treat them fairly."

Principle 8 says, "A firm must manage conflicts of interest fairly, both between itself and its customers"

Principle 5 says, "A firm must observe proper standards of market conduct."

Principle 1 says, "A firm must conduct its business with integrity."


It seems that you gave the wrong information about the premium due and left this customer in the dark about the error until it was too late for him to shop around then, put your interests above his by imposing the premium you should have offered when he had no choice in the matter.

Whilst I appreciate we only have a potted version, that does not look to me like a complaint that would be easy to persuade FOS to reject.

Kim_13

I suppose if the OP is not happy with the correct quote, they're also going to be stung with a ridiculous admin fee to cancel?

Very convenient that it takes over a month to realise a mistake.