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Strange letter
Comments
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If a man in a pub says he has important financial information for you, but asks for your ID first, do you give it to him? Wouldn't you ask him to prove who he was first?
An insurance company is hardly similar to an insurance company. Man down the pub doesnt have to worry about the data protection act.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
An insurance company is hardly similar to an insurance company. Man down the pub doesnt have to worry about the data protection act.
From what's happening these days regarding the euphemistically termed 'data breaches' we keep hearing about, your personal data is probably safer with the man down the pub.
Incidentally, I received an endowment payout of about £25k recently with no need to provide anything other than confirm my bank account details.0 -
Seems very lax
Incidentally, I received an endowment payout of about £25k recently with no need to provide anything other than confirm my bank account details.
(eg many people took endowments out as a means of repaying a mortgage - how did your insurer know you were entitled to the money, and hadn't assigned the policy to a lender - or sold it etc?)0 -
The benefit is paid into the account from which premiums were paid. Some providers see that as being sufficient.
An assignment or lender interest would be noted on the policy, so the payment would not be made the way described.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Seems very lax
(eg many people took endowments out as a means of repaying a mortgage - how did your insurer know you were entitled to the money, and hadn't assigned the policy to a lender - or sold it etc?)
Actually it did highlight another stupidity of the financial sector (sorry, off current topic). The policy, from BOS investments, formerly Halifax, was assigned to a mortgage - from Halifax! I asked them to pay it straight to the mortgage provider, i.e. themselves, but no! "We can only pay it to you directly". How did they know if was me? Because the monthly payments for 20 years had been from my bank account. Bureaucracy in the financial sector seems to have reached stratospheric heights. You can imagine the messing about involved with this one.0 -
Incidentally, I received an endowment payout of about £25k recently with no need to provide anything other than confirm my bank account details.
They wouldnt need to if you used a known bank account and they already had enough to know it was you. Plus, your signature would have been on the maturity form.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
What address does the letter state you should send your ID to???"You were only supposed to blow the bl**dy doors off!!"0
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I had a similar letter from an insurance company a few years ago. I thought it might be a hoax but went along with it as the company involved was well known
It turned out to be an old pension policy taken out by my employer when I worked for a short time for a small firm.
I had completely forgotten about it as it was 25 years previous, but resulted in a welcome payment of several hundred pounds.0
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