Bogus savings scheme - historical

sunnyshiney

Hi,

Sorry I am not sure if I am posting in the correct place - apologies if not.

I was just talking to my parents today about some PPI I had managed to claim back, when they told me that some years ago (ie 20 years or so) they were duped into paying a 'life insurance'.

The person they were duped by worked in TSB at the time and my parents went into the local branch wishing to pay into a savings scheme. The man told them to give him a couple of weeks and he would get back to them. He did, visited their house and set up what they thought was a savings account that they paid into, expecting to get access to their money when my sister reached 21 years old. Little did they know that this man had moved to Canada Life and set them up on a life insurance policy, so instead of getting their savings back at the end, they ended up with nothing. They didn't have much money at the time, so this was a big blow

I know this is a very long shot, but it made me really cross to hear this and wondered if there is anything that can be done with historical mis-selling of products?

Anyone's thoughts or advice would be greatly appreciated.

Thank you.

dunstonh

I know this is a very long shot, but it made me really cross to hear this and wondered if there is anything that can be done with historical mis-selling of products?

It pre-dates regulation of insurance.

It is a also a very strange mix up between getting a term assurance when wanting an investment. Especially as life assurance applications of that era would say on the quote that there is no cash in value.