misold mortgages

dunstonh

I checked with the insurance company if the ifa who sold me this policy was still receiving commission and they was. So I ask them to cancel anymore commission payments to them. Although it was just a small amount, why should they get paid each month, when they have mis sold a policy to me. It just made me feel a little better.

I suggest anyone who has been mis sold their policy should check with their insurance company, whether the ifa who sold it to you, is still getting commission on it.

Yep. The IFA will really miss the 9p a month that they get from it. Of course, it will now be the insurance company that gets that 9p a month and they have hardly been faultless in this. Indeed, a certain number gave IFAs misinformation.

loveabargin

dunstonh wrote: »

Yep. The IFA will really miss the 9p a month that they get from it. Of course, it will now be the insurance company that gets that 9p a month and they have hardly been faultless in this. Indeed, a certain number gave IFAs misinformation.

Hate to tell you this but it's more than 9p a month and while the insurance company may well be at fault too, it's like all complaint's, your first port of call is who sold it to you. So these misinformed IFA's should pursue the insurance companies and back their clients.

Yeah the IFA may not miss my small amount (98p) each month but if everyone who they did mis sell a policy too did it, it may well be different.

dunstonh

I'm in North Suffolk/Norfolk so premiums were never high in this area and tend to range from 8p-30p. It costs more to administrate commissions less than about 80p so you are probably doing the IFA a favour.

loveabargin

dunstonh wrote: »

I'm in North Suffolk/Norfolk so premiums were never high in this area and tend to range from 8p-30p. It costs more to administrate commissions less than about 80p so you are probably doing the IFA a favour.

IFA's advising at a loss :rolleyes:

Seeing that I'm doing the IFA a favour do you want to start a post regarding stopping the commission on mis sold policies or shall I.

dunstonh

loveabargin wrote: »

IFA's advising at a loss :rolleyes:

Seeing that I'm doing the IFA a favour do you want to start a post regarding stopping the commission on mis sold policies or shall I.

You can. I think its generally a waste of time and effort though. I will comment on the other thread though so we keep it in one place. No need to duplicate then.

Mr_helpful

This thread amuses me. the OP is moaning that he was mis informed on his endowment yet he has titled the thread Missold mortgages. An endowment is not a mortgage so he is whinging about being misled which is what he has done here to us.