Fixed Deposit And Mis selling

aayush

HI
Can I ask if some overseas is told he has got fixed deposit account and will get all information in the post but had to leave before the information came through and then finds out it not a fixed deposit but actually a life insurance policy as the policy is over 60 days now the job is to get cancelled and get back money paid
HThe where told the had to make payments for 3 years towards the fixed deposit and then the bank would give for 3 years and then interest would good but now the agent at the bank is now saying not said this

As this not chap to go abroad at drop of a hat and can the now make a claim under misselling

Am aware we want good rates for our money but it not fair been mis-sold

Any ideas of what to do next would be help full

bowlhead99

I appreciate it is not easy posting in a second language or if physically or mentally disabled or whatever but your post is quite hard to read so apologies if I have the wrong end of the stick.

Generally though:
It is unusual to sign up for a fixed deposit without being able to see what the terms and conditions are, whether you are doing it online or doing it face to face in a bank. Online, there is always a link to the rules of what you are signing. In a bank, you would physically sign it and the key features would be shown on what you were signing.

If you are making a commitment of an amount of money that's big enough for it to be very important to you to get right, and might need to exercise some cooling off or cancellation period after re-reading the documents or showing them to someone else... but have asked them to post you the documents to your home - and then you go away from your home without waiting for the documents first - then once you know you are not going to be at home you should have flagged that to the bank and asked if they could email them to you, fax them, whatever.

Unless there are some major extenuating circumstances you would struggle to exercise any cancellation rights after the 'last date to cancel'.

HThe where told the had to make payments for 3 years towards the fixed deposit and then the bank would give for 3 years and then interest would good but now the agent at the bank is now saying not said this

It doesn't sound like it is a fixed deposit if you are contributing to it for three years. Generally a fixed deposit is where you give them a fixed amount of money all at once (or within a short timespan) and they fix the term they will keep it for and fix the interest they will pay, and you get your money back at the end of the term (the interest might be paid periodically or all at the end).

Whereas with life insurance you typically pay monthly premiums which may or may not pay out a particular amount at the end depending on the nature of the contract and whether you die. Or it may be an investment product with a life assurance element.

Am aware we want good rates for our money but it not fair been mis-sold

Does the product you have bought (whatever it is) not deliver good rates on your money? What does it actually pay out and under what circumstances and what timeframes?

You mentioned that you were "told the had to make payments for 3 years towards the fixed deposit and then the bank would give for 3 years and then interest would good". It's difficult to understand that sentence because it doesn't make sense. The "...bank would give for 3 years..."? Give what? ; "...then interest would good..."? What does that mean?

Are you saying they were told they had to make payments for three years and then after the three years are up, the bank will pay interest for the next three years? And then, what were you told would happen after that six year period?

Or are you saying they were told they had to make payments for three years and during that three year period the bank would pay interest on the money and it would all be paid back to them at the end of the three year period?

You mention the bank are saying that they did not say this. So, what are the bank saying they said? What are the actual terms of the product you have bought.

To establish if something has been mis-sold, you would generally have to prove that the terms of the product are quite different to how they were explained to you, and that you were advised to buy the product and it is not at all suitable for your needs. As I can't understand what you thought the product was, or what the product actually is, it's difficult to see whether or not you have a case.

The short cooling-off period (eg 14 days, 30 days, 60 days or whatever) is because it is recognised that some products are complex, but if a very long period was given some people would just be lazy about buying things without bothering to read or understand much about the contract to which they are signing up, and will later change their mind at their own whim. Financial services providers do not want to be messed around several months later with someone wanting to exit a fixed deal when the market changes and better products become available. So if you want to exit the contract but do not do everything possible to try to exit the contract early, your only hope is that a compliance department or ombudsman agrees you were mis-sold, rather than just being lazy about trying to understand the product and your obligations.