Histroric Insurance with Mortgage

dunstonh

What could have happened and what could I expect as a potential outcome?

Given the strangeness of the scenario, it is really difficult to say.

However, maybe the staff member was leaving the bank to work for that IFA and decided to use them instead of the bank product (IFA product would be cheaper and frequently better quality). Or maybe they didnt have a bank product that met your requirements and the staff member got a local IFA to do it (not common but I had Barclays ring me last year to do something on one of their customers as they couldnt do it).

Whatever the circumstances were that caused it to happen, the fact it went through an agency of an IFA means that IFA is liable for the advice they gave. However, the IFA not liable for the advice given by a third party. Especially if the IFA didnt know the advice was even being given. The staff member may well have been paying you and playing the IFA. The bank is only responsible for the actions of their staff member.

I'm looking forward to you keeping us updated and well done on getting such a weird scenario!!!!

Cotta

The bank have now identified that the member of staff who sold the insurance policy to me in 2010 was a Financial Advisor working for them until 2014.

dunstonh

Cotta wrote: »

The bank have now identified that the member of staff who sold the insurance policy to me in 2010 was a Financial Advisor working for them until 2014.

Although it doesnt explain how this person was able to process business through an LV agency belonging to a third party.

Still most weird.

Cotta

At least he's been identified as a member of staff for the bank rather than a rogue intermediary within the bank which is what had been previously suggested by the investigating Manager.

Cotta

An update of sorts, the IFA have sent documents to the bank confirming that the policy was sold to me by the bank. The bank are now willing to concede this point and are investigating further.

It's taken over one year for the bank to concede this point, who knows what will happen next.

Cotta

I called today for an update, the news was not what I was hoping for, headline points are as follows:

1. New complaint handler has only picked up the complaint since yesterday afternoon.

2. It's going to take five working days to retrieve my file from the archives.

3. New complaint Manager is unhappy that it has taken one year to get to this stage, he has also expressed unhappiness that he is being "forced" to prioritise this complaint ahead of others - this seems to be pressure from his Manager.

4. The bank frustratingly have refused to accept that they sold the policy despite my previous call to the bank. All the complaint Manager was prepared to concede was that a document has been uncovered with Bank of Ireland headed paper which suggests it was sold by them but at present they are gong on the IFAs say so.

5. Bank of Ireland are refusing to say if the product was sold by a member of their company, despite it being done in branch, being a stipulation of the loan and the fact the employee has been deemed to be a Bank of Ireland employee at the time of the sale.

6. Complaint Manager conceded that back in September of 2017 he was briefly brought into this complaint to look for the file, however he couldn't find it and nothing was communicated back to me that this had happened.



I noted the following points in my call:

a) It's taken one year for Bank of Ireland to investigate this - this was refuted by the complaint Manager who has insisted it's at 51 weeks at present.

b) It takes a long time to get through when calling up (sometimes one hour), and I have been chasing this up regularly throughout the year.

c) The buck for this policy has to stop with Bank of Ireland as it was sold by their employee within branch and as a stipulation of the mortgage.

I am exhausted by this, I've no idea what is happening or where this will lead. What does everyone advise?

Outsider_83

You need to be realistic, the company have stonewalled you for over one year. Nothing positive is going to come from this - at most you will get an apology for how long it have taken to investigate - £10 goodwill gesture.

Cotta

I'm confused at present, I might need advice on this one.

Cotta

Well it's off to the Ombudsman, the bank have said they have acted fairly in selling this insurance.

£75 was offered for the delay of 13 months in responding and for me having to chase regularly throughout the 13 months, sometimes being on the phone for one hour at a time.

Outsider_83

Sounds like a defeat.

Just on the £75 as it is the easiest to deal with, should it not be higher? That's an extreme delay.