Naively used advisor ~ 1st mortgage / Pension/Life/Critical Illness financial advice

Shellbobs

Outside of PPI & Plevin claims directly with the lender/policy provider, what/if any; options do I have in progressing a claim against those “sinful/skanky” self employed...& so called “financial advisors”, who basically preyed everyone looking to take their first steps out into the responsible world.

In addition to writing cheques for financial advice services without getting a receipt, re 1st ever mortgage; to niaevely taking out excessive amounts of unessessery “standalone” life / critical illness insurance policies which were actually already covered as part of what we had already signed up with on the back of the mortgage + included ample cover via company pension.

Thanks
Michelle

[Deleted User]

Leaving aside the odd religious judgement against the self employed, if you have a complaint, simply make it directly to them in the first instance.

[Deleted User]

Shellbobs wrote: »

what/if any; options do I have in progressing a claim against those !!!8220;sinful/skanky!!!8221; self employed...& so called !!!8220;financial advisors!!!8221;, who basically preyed everyone looking to take their first steps out into the responsible world.

I wouldn't use any such "colourful metaphors" in any complaint you might make.

None of what you say seems to be worthy of consideration years after the event, to be honest.

Why didn't you complain at the time?

dunstonh

In addition to writing cheques for financial advice services without getting a receipt

Receipts are not required. Most will issue one upon request. This is because you are asked to sign a fee agreement and that is the document for the audit trail. So, nothing wrong there.

to niaevely taking out excessive amounts of unessessery !!!8220;standalone!!!8221; life / critical illness insurance policies which were actually already covered as part of what we had already signed up with on the back of the mortgage + included ample cover via company pension.

Your employer provided critical illness cover? It certainly is possible but its rare and only tends to be in better quality jobs where they improve the package to get higher quality employees. However, the amounts, even then, tend to be relatively low.

Death in service is more common but its purpose is not for debt provision. It it to provide money in the short term to make up for lost income and go some way to replace lost pension benefits. Most DIS is no more than 4x income. You say you were a first time buyer. So, its more likely you were young and needed closer to 20x income.

Standalone is how it should be. Why on earth do you think that is wrong?

options do I have in progressing a claim against those !!!8220;sinful/skanky!!!8221; self employed

The country has significant numbers of self employed people. Referring to the self employed as sinful and skanky is disgraceful. You ought to be ashamed.

& so called !!!8220;financial advisors!!!8221;, who basically preyed everyone looking to take their first steps out into the responsible world.

Nothing you have said seems to indicate any wrongdoing. If you want a complaint to be successful, you need to state what they did wrong.

1 - what evidence do you have that your employer provided Critical illness cover? (you will likely be asked to provide that)
2 - How much critical illness cover did it provide? (ballpark financial need is around 4-6 times income plus total of all debts).
3 - How much life assurance did it provide? (ballpark financial need is around 10-20 times income plus total of all debts)

it is very rare to come across anyone that has adequate cover. Yet you seem to be suggesting you have far more than needed. It's more likely that you are wrong and don't understand.