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Own Insurance Fee
MountainMan101
Posts: 75 Forumite
I'm just about to take out a mortgage with Bris&West, and home insurance with another provider (funny but I can't actually remember who my partner picked but not B&W or Barclays). We currently have insurance with Barclays (just contents for our rented place).
Now B&W want to charge £25 for not taking their insurance, Barclays will charge £25 to end early, and the new people will pay £25 if I move to them.
Now I can understand (if not agree) the Barclays charge, it's for cancellation
and I would get re-imbursed by the new people. But B&W's fee of £25 seems like a penalty for not taking two financial products from them - something which I believe is not allowed by the FSA.
Has anyone successfully argued around the £25 fee? I'm planning on phoning them today.
Philip
Now B&W want to charge £25 for not taking their insurance, Barclays will charge £25 to end early, and the new people will pay £25 if I move to them.
Now I can understand (if not agree) the Barclays charge, it's for cancellation
and I would get re-imbursed by the new people. But B&W's fee of £25 seems like a penalty for not taking two financial products from them - something which I believe is not allowed by the FSA.
Has anyone successfully argued around the £25 fee? I'm planning on phoning them today.
Philip
0
Comments
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Has anyone successfully argued around the £25 fee? I'm planning on phoning them today.
It's a valid chargeBut B&W's fee of £25 seems like a penalty for not taking two financial products from them - something which I believe is not allowed by the FSA.
It is allowed by the FSA. They cannot force you to take their insurance but they are allowed to charge you to check your insurance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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