Insurance Saving plan reclaim

Cefni

I would just like some advice please.

We can make a claim under for the plevin rule because we wasn’t told the large amount of commission taken from ppi payment.

Can this rule apply to other financial product like saving plan ?

My mother took out some saving plan from insurance company through a broker. With this sort of saving plan I think the broker taken a very large commission which the broker did not told her.

Can we still make a claim under pelvis rule ?
Are there any time limit for making a claim, It was about 10 years ago ?

Nasqueron

No, adviser commission avoids paying a fee, if you don't want commission you pay a fee, the adviser has to pay his/her bills

Plevin was an issue only for commission on the PPI as it formed a large (sometimes) part of the money you were paying in PPI - Plevin covers cases over 50%

dunstonh

Can this rule apply to other financial product like saving plan ?

No.

My mother took out some saving plan from insurance company through a broker. With this sort of saving plan I think the broker taken a very large commission which the broker did not told her.

Commission disclosure was required and automatic from 1994. It was disclosed at the point of sale and followed up again with the cancellation rights.

Can we still make a claim under pelvis rule ?

No. Plevin is a failure under the consumer credit act. Investments do not fall under the consumer credit act.

Are there any time limit for making a claim, It was about 10 years ago ?

The last mainstream provider of advised endowments pulled out in 2004. Most had stopped retailing via advisers by 1998. So, it is unlikely it was sold 10 years ago. At least not through an adviser. Direct to consumer non-advised ones kept being sold until 2008.

LennyInSummer

Cefni,

Plevin is not really the case you want to be looking at because it's somewhat limited in scope given that the pleadings were advanced under the Unfair Relationship provisions in the Consumer Credit Act.

Read Hurstanger instead which has slightly wider application.

Ultimately however the answer is no.

You cannot 'claim' commission just because it has been paid. If your mother had a relationship of trust and confidence with the broker in question and the broker is considered to have owed fiduciary duties to your mother, but did not disclose the commission payment (unlikely) then possibly.

Unless you want to go to Court to argue this, the provider and the FOS will both laugh you out of town.