mortgage life insurance PPI

rsst

I bought Mortgage life insurance through an Independent adviser/broker in 2005 and afterwards discovered that they get a large amount of commission. Would this fall under Plevin considering it was an independent adviser/broker that I used - I paid them for their services and then discovered they also get commission. The insurance is still running, although I have switched mortgages in the meantime.
thanks!

-taff

Plevin doesn't apply to life insurance.

Bermonia

Also wouldn’t apply as it was a broker sale.

-taff

I thought brokers came under regulation in October 2004?

dunstonh

I bought Mortgage life insurance through an Independent adviser/broker in 2005 and afterwards discovered that they get a large amount of commission

in 2005, commission was disclosed on insurance quotes.

Would this fall under Plevin considering it was an independent adviser/broker that I used

No. Life assurance is not linked directly to the repayment of the debt in the same way PPI is.

Also, plevin doesnt apply to independents anyway as their commission rates on PPI (if you had it) are lower than the tipping point.

I thought brokers came under regulation in October 2004?

Mortgage regulation started in October 2004. However, a mortgage broker/adviser would have arranged mortgages under MCOB and not the CCA.

Insurance regulation started Jan 2005.

rsst

Thanks for clarifying!!