settlement offer on miss sold life assurance

Sachasheba

We had complaints in for two life assurance policies sold to us in 2001. Told by the complaints manager that if we were successful we'd be refunded all premiums + interest which would equal nearly £20,000.
We've now been made a settlement offer of £3700 + interest. The company claims that if we'd had the correct advice from them and taken out the right policy this us how much we'd be out of pocket.
Never claimed anything miss sold before and in all our researching cannot find this being the way settlement is calculated - it all seems to be around premiums refunded + interest.
Anyone been in a similar position and what did you do?

[Deleted User]

Ask them for a breakdown of the calculations.

It seems they have taken a correct approach to it if they believe there was a cheaper, alternative product.

Thrugelmir

You've had life assurance cover for the past 18 years. What more are you expecting to receive?

fwor

<please ignore - spam removal>

phillw

Sachasheba wrote: »

Never claimed anything miss sold before and in all our researching cannot find this being the way settlement is calculated - it all seems to be around premiums refunded + interest.
Anyone been in a similar position and what did you do?

It depends on individual circumstances, look at the section on compensation

https://www.financial-ombudsman.org.uk/publications/technical_notes/whole-of-life.htm

Ben8282

This has nothing whatsoever to do with stoozing.
In what way do you believe that these life insurance policies were mis-sold?