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Financial adviser passed away, Can I still Complain?
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mrbearuk
Posts: 6 Forumite
Hi, Forum users, I was sold a mortgage by an independent financial adviser back in 2005 which I have tried to reclaim PPI, but he refused he was responsible, I contacted the ombudsman who later said he passed away and there was nothing they could do, Is this correct?
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If he's passed away, then you have no one to complain to.0
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On the plus side, its statistically unlikely you wre missold. Possible but rare.
Advisers account for under 1% of PPI complaints and most of them get rejected (even the ones the FOS look at). This is mainly due to the fact that advisers only ever retailed MPPI (not loan or credit card PPI). Most MPPI complaints fail as its not a bad product. You can still buy it today.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 -
Hi, Forum users, I was sold a mortgage by an independent financial adviser back in 2005 which I have tried to reclaim PPI, but he refused he was responsible, I contacted the ombudsman who later said he passed away and there was nothing they could do, Is this correct?
If it was pre regulation (it started in 2005 but the date is crucial as it could just have slipped in before the regulation) then he could refuse it. You're highly unlikely to have been miss-sold MPPI anyway as it's a vital product that protects your home.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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He said I had to take out the building and mortgage insurance and live cover in order to get the mortgage, and when my wife had an accident which made her disabled they said she wasn't covered even thou she was on the policy.0
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Whilst that may or may not be... there is no one left to complain too I’m afraid.0
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He said I had to take out the building and mortgage insurance and live cover in order to get the mortgage, and when my wife had an accident which made her disabled they said she wasn't covered even thou she was on the policy.
Was the advice free? He is allowed to require you to buy insurance through him in order to give free adviceSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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He said I had to take out the building and mortgage insurance and live cover in order to get the mortgage, and when my wife had an accident which made her disabled they said she wasn't covered even thou she was on the policy.
In the past, but less so today, mortgage advisers did require the purchase of insurance through them to enable free mortgage advice.
That model is allowed. As long as the insurance is suitable.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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