Over 50’s plan. Can you complain and reclaim money

emzuk69

My parents took out an over 50’s plan thinking they were investing and were not aware that there was a cap on the pay out. Can I complain and get their money back

Thrugelmir

Is the policy documentation in anyway misleading? "Thinking" with hindsight isn't justification in itself.

newatc

Sadly not. I think some of them border on scam territory but they are smart enough to stay on the right side of law if not morality.

I'm not being entirely objective as my mum had 2 such policies (same company) thinking she was doing the right thing but they paid out less than she had put in (over many years). On the good side some offer (or did) a Parker pen just for enquiring<s>.

dunstonh

My parents took out an over 50’s plan thinking they were investing and were not aware that there was a cap on the pay out.

Did they buy it under advice or via an advert or direct?

The vast majority of these are non-advised. So, there is no-one to complain to you.