PPI & Independent Financial Adviser

loz77

We were sold a PPI Policy back in 2003 and still have the paperwork.

However, we were sold it by an Independent Financial Adviser that we can no longer trace.

Is there anything we can do about this?

[Deleted User]

No. It was pre regulation.

dunstonh

Is there anything we can do about this?

What did you want to do about it?

You cannot complain about it as it is pre-regulation. And IFAs only sold the good types of PPI (which you can still buy today - i.e. regular premium standalone plans).

Colin_V

My wife and I were told by an independent advisor we had to take out a mortgage decreasing term assurance with critical illness cover mortgage protection for the term of our mortgage in 2001 and we are still paying today. I remember I was angry that even though we had moved up to a more expensive mortgage that this was forced upon us basically saying we couldn’t have the mortgage without it. I’m pretty sure this counts as mis-sold ppi but because the independent advisor is no longer there does that mean we can’t claim? If we can’t then I’m not even sure if we can stop the payments as we are tied into it until 2026. Any advice please?

-taff

Trust me, if I'd had critical life cover I'd be a hell of a lot better off than I am now.
Critical life is useful. You can stop the payments at any time and get it with someone else, but personally, I would still get the CI.
No you cannot complain to anyone, your complaint is over. However, your IFA sold you a useful product, because if you had needed it, you would definitely have used it. And as your memory is that it was compulsory, the liliehood is that he sold it to you in lieu of free advice.
Be grateful you have't needed it.

dunstonh

My wife and I were told by an independent advisor we had to take out a mortgage decreasing term assurance with critical illness cover mortgage protection for the term of our mortgage in 2001 and we are still paying today.

Seems to be good advice. Most people take it out with their mortgage and it is considered to be common sense.

I remember I was angry that even though we had moved up to a more expensive mortgage that this was forced upon us basically saying we couldn’t have the mortgage without it.

A common mortgage broker model is to require the purchase of an insurance to allow them to give free mortgage advice. That is allowed as long as the insurance is suitable.

I’m pretty sure this counts as mis-sold ppi

No it doesnt.

1 - its not PPI
2 - its a model that is allowed

but because the independent advisor is no longer there does that mean we can’t claim?

Correct.

If we can’t then I’m not even sure if we can stop the payments as we are tied into it until 2026.

Why would you want to stop something that is important to have with your mortgage?

Colin_V

Thank you at least that’s put my mind at rest and I can ignore all these ppi adverts now lol