Endowment waiver of contributions

Mi55red

By the way: never had WOP on any other product as they listened and I showed them the policy docs if they asked.

dunstonh

looks like PPI, behaves like PPI,

PPi is not underwritten at point of sale. WOP is
PPI only pays out for 12 months. WOP will go the full policy term.
PPI covers unemployment. WOP is just health
PPI falls under a different part of the FCA rulebook than WOP

just because it's called something different doesn't make it different.

Except it does.

still wasn't needed and certainly not wanted

And what evidence do you have to support your allegation? (again)

Nasqueron

Mi55red wrote: »

50p or so premium!!!!
After 25 years the total is now well over £2000, this is not a small amount of money (except to the bank)

50p a month = £6 a year


£6 a year over 25 years = £150


Where does £2000 come in?

muhandis

Waiver of premium is not considered to be similar to PPI. The reasons are explained very clearly over here
https://www.moneywise.co.uk/other-insurance/insurance/waiver-payment-another-form-ppi

Having said that, the advice that you got saying that it is 'compulsory' when it wasn't and being charged extra for the same is obviously wrong and probably not a stunt advisers would dare pull in the current regulatory environment.

In your place (assuming they're still around), I would look up the firm's website, find their complaints procedure and make a formal written complaint (there'll always be a way to do it online). Worst case scenario, they turn you down. Nothing to lose but a few minutes of your time typing up a complaint.

Mi55red wrote: »

I just realised you mistook my post, I was trying to be economical with my words:
Of course the endowment wasn't an option, I was asking about the 'option' of the waiver of contributions which was NOT an 'option' if I wanted the mortgage. I recall the conversation well as it annoyed me immensely at the time and for the subsequent 25 years!

Mi55red

Thank you I think this is likely to be the explanation I was looking for.
I have spoken to Scottish Widows about this they just dismissed it as 'not PPI' with no further explanation. The adviser was Lloyd's Bank

Kentish_Dave

Just take your proof in, the signed statement by the bank that they insisted that you take this out, and you’ll be fine.

You do have proof, don’t you?

muhandis

From the Money Advice Service page on financial misselling

"You don’t have to find concrete proof, but you do need to explain your problem."

Kentish_Dave wrote: »

Just take your proof in, the signed statement by the bank that they insisted that you take this out, and you’ll be fine.

You do have proof, don’t you?

Old_Lifer

dunstonh has explained this fully.


Sadly, I cannot see any point in complaining.

Nearlyold

I worked in compliance for an insurance subsidiary of Lloyds around the time of the sale and Waiver of Premium where available on a product was considered "Best Advice" at the time and still would be today. We expected it to be recommended and if it hadn't been, the adviser would be expected to re contact the customer. If the customer didn't accept the recommendation this had to be recorded in the reason why letter. The only compliance problem we had with Waiver was towards the end of each business month when there would be a mysterious increase in customers not taking waiver on Pension Plans in particular (the underwriting on Waiver could delay issue and the related commission payment). I can't imagine any adviser at the time bothering to force a customer to take waiver, there was nothing in it for them.

Have to say it does seem a bit odd to be so annoyed about an issue for 25 years but not try and do something about it for apparently for all that time.

kingstreet

I was just about to say that, Nearlyold.

WOP was simply not a big enough issue to insist it be mandatory to a client. The advisor just had very little incentive either way...

You explained it. If they wanted it, they had it. If they didn't, they didn't. It was slightly more paperwork if it wasn't taken but nothing too onerous.