Term Protection Plan - St James Place

Rocksteadyruth

In 2001, I had an Abbey National remortgage arranged (purchasing my late mother’s home from her estate), by our families assurance/financial advisor, he brought along a mortgage expert to explain the reason for remortgage. While agreeing to the mortgage recommendation, the FA suggested I should take out a means of protecting my ability to pay in the event of illness, etc. I asked why, obviously . The response was, as a sole applicant, imagine how this reduces the risk of non-payment to the lender. The provider of the Term Protection Plan was St James Place for which I have the plan number. I cancelled the plan after >7yrs when I began to struggle financially with the ‘financial crash’, realising I was paying around £500/yr out that I could no longer afford. Anyone know if I am able to claim this under the PPI claims legislation please?

Bermonia

No, whilst I m not certain if it would even constitute as PPI it was sold by a broker pre regulation which means there is no obligation to consider it

Rocksteadyruth

Thanks that’s a shame.....it would have been over £4K paid out. Been trying to get through to FCA today to ask the question. All the best.

SonOf

Anyone know if I am able to claim this under the PPI claims legislation please?

Life assurance is Life assurance. it is not PPI. So, you can forget about making a PPI complaint.
However, that does not mean other products cannot be wrong.

If you were single with no financial dependents and that remained the case until cancellation, then you may have grounds for complaint that the insurance was not needed.

i.e. if you had a spouse/partner living with you then you would need life assurance. If you lived alone then you didnt.