Surrendering my life into policy Help

GreenGirl6

I have recently found an old FMISA life insurance policy that I first took out in 2001 and need advice on surrendering, moving or closing it?

Myself & partner purchsed our home in 2001 having a joint FMISA policy (in separate names) and a life insurance policy (ISA) each.

In 2006 we split and our home was repossessed, I naturally thought our policies were delt with in our divorce i have recently found that my X-Partner surrendered his life insurance & then surrendered our joint FMISA policy withdrawing it to his own personal bank account without my knowlege in 2008.

I have just found my FMISA ISA Life Insurance policy with funds in but no premiums have been paid since 2006 but there have been monthly withdrawals from my ISA to cover the policy costs for the past 16 years.

I have opened a case with the financial ombudsman but now want to stop the policy and access my funds I don't know if to surrender/close my policy or can I just transfer the shares or do both?

Any help would be great 

dunstonh

In 2006 we split and our home was repossessed, I naturally thought our policies were delt with in our divorce i have recently found that my X-Partner surrendered his life insurance & then surrendered our joint FMISA policy withdrawing it to his own personal bank account without my knowlege in 2008.

They should have been factored into the divorce settlement.  However, the agreement may have been that you just retain your own ones as they would have been equal value.  Only if the split was not 50/50 and one party needed to pay more to the other would there potentially need to be some action required.

I have opened a case with the financial ombudsman but now want to stop the policy and access my funds I don't know if to surrender/close my policy or can I just transfer the shares or do both?

You cannot go to the FOS without complaining to the firm first and giving them an opportunity to resolve.  If you go straight to the FOS, all they will do is forward their interpretation of your complaint to the company.

The FOS is there to be an independent arbiter of complaints when you become deadlocked with the firm you are complaining about.  There appears to be no complaint here.  The FOS isnt there to tell you how to sell your ISA or transfer it to another provider.    

GreenGirl6

I have already complained to them and they are saying its my own responsibility to keep up to date with my policies 
I just wanted to know if I can withdraw some funds and transfer the rest when i surrender my policy or how best to access my funds?

Weighty1

GreenGirl6 said:

I have already complained to them and they are saying its my own responsibility to keep up to date with my policies 
I just wanted to know if I can withdraw some funds and transfer the rest when i surrender my policy or how best to access my funds?

What did you expect them to do with your policies if there was no contact from you?  Sounds like they'd have been in a no win situation.  Had they stopped the life cover and you then died than all hell would have broken loose, but they've kept the life insurance running from cystalising some of the funds invested and you're still not happy.  I'm not sure how they could have won in that scenario.