Income Protection Insurance premiums wrong

Annemos

One of the very useful things about FOS decisions, is that they do give the ordinary consumer (laypeople) the correct Insurance Terminology to use, when we are submitting complaints. 

Annemos

Spoke to my sister who deals with mortgages and endowments. 

Depending on the original paperwork, she is wondering:  did the people who set up this policy make an error when it was set up? If so they could be accused of mis-selling. The Poster took out a policy and it has not performed as he/she expected. 

BarelySentientAI

Annemos said:

Spoke to my sister who deals with mortgages and endowments. 

Depending on the original paperwork, she is wondering:  did the people who set up this policy make an error when it was set up? If so they could be accused of mis-selling. The Poster took out a policy and it has not performed as he/she expected. 

I don't think that's a test for mis-selling.

I would expect mis-selling to refer to being sold a product that was not suitable or was not sufficiently explained - neither of which apply to this case.

I'm no expert in the area though.

dunstonh

Annemos said:

Spoke to my sister who deals with mortgages and endowments. 

Depending on the original paperwork, she is wondering:  did the people who set up this policy make an error when it was set up? If so they could be accused of mis-selling. The Poster took out a policy and it has not performed as he/she expected. 

It wont be a misselling complaint as that would require it to be unsuitable.   There is no question of suitability by the OP.  Just a clerical error.  However, the OP was aware of that clerical error 20 years ago.  So, a potential time bar could be applied to a complaint.

Its not a scenario that I have found any FOS decisions on.   The FOS filters are not exactly helpful for finding things.  I woudln't want to call the outcome either.   However, I suspect that a half way house may well be the end outcome.

XRS200

OP, presumably this had gone on for a while if they are at the stage of giving a £20k figure?

Have they admitted fault here?

What did the original paperwork say about inflation?  Should there have been annual letters with benefits and premium revision?

Did an adviser arrange this policy for you?

bolton72

Thanks very much to everyone that has offered advice. It is much appreciated.

I don’t have the original documentation from 20 years ago but they have emailed me saying it is a system error on their part.

I have raised this with the ombudsman online and I will call them today because it is becoming quite urgent for me.

Thanks again for your time and guidance.

dunstonh

I have raised this with the ombudsman online and I will call them today because it is becoming quite urgent for me.

The FOS cannot look at it until you have complained to the firm and had their response to your complaint (or 8 weeks timescale if they fail to deal with it within that time).  All the FOS will do is agree with everything you say (which is not particularly helpful as it can give false hope) and then forward their interpretation of your complaint to the insurer complaints department to deal with.    It is more sensible to make the complaint direct to the insurer as you avoid Chinese whispers slipping in.