Friends Provident Capital Bond Plus Query

Sassyhen

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dunstonh

I think you need to clarify what type of product it is as it doesnt sound like a bond. It sounds more like a whole of life assurance with deferred payments of some sort.

It doesnt sound like an investment product but a life assurance with an investment element with future reviews but to be honest there is very little to go on here.

Sassyhen

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dunstonh

I do not believe that my Dad would have taken
out a life assurance policy - before he died he
contacted FP and they confirmed that it would
pay out 60k on the death of my Mum and no
mention was made of any more monies required
to be paid towards this Bond?

That does sound like a life assurance policy. A number of them can take single premiums to pay for a fixed amount of life assurance.

Or, it was a whole of life assurance on reviewable terms (say after year 10) where he paid a fixed amount first and if investments did well he wouldnt have to pay any more but if they didnt do as well he would.

What confuses me is that why did they wait
until 2006 to request £100 if this was the case?

Questions that are best put to the insurance company.

I am starting to think that possibly my parents
were miss sold this product.

There is no mis-sale. Its 1986 and pre-regulation so there were virtually no rules back then to say it was done incorrectly.

Who is the best person to speak to about this
as Mum is becoming most worried about it and
talking about cashing it in now - I did think
possibly Citizens advice - Mum does not have
a Financial Advisor as she handles all financial
aspects of her life herself - taught by Dad -
but sadly this one is a mystery.

CAB is no good to her. They do not the skills or knowledge to cover these sorts of things. They would almost certainly refer you to an IFA. That would be the logical option as an IFA shouldnt take to long to ascertain the policy info by looking at the details. They would also know what questions to ask the insurer.

Sassyhen

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purch

Is this the best plan of action or is it the only plan
of action?

You need to seek out proper advice before you take such a step..........the IFA's on this forum can give you valuable and helpful guidance, but without the full details of the policy, and the holders/beneficiaries it can only be guidance.

Sassyhen

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dunstonh

At the moment, it isnt possible to tell what type of policy it is and what does or doesnt apply. No decisions should be made on it until more about it is known. Get a local IFA to do a policy review on it.