Reclaiming mis sold MPPI

Just after a bit of advice / help here please. We bought a new build 13 years ago and were told at the time it was compulsory to have mortgage protection cover by a Financial Advisor at the time of signing for the property from the builder. We had arranged the mortgage ourselves, the financial advisor was present at the show home when we completed the paperwork on the property. We have paid over £2000 to Friends Life and as this cover was not compulsory as we had been told I feel it has been mis sold. I get adequate cover from my employer so it is not required. Do I claim via the managing agent as Friends Life said I had to go through the agent or if not via the Financial Ombudsman. Is there a template letter somewhere that I could use please ? Any help is appreciated. Thanks in advance.

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  • dunstonhdunstonh Forumite
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    Reclaiming mis sold MPPI

    Are you sure its MPPI and not life assurance?
    We have paid over £2000 to Friends Life and as this cover was not compulsory as we had been told I feel it has been mis sold

    What evidence do you have to support your allegation?
    get adequate cover from my employer so it is not required.

    Irrelevant. Whilst that reason works on loan and credit card PPI, it is less effective on mortgage PPI. Indeed, the FOS have been rejecting complaints with people with 6 months full pay, 6 months half pay with MPPI.
    Do I claim via the managing agent as Friends Life said I had to go through the agent or if not via the Financial Ombudsman.

    Your sale was pre-regulation. You can still complain to the seller but they can usually reject this as being an unregulated sale. You wont have access to the ombudsman unless the seller was an agent/employee of friends life.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • magpiecottagemagpiecottage
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    The fact that Friends Life say you must go through the agent indicates that it does not have reponsibility for the sale, so the adviser seems to have been independent.

    Sometimes FOS will claim liability if the insurance sale was associated with a mortgage sale if the intermediary subscribed to the mortgage code. However, you arranged your own mortgage - so that route seemsnot to be open to you.
  • roonaldoroonaldo Forumite
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    It doesnt sound like PPI as Friends Life dont offer PPI. They would also not be the seller of the product.
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