Barclays Family Income Protection Plan

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
5 replies 1.7K views
DJT1953DJT1953 Forumite
7 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
From 1993 to 2007 I paid into a Barclays Family Income Protection Plan. This matured in 2007 and I received a small amount of cash back as Maturity Value.
In 2013 Thisismoney ran an article stating that these policies were being dropped as they had been deemed by the Competition Commission as another form of PPI.
(sorry system won't allow me to post a URL here)
Is it likely that I could get my premiums returned (less the MV) if I claimed under PPI mis-selling?

Replies

  • dunstonhdunstonh Forumite
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    In 2013 Thisismoney ran an article stating that these policies were being dropped as they had been deemed by the Competition Commission as another form of PPI.

    Have you got a link to that article because that seems completely wrong. PPI is a specific type of policy. Family Income Benefit is life assurance.

    Do not mistake short term income protection plans as being the same as long term life assurance plans.

    The competition commissions has made no such comment about family income benefit plans and they are retailed as per normal.
    Is it likely that I could get my premiums returned (less the MV) if I claimed under PPI mis-selling?

    No. its not PPI. You have given no indication of wrongdoing and taking out life assurance is quite normal
    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.
  • This forum won't allow me to post a link. If you enter "barclays family income protection plan" into Google one of the first links that comes up is to the Thisismoney article "Short-term income protection cover axed by banks as they fear flood of payouts" dated 9th January 2013.

    The policy was not a life assurance, but income protection, with a very small maturity value.
  • NasqueronNasqueron Forumite
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    The link is here

    http://www.thisismoney.co.uk/money/bills/article-2259264/Short-term-income-protection-cover-axed-banks-fear-payouts-worth-thousands-pounds.html

    It is similar to PPI but actually covers your salary not your debts, a sort of cut price income protection (only pay 60% of salary for 12 months). The Competition Commission has said it was sort of like PPI but no miss selling has been identified.

    You cannot claim back these premiums under the PPI scheme as there has not been any sort of ruling saying they have done wrong and I'd hazard a guess that it was a properly advised sale so set up correctly as a monthly payment. Moreover, you would need to show why you believed it was miss-sold - it sounds like you knew about it, were willing to pay for it and didn't complain at the time so they could timebar your complaint as it was ended in 2007 and the 3/6 year timebar rules would both apply. The fact you had a payout at the end counts against you and the fact you didn't need to use it isn't a miss-sale reason.
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  • dunstonhdunstonh Forumite
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    DJT1953 wrote: »
    This forum won't allow me to post a link. If you enter "barclays family income protection plan" into Google one of the first links that comes up is to the Thisismoney article "Short-term income protection cover axed by banks as they fear flood of payouts" dated 9th January 2013.

    The policy was not a life assurance, but income protection, with a very small maturity value.

    Whether it was family income benefit (life assurance) or income protection (PHI) it doesn't really matter. Short term income protection is still available today and retailed by many companies. It has not been banned by anyone.
    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.
  • Thanks for the replies. I guessed as much, but it was worth getting an opinion (or two). "If you don't ask, you don't get" :)
    I'm not usually one for jumping on bandwagons, and the money isn't a life-changing amount, so no sleep lost.
    Cheers.
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