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  • FIRST POST
    • Sachasheba
    • By Sachasheba 6th Mar 19, 1:37 PM
    • 1Posts
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    Sachasheba
    settlement offer on miss sold life assurance
    • #1
    • 6th Mar 19, 1:37 PM
    settlement offer on miss sold life assurance 6th Mar 19 at 1:37 PM
    We had complaints in for two life assurance policies sold to us in 2001. Told by the complaints manager that if we were successful we'd be refunded all premiums + interest which would equal nearly £20,000.
    We've now been made a settlement offer of £3700 + interest. The company claims that if we'd had the correct advice from them and taken out the right policy this us how much we'd be out of pocket.
    Never claimed anything miss sold before and in all our researching cannot find this being the way settlement is calculated - it all seems to be around premiums refunded + interest.
    Anyone been in a similar position and what did you do?
    Last edited by Sachasheba; 06-03-2019 at 1:38 PM. Reason: spelling mistake
Page 1
    • zx81
    • By zx81 6th Mar 19, 1:40 PM
    • 22,541 Posts
    • 24,776 Thanks
    zx81
    • #2
    • 6th Mar 19, 1:40 PM
    • #2
    • 6th Mar 19, 1:40 PM
    Ask them for a breakdown of the calculations.

    It seems they have taken a correct approach to it if they believe there was a cheaper, alternative product.
    • Thrugelmir
    • By Thrugelmir 6th Mar 19, 6:41 PM
    • 63,535 Posts
    • 56,327 Thanks
    Thrugelmir
    • #3
    • 6th Mar 19, 6:41 PM
    • #3
    • 6th Mar 19, 6:41 PM
    You've had life assurance cover for the past 18 years. What more are you expecting to receive?
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
    • fwor
    • By fwor 7th Mar 19, 8:13 PM
    • 6,189 Posts
    • 4,240 Thanks
    fwor
    • #4
    • 7th Mar 19, 8:13 PM
    • #4
    • 7th Mar 19, 8:13 PM
    <please ignore - spam removal>
    • phillw
    • By phillw 14th Mar 19, 11:09 AM
    • 2,367 Posts
    • 1,900 Thanks
    phillw
    • #5
    • 14th Mar 19, 11:09 AM
    • #5
    • 14th Mar 19, 11:09 AM
    Never claimed anything miss sold before and in all our researching cannot find this being the way settlement is calculated - it all seems to be around premiums refunded + interest.
    Anyone been in a similar position and what did you do?
    Originally posted by Sachasheba
    It depends on individual circumstances, look at the section on compensation

    https://www.financial-ombudsman.org.uk/publications/technical_notes/whole-of-life.htm
    • Ben8282
    • By Ben8282 16th Mar 19, 8:28 PM
    • 3,123 Posts
    • 1,704 Thanks
    Ben8282
    • #6
    • 16th Mar 19, 8:28 PM
    • #6
    • 16th Mar 19, 8:28 PM
    This has nothing whatsoever to do with stoozing.
    In what way do you believe that these life insurance policies were mis-sold?
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