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  • FIRST POST
    • emzuk69
    • By emzuk69 15th Apr 19, 5:30 PM
    • 4Posts
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    emzuk69
    Over 50s plan. Can you complain and reclaim money
    • #1
    • 15th Apr 19, 5:30 PM
    Over 50s plan. Can you complain and reclaim money 15th Apr 19 at 5:30 PM
    My parents took out an over 50s plan thinking they were investing and were not aware that there was a cap on the pay out. Can I complain and get their money back
Page 1
    • Thrugelmir
    • By Thrugelmir 15th Apr 19, 5:36 PM
    • 62,877 Posts
    • 55,845 Thanks
    Thrugelmir
    • #2
    • 15th Apr 19, 5:36 PM
    • #2
    • 15th Apr 19, 5:36 PM
    Is the policy documentation in anyway misleading? "Thinking" with hindsight isn't justification in itself.
    "The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge." - Howard Marks
    • newatc
    • By newatc 15th Apr 19, 5:48 PM
    • 387 Posts
    • 467 Thanks
    newatc
    • #3
    • 15th Apr 19, 5:48 PM
    • #3
    • 15th Apr 19, 5:48 PM
    Sadly not. I think some of them border on scam territory but they are smart enough to stay on the right side of law if not morality.

    I'm not being entirely objective as my mum had 2 such policies (same company) thinking she was doing the right thing but they paid out less than she had put in (over many years). On the good side some offer (or did) a Parker pen just for enquiring<s>.
    Last edited by newatc; 15-04-2019 at 7:04 PM.
    • dunstonh
    • By dunstonh 15th Apr 19, 6:52 PM
    • 98,002 Posts
    • 66,164 Thanks
    dunstonh
    • #4
    • 15th Apr 19, 6:52 PM
    • #4
    • 15th Apr 19, 6:52 PM
    My parents took out an over 50’s plan thinking they were investing and were not aware that there was a cap on the pay out.
    Did they buy it under advice or via an advert or direct?

    The vast majority of these are non-advised. So, there is no-one to complain to you.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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