Whose Responsibilty

bally35 · 17th May 2007, 13:13

I need to know when you are arranging say life assurance through an intermediary for a mortgage.
If they arrange new cover, is it their responsibilty to cancel the old policy as part of the mortgage process?

gizmo111 · 17th May 2007, 13:30

I wouldn't have thought so - I would guess that it would be yours.

dx100uk · 17th May 2007, 13:38

no, but you don't HAVE to take out new life insurance IF your existing policy suits you fine. dont be conned.

to answer your question though - you must do it, its in your name.

dx100uk

bally35 · 17th May 2007, 13:42

But surely as my intermediary they are under an obligation to inform me that the old policy no longer meets my needs or because I have taken out new policy I should be informed of the cancellation process.
Because they act as an agent or intermediary for me they have a duty of care.

Rob S · 18th May 2007, 10:43

Selling you a new policy means they get commission. Check to see if your current policy still meets your needs. It may be possible to extend the cover on the existing policy if the cover is no longer adequate. it is also possible that a new policy would be better for you, but you need to get all the facts before you make a decision.

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