Life Insurance Mis-sold

[robert_harper_2000]

Hi Guys,

 

Jan 2007 - Policy arranged in person at HSBC

(£270k 12 year policy covering HSBC commercial Mortgage)

Oct 2008 - Realised the policy didn't cover inheritance tax. I would need a policy 'written into trust'

HSBC confirmed this would not be possible.

Nov 2008 - New Policy with a new company.

HSBC confirmed it was mis-sold and upheld this compliant.

Ombussman confirmed these details.

 

HSBC offered to refund one premium.

Ombussman suggested three premium and £100.

 

The shortfall has the issue come to light would have been £108,000.

 

As everyone confirms it was mis-sold and I had to get a new policy. I wanted the full premium refunded. This wouldn't have covered me if I had needed it.

 

How do I word it for the online court thing?

[robert_harper_2000]

I've typed up a copy of what I think. But just need to write it in the wording for the country court.

January 2007

Had a meeting in HSBC with Mr W to discuss a policy to cover mortgage and sons loans in the event of my death; Mr W recommended a Mortgage protection policy for 12 years covering £270k.

 

November 2008

I found out that policies written into trust were inheritance tax exempt. I contacted Mr W three times to confirm if this was possible, each time he confirmed this was not possible with this policy.

 

November 2008

I arranged a alternative policy with another company that was written into trust.

 

January 2009

HSBC offered to put the policy into trust. It further confirmed that it upheld my complaint agreeing it was a mis-sold policy. It offered 1 premium as a settlement.

 

October 2009

FOS agreed the policy was not suitable. It suggested £100 for settlement.

 

Further notes:

HSBC confirm on the declaration that I had signed I had preceded with all of HSBCs recommendations. Mr W notes that I had insisted on full coverage in the event of death. He further notes that I am a 40% tax rate payer and that I have other policies written into trust. Mr W seems to be fully aware that this policy would have left a shortfall of £108,000. The policy was to cover my son’s loans of £157,300 & my mortgage of £112,700. For this policy to be suitable it would need to cover £450,000. The policy as agreed by HSBC & the FOS has been mis-sold. I therefore request the premiums paid to be refunded.

Edited April 20, 2013 by ims21