Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
May I clarify if this was PPI or mortgage payment protection insurance please (MPPI) - i.e. in respect payment protection on the mortgage?
Was the advisor a regulated financial advisor?
When was the policy sold to you?
Hello yes it was a PPI attached to a new mortgage, I assume the financial advisor was a regulated one, she was attached to Reeds Rains Estate Agents who we bought and sold our homes with. Both the estate agent & the advisor were very pushy, the property we bought was in a sought after area in a strong market so 'to ensure we got the house' we were 'encouraged' to keep everything in-house. We bought in 1998.
My apologies for the delay in reverting to you. MPPI is not quite in the same category as PPI in terms of misselling simply because of the way it is offered. Mortgages normally include, as did yours, financial advice given their nature. Accordingly it is more difficult to claim misselling.
However this does not mean to say that you cannot challenge the policy if you did not need it or it was inappropriate and was sold to you based on some poor advice.
Your complaint in these circumstances would be against the financial advisor in question on the basis they were authorised. They are required to address your complaint that you consider you were inappropriately advised in respect of the policy. If you are not satisified with their response you can escalate your complaint to the Financial Ombudsman service who can independently review the same and order compensation to be paid to you by the advisor if they find in your favour.
Typically you may have have a complaint against the advisor if you were not aware you were buying the policy, were told that you had to buy a particular PPI policy from a specific provider, or if you did not need the policy and it was not a condition of your mortgage that you had it.
Have you any advice as to how I could start a claim against them as I know that we were lead to believe that the insurance was a compulsory part of the mortgage offer.
It may be that it was. Mortgage lenders are allowed to make PPI a condition of an offer. They cannot however insist that you use their PPI product.
You may wish to start may asking your lender for a copy of the conditions associated with your mortgage in particular whether a PPI policy was required as this would be helpful to decide how to frame your claim.
Once you have this information you can write to the advisor detailing the reasons you believe you should not have been sold the policy by the advisor and asking the advisor to justify the advice they gave. If PPI was a condition of your offer then you cannot complaint that you were made to buy it but you could potentially claim that you were not told about other perhaps cheaper policies. If it was not a condition then you could simply complain that you were advised to take the policy at all on the above grounds - e.g. that you didn't need it for example.
They have to formally respond to you and if you are not happy with their reply you can refer the matter free of charge to the Financial Ombudsman as above.
Is there anything else I can help you with?
Does the above answer all your questions or is there anything I can clarify or help with any further?
Thank you so much. Janet