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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I have been paying in a monthly amount to Prudential, assuming

Resolved Question:

I have been paying in a monthly amount to Prudential, assuming at the year 25 my Policy would become "Paid UP" and continue free of any payments , this was to cover my wife's life, then out of the blue I was advised that the policy would cease on the 1st June and all payments would be forfeit.
Can this be done and is it legal as I was advised by the Agent this would be for life, I have tried to contact Prudential by phone,letter and e-mail but cannot get a reply.
How do I now proceed.
Any advice would be greatly appreciated
Regards
Iain Wright
Submitted: 1 year ago.
Category: Law
Expert:  Joshua replied 1 year ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

For the avoidance of doubt, is this a life insurance policy please or is it an annuity?
Was it taken out 25 years ago on advice from a financial advisor?
If so do you have evidence of the advisors advice to you by any remote chance?
Customer: replied 1 year ago.

The policy is a Life Insurance and was taken out on the advice of an Agent whose first name was Graham his surname I cannot remember.

My wife and eldest daughter were also sould a policy that proved to be not as advised and they both lost money -again the Agent was Graham an employee of Prudential and he live in Wareham Dorset

Expert:  Joshua replied 1 year ago.
Thank you. How long ago was the advice obtained roughly? Are we talking about 25 years ago?
Customer: replied 1 year ago.

yes around 25 years ago

Expert:  Joshua replied 1 year ago.
Thank you. Life insurance policies typically work in the way Prudential advises with cover only being offered up to a certain age and then the policy falls away. It is posible to obtain further life insurance though the premiums become increasingly prohibitively expensive the older one gets. I cannot find any fault with regards ***** ***** advice Prudential have given you in relation to the policy itself but based on what you say you would appear to have a legitimate complaint against the agent that advised you in relation to the policy whose advice appears to have been potentially negligent.Accordingly you may wish to consider a complaint to Prudential on this basis. I can see two potential difficulties with regards ***** ***** complaint you make however. The first may be the lack of evidence in respect of the advice you were given 25 years ago. Unless you are significantly more organised than I would be, I anticipate you would no longer have any documentary evidence of the advice you were given this far on. If you have this is not an issue but in the absence of evidence of the advice you received Prudential could deny you were given the advice you claim by their agent. The second is the Latent Damages Act which provides for a limitation period of 15 years from the date the negligence occured. Being 25 years ago, I would be concerned that you may be out of time to claim.However the complaint can be referred to the Financial Ombudsman Service free of charge if you are not satisifed with Prudentials response which I would anticipate would be the case. The Financial Ombudsman determines complains on the overriding principle of fairness though it cannot trample over the law. However the process is free of charge and so long as you go into it with expectations appropriately set in view of the above, there is little to lose other than a little time in making the referral.If you decide to do this, you can having received a final response from Prudential refer your complain to the FO using the following link. Any determination they make is binding on Prudential though it is not on you:http://www.financial-ombudsman.org.uk/consumer/complaints.htmI hope the above is of assistance though I am sorry it does not give any absolutely solid ground for you to guarantee compensation. If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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