Claims For Mis-Selling Of Financial Products.

[johnny37]

Has the door now closed on these? A friend of mine took an annuity about ten years ago. He was not advised that he could have searched the market and accepted one from his pension provider much lower than he could have got had he tried.

Thanks

[ubasses]

As far as I am aware you can only claim at the moment if he was mis-sold on health grounds. ie: they did not ask about his health and lifestyle and did not give an enhanced pension for any medical condition. There is an ongoing wider enquiry into Annuities but I have not seen the outcomes anywhere and a quick google does not bring anything further results.
May have to sit tight a bit longer and keep an eye on the financial sections of the newspapers.

[fiction-factory]

Did he take independent financial advice on this at the time? Was it for AVCs or some other private pension?

[fiction-factory]

My recollection is that a process was put in place for annuity mis-selling cases but it was for policies sold since 2008. I'm not sure it covered policies sold 10 years ago

[fiction-factory]

On reflection I think the claims process I referred to was for cases involving impaired life where better terms were available from the same provider. I'm not sure there was a requirement to have an open market option at the time your friend took his. If the amounts are large it may be worth seeing an IFA now

[fiction-factory]

^ to check whether he has grounds for any sort of mis-selling claim