Mis-Sold Mortgage Protection

Loaded premiums are hidden charges added to your monthly mortgage protection policy cost, usually to pay commission to the adviser or broker. These extra costs increase what you pay without improving your insurance cover.

Yes. You may still be entitled to compensation for the time you paid into the policy, especially if it was unsuitable, too expensive, or sold under pressure.

To start your claim, we’ll need the following information:

• Up-to-date ID.
• Up-to-date proof of address.
• Details of who sold you the policy/policies.
• Reference numbers for the insurance products involved.
• If you still have your policy documents, that’s helpful, but not essential. We can often gather the necessary evidence from your insurance provider.

The circumstances of each case are different, but our mis-sold insurance claims process is as follows:

Step 1 – You will provide us with the necessary details we need to determine whether you have a valid complaint for the insurance mis-selling by whoever advised on or sold you the policy, be that the insurers themselves, a financial adviser, mortgage broker etc. If having reviewed that information, we are happy to go ahead and investigate your case, we will securely send you our online agreement via e-sign for you to review and return.

Step 2 – Based on the information provided and using our technical knowledge and expertise of mortgage protection insurance mis-selling cases, our team will draft the complaint and send to whoever sold/advised you about the policy/policies. We will decide whether it is necessary to obtain your file or other details and, if so, we will send a data subject access request on your behalf.

Step 3 – Once we receive a response from whoever advised on or sold you the policy, we will explore the options available to you, including whether any offer made is reasonable and should be accepted. If in our opinion, we don’t think that you should accept the offer, we will give our reasons why. If appropriate, we will then prepare your case for submission to the Financial Ombudsman Service (FOS), an independent government-backed body that resolves disputes between FCA-regulated financial businesses and their customers.

We’ll manage the FOS complaints process and support you throughout, making sure all the correct arguments are raised and supported by the right evidence, giving you the best chances of success.

The value of your claim will depend on a wide range of factors, including what insurance products you have been sold, the age of the policy, the wording of the policy, your individual circumstances (eg health, family members, age), premiums paid, etc.

Compensation is calculated based on what you overpaid, particularly due to loaded premiums. If successful, you may also receive statutory interest to cover the time your money was unfairly taken.

Each case is unique, and our specialist team will ensure that we aim to recover what you are rightfully owed.

We work on a ‘no win, no fee’ basis, so there’s nothing to pay upfront. If your claim is successful, our fee will be deducted from your compensation. All costs are agreed in advance and are fully transparent.

Our costs are governed by the Solicitors Regulation Authority. More details of which can be provided to you before you decide if you wish to proceed with a claim.

Timeframes vary from case to case. Insurers, advisers and brokers usually have 8 weeks to respond to the initial complaint. If the case goes to the Financial Ombudsman Service, it may take several more months depending on the complexity of the issues, how co-operative those involved are and the amount of evidence involved.

If the firm that recommended or sold you the policy has closed down, you may still be eligible to make a claim through the Financial Services Compensation Scheme (FSCS), a government backed lifeboat scheme set up to compensate victims of failed FCA regulated financial businesses.