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Chasers ignore the answers

Professional indemnity cover is now the highest overhead we face and anyone who has asked for a quote for run-off cover will know it is just not affordable into retirement.

This is clearly a major problem which is compounded by two issues referred to by recent correspondents.

Yet again, we will have to contribute to pay for compensation claims for a medium-sized limited company IFA which has chosen to go into liquidation to avoid its liabilities. The FSA must be pressed into taking action to protect the rest of the industry and the clients against what is often a gross abuse.

The other issue is of spurious complaints encouraged by complaint handlers, as referred to by Gareth Fatchett (Money Marketing, January 6).

In November, my wife and myself each completed an online five-minute question-naire from one such organi-sation.We answered all the questions in a way which would lead anyone to conclude we had not been missold an endow-ment. We even answered “yes” to a question which asked if we had been informed at point of sale that the policy might not pay off the target sum.

Unsurprisingly, the result screen said: “From the answers you gave, we believe you may have been missold an endowment policy.” This was followed by four emails over the next few weeks offering further encouragement to register a complaint through the agency.

I referred the results to the FSA, who said this was nothing to do with them as it is an issue for the Office of Fair Trading. The OFT replied they were not intending to look at these businesses.

Christopher SheldrakePrincipal,The Insurance and Investment Service,Ferndown, Dorset


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