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Government wheeze made me treat my client unfairly

From Andrew Brownlie

I write to you having treated a customer unfairly as I see it – and this was down to the people who tell us we shouldn’t do that.

I wrote two pension term assurance policies for a client to protect her mortgages and asked that the plans be put in place by December 14 as she would be travelling to South America until January. I wanted to ensure her cover was issued before she went.

On the day the policies were due to be issued, the government decided it was giving away far too much money and was no longer going to pay tax relief on this type of plan. No warning, no period of grace.

I am informed that I now have to re-write these policies as term assurance and resubmit them for underwriting.

I have to say that Scottish Equitable has been good and asked for a signed declaration. It will also transfer all the underwriting from the original cases to the new ones as well as the direct debit details.

Once again the thoughtful and considerate politicians who ruin, sorry run, our country contradict the rules we are supposed to follow.

My client found herself forced into a situation that meant she might have had to travel without cover, not to mention the fact that her premiums are now higher than those originally quoted. And again it is the adviser who is left looking unprofessional.

Treating customers fairly? How about treating brokers fairly? The government needs to look a bit closer to home.

Andrew Brownlie
Financial adviser
Mortgages and Loans Saving Centre


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