Mr A contacted It IS Your Money back in August 2021 initially about a poorly sold savings plan he may have been mis sold. We started by gaining the details needed and sent the provider a policy information request to get all the clients policy information.
It was only after the information request came back, we saw they had found the savings plan and also a Free Standing Additional Voluntary Contribution (FSAVC) Plan on the point-of-sale documents.
A phone call was made to Mr A to inform him what we had found. We discussed the issues we normally see with FSAVCs and advised that sometimes the compensation can be quite significant. Mr A was happy for us to go ahead and make a complaint about the FSAVC plan.
Having talked in depth with the client we were able build a strong letter of complaint to send off to Abbey Life.
Correspondence from Abbey came asking us to fill out a detailed questionnaire with the client. Part of the service here at It IS Your Money is that we will fill out these questionnaires with you to ensure the information in accurate.
A detailed conversation with Mr A in regard to his financial and personal circumstances at the time of the sale of the FSAVC plan this was sent to the provider.
Following receipt of the questionnaire requested, Abbey Life came back to us requesting some further documents from the Teachers’ Pension Scheme so that they could assess the complaint and make the correct calculations.
After getting the information needed and sending to Abbey Life, they were then able investigate fully. These types of complaints can take many months but eventually Abbey Life upheld the complaint and made an offer of compensation of £26,953.22.
Mr A was very happy with this offer, after all, he wouldn’t have complained about his FSAVC plan if we hadn’t found it in the policy information for his savings plan that also resulted in a successful claim.