Not upheld: mis-selling — unsuitable protection advice complaint against Quilter Financial Limited

Decision detail

Summary

Mr F complained in September 2024 that a Quilter adviser provided unsuitable protection advice in 2014 by recommending a 15-year term assurance policy to replace his existing renewable policy. Mr F argued the term was unsuitable as he intended to retire in 7-10 years and that his business and pension would provide for his dependents. The ombudsman reviewed the point-of-sale documentation and found the recommendation was suitable because the 15-year term aligned with Mr F's stated retirement age of 75, the sum assured matched his existing cover which he was happy with, the guaranteed premiums addressed his concern about increasing renewal costs, and the trust arrangement met his objectives. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman reviewed the point-of-sale documentation and found that the adviser had adequately documented Mr F's requirements and circumstances. The 15-year term was suitable because it aligned with Mr F's stated retirement age of 75 and his expressed preference for a maximum 15-year term. The sum assured of £850,000 matched Mr F's existing cover, which he was happy with. The guaranteed premiums addressed his concern about increasing renewal costs. The trust arrangement met his objective of providing direct payment to beneficiaries outside his estate for tax purposes. Alternative options were considered and documented. The adviser provided appropriate risk warnings. The ombudsman found no evidence of mis-selling.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website