Upheld: Investment mis-selling complaint against Countrywide Assured Plc
Financial Ombudsman decision DRN-6449661 of 2026-06-30T00:00:00+00:00. Investment mis-selling complaint against Countrywide Assured Plc. Outcome: Upheld.
Decision detail
| Reference | DRN-6449661 |
|---|---|
| Decision date | 2026-06-30T00:00:00+00:00 |
| Firm | Countrywide Assured Plc |
| Product | Life / income protection |
| Claim type | Investment mis-selling |
| Outcome | Upheld |
| Remedy | Countrywide must refund all premiums paid for both policies with simple interest calculated at 15% per annum from the date of each premium payment until 30 March 1993, then 8% per annum from 1 April 1993 until settlement, less the surrender value of £[amount] paid to Mr J in 2019. If tax is payable on interest, Countrywide must provide a tax deduction certificate. |
Summary
Mr J complained that Countrywide mis-sold him two unit-linked life protection plans (UCP in 1988 and PPP in 1989) that were unsuitable for his circumstances. At the time of sale, Mr J was single, aged 24, with no dependants, earning £12,000 per year, with only a stated intention to buy a property. Countrywide argued the policies were suitable because Mr J later married and would have needed protection, but the ombudsman rejected this hindsight reasoning. The ombudsman upheld the complaint, finding no clear need for life protection at the point of sale, and ordered Countrywide to refund all premiums with interest less the 2019 surrender value.
The Ombudsman's reasoning
The ombudsman rejected Countrywide's argument that the policies were suitable based on Mr J's future house purchase or subsequent marriage. The suitability assessment must be based on information known at the point of sale, not hindsight. At the time of sale, Mr J was single with no dependants and no one financially relying on him, creating no clear need for life protection. Subsequent life events cannot retrospectively justify unsuitable advice, and the fact that Mr J later benefited from the protection does not cure the initial mis-sale.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Countrywide Assured Plc, all decisions | 199 | 31% |
| Investment mis-selling, all decisions | 14,175 | 37% |
| Life / income protection, all decisions | 10,722 | 20% |
Source
Read the original decision on the Financial Ombudsman Service website