Payment Protection Decision Reference 2022-0212

• Case Outcome: Rejected
• Reference: 2022-0212
• Date: 24 June 2022
• Year: 2022
• Subject Matter: Payment Protection
• Finantial Sector: Insurance
• Conducts Complained Of: Failure to provide correct information,Mis-selling

Decision Ref:

2022-0212

Sector:

Insurance

Product / Service:

Payment Protection

Conduct(s) complained of:

Failure to provide correct information

Mis-selling

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant is a limited company, referred to below as ‘the Complainant Company’,

which incepted an Executive Income Protection Plan with the Provider on 1 May 2010. The

Complainant Company was the Policyholder. The life insured, ‘Mr A.’, was a director and

shareholder of the Complainant Company. The Provider was the Insurer, responsible for

underwriting applications for cover and assessing claims. The policy is no longer in force.

This complaint concerns the advice that the Provider’s Financial Adviser gave to the

Complainant Company and Mr A. pertaining to the selling and establishment of the

Executive Income Protection Plan.

The Complainant Company’s Case

The Complainant Company, by way of Mr A., sets out its complaint in the Complaint Form

he completed, as follows:

“I purchased an income protection policy with [the Provider] on 16 April 2010. The

cover I was sold was €18,000 per annum payable after 8 weeks at a cost of €186 per

month. While having a financial review in December 2019, it was pointed out to me

by my current Financial Adviser that I would never be eligible to receive €18,000 as

my salary is €20,000 per annum and the most I could possibly receive was 75% of my

income less State benefits. I had been paying €186 per month for protection I could

never receive based on the advice of [the Provider’s Financial Adviser] and [the

Provider] …