Payment Protection Decision Reference 2022-0373

• Case Outcome: Rejected
• Subject Matter: Payment Protection
• Reference: 2022-0373
• Date: 29 November 2022
• Finantial Sector: Insurance
• Conducts Complained Of: Lapse/cancellation of policy,Disagreement regarding Settlement amount offered, Failure to provide product/service information

Decision Ref:

2022-0373

Sector:

Insurance

Product / Service:

Payment Protection

Conduct(s) complained of:

Lapse/cancellation of policy

Failure to provide product/service information

Disagreement regarding Settlement amount offered

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint concerns an income payment protection policy and the Provider’s decision

to cease payment under a benefits limitation clause.

The Complainant’s Case

The Complainant states that due to long term illness he was in receipt of income protection

payments from 2013 under the employer’s income protection scheme through a policy held

with the Provider.

The Complainant states that these payments ceased from 1 September 2019; and that the

reason given was his receipt of €95,579.24 (ninety-five thousand, five hundred and seventy-

nine Euro and twenty-four Cent) for future loss of earnings in a settlement awarded in 2017.

The Complainant states that the settlement did not factor in the income protection

payments ceasing and that the amount received in settlement was “far less than …the actual

losses” he will accrue until his retirement date. The Complainant refers to the Actuarial

Report prepared during his third-party claim: