IFAs selling whole-of-life products are being told to make it clear to clients the policy will be reviewed in the future, as the Financial Ombudsman Service is upholding WOL complaints.
Details of the latest Ombudsman news reveals the FOS is seeing increasing numbers of complaints about the review of WOL policies because clients were not aware the benefits could be altered in the future. A series of examples offered by the FOS suggests some clients are not given an indication at the time of WOL purchase they may later either have to reduce benefits on the investment-led policies or increase contributions. The FOS says it is also going one step further to assess whether the risk associated with the fund in which assets are invested was suitable for the client. One ...
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