And in the event of a claim, the cover is only good for 12 months, so I am asking myself is it really worth it ?
"it should be marketed to those not worried"
The primary product distributed through intermediaries would be Cardif Pinnacle's one but it is the intermediaries who are marketing the product in a way that will bring disrepute to the industry. Google it, look at the adverts look at the web sites.
Northdrum you are correct about emphasizing the read the T&C bit (should we recommend they both read and understand the T&Cs) but here it appears we have a financially astute AAM reader who had such an opportunity and would have been aware of the restrictions but still bought.
Someone here once said they had clients who took out the policy knowing it was a pig in a poke but they were prepared to take a punt on it. If these same people also feel they have the safety net of the Ombudsman then they are not really taking a gamble as they probably feel an entitlement to compensation coming on.
The Ombudsman shouldn't be used in this way. The Financial Regulator should be ensuring these intermediaries are complying with their code of conduct and fairness in advertising is just one facet. The code is there to protect consumers be they financially astute or clueless.
We know things are wrong now so there is no need to wait until the industry can be labeled with yet another misselling scandal when appropriate action can be taken now.
"ALL intermediaries are selling it with devious intentions of simply making comission. "
Hand on heart, if there was correct supervision of intermediaries they wouldn't be able to sell it the way they are selling it. The consumer just cant rely on certain basic standards of good business conduct and integrity from some (I didn't say all) intermediaries.
"Theres alot of cynics (to put it mildly) on AAM!"
I'm not too cynical to appreciate the essential goodness of others but I'm glad to hear that you too have grown to distrust the product and no longer sell it.
"That said, is it right to just assume that Cardiff will not payout in the case of fair claims (were terms and conditions are met). "
No I didn't say that. What I said was the application of the conditions in today's economic climate makes claiming difficult. To be fair to the consumer I would prefer to see these policies underwritten at proposal stage rather than claim stage. Anyone say why that couldn't that be done?
P.S Navanman1 - I don't think you could have bought the product
No worries Northdrum
What are your views on " ..would prefer to see these policies underwritten at proposal stage rather than claim stage."
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