Transfer Of A Life Policy To Another Company/Administrator

[trajan]

Can a life insurance policy be transferred to the ownership or at least management of another insurance entity ?
I ask as some of the DD demands have been most untimely and seem more calculated to generate default fee income for themselves and the bank.
The FSPO has limited powers here despite sympathetic officials.

I think a more Saigon-style commercial justice should be applied to financial entities carrying on like this.
But what is actually possible under existing processes ?

 

[Steven Barrett]

No, you can't

 

[Ravima]

You can assign the benefit of the policy for a loan.

If you're not happy with your current life assurer, then take out another policy elsewhere. However, make sure the new policy is in force before you cancel the old one.

 

[Gordon Gekko]

Is DD direct debit or due diligence?

Either way, what did they do?

 

[Dave Vanian]

Can a life insurance policy be transferred to the ownership or at least management of another insurance entity ?
I ask as some of the DD demands have been most untimely and seem more calculated to generate default fee income for themselves and the bank.
The FSPO has limited powers here despite sympathetic officials.

I think a more Saigon-style commercial justice should be applied to financial entities carrying on like this.
But what is actually possible under existing processes ?

Can you explain what actually happened? I can read from your post that you're unhappy about something but it's really not clear to me what happened.

 

[trajan]

It's been sorted out now - the matter was corrected and I expect to get charge compensation soon.
But the process of getting action required me to use who-I-know to overcome a reluctance to deal efficiently with the matter.
(I hate resorting to feudal pull but some people will not be bound by the spirit of their customers' charter and try to "outbrake" time-pressed complainants.)
The whole thing caused me to wonder just how consumers might be better served if a badly administered policy were transferred to another insurer. This would be rather like misconducting banks having part of their banking licence (and affected customers) transferred to another bank.