The Financial Services Ombudsman has announced an increase in the number of people who are complaining that they were not told about the premium reviews at anniversary date for many whole of life policies. This follows a spate of increases in premiums due to the poor underlying performance of investments.
Our view
Most flexible whole of life plans have automatic policy reviews built into them. This means that in times of poor investment returns the premiums may increase. This was no doubt in the brochure details and yet again some unscrupulous financial advisers who mis-sell and of course some unscruplous members of the public who have conveniently forgotton about what they were told at the time and complaints go up.
The complaints culture in the UK stinks.