Fee fracas
Should Dipak have to pay the mortgage broker’s fee, when he didn’t draw down the loan?
Topic: Financial advisers and brokers
Mortgage broker – clawback commission confusion
A mortgage broker tried to recover commission clawed back by the bank after a loan is repaid early
You’re my adviser! You should be advising
Christine asked an insurance adviser to place cover to protect her family in the event she got sick. When Christine’s subsequent sickness was not covered by insurance, Christine complained to FSCL.
I won’t be rolled over!
Callum thinks his insurance cover is rolled over from his employer’s insurance scheme into his own name. When the cover is not rolled over, FSCL investigates whether Callum’s broker is at fault.
‘Professional indemnity pulled’
Dylan’s insurer decided it would no longer provide him with professional indemnity insurance after he had made 16 notifications over the last 9 years. Dylan felt that his insurance broker should have done more for him to retain his insurance with his previous insurer. Can Dylan’s insurer decide not to offer terms at renewal?
“Shouldn’t advisers advise?”
Terry and Paul had been clients of an insurance adviser company for 10 years. An adviser from the company contacted them recommending to switch to policies with cheaper premiums and increased cover. Terry and Paul agreed to the move. Two years later they found they were paying premiums for both policies. They wanted to be reimbursed because they believed their adviser should have reminded them to cancel the outgoing policy.
Insurance cancelled for failing to disclose a heart attack
Non-disclosure of a medical condition leads to cancellation of the policy, but what about the premiums paid for cover that never existed?
“I didn’t pay for my insurance but I need to make a claim”
Ken had home and contents insurance placed through a broker. Months later, the broker sent Ken a notice saying the policy had been cancelled for non-payment of insurance. Ken was then burgled. He believed the insurer had failed to give him reasonable notice that his policy had lapsed, and the broker had not given him good enough service. Was Ken correct?
“What if I’m breaking the rules when I crash, but breaking those rules doesn’t cause the crash?”
Hameed was out of Auckland for a weekend when he crashed in heavy rain, writing off his car. Because he was driving on an Indian driver’s licence, Hameed was required to have a ‘supervisor’ in the vehicle with him and didn’t. The insurer declined Hameed’s claim because it believed a supervisor could have prevented his accident. Hameed disagreed. Did he have coverage for the car?
On shaky ground
Chris’s insurance broker forgot to send him a copy of the policy, so he didn’t find out about the high excess until it was too late – but could Chris have done any better with another insurer?
