Flying Pay Insurance
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Flying Pay Insurance
Afternoon all. Back in the 90s, when I was young and naive, I paid for flying pay insurance. With the benefit of hindsight I can see that it was probably mis-sold and I would now like to try and claim it back under the PPI mis-selling regulations. Unfortunately I have no record of the payments or companies involved, which sounds like bad admin, but is more likely because I had a clear out of old household records a few years ago. Does anyone recall buying similar insurance, and if so from whom? I have a feeling that there were only a couple of companies that provided it. Many thanks.
Back in the day there were two types of insurance; one was a 'flying risks excess' which was applied to to life insurance policies - normally of the 'with profits' variety used for (but not exclusively) mortgage repayments - for military aircrew and lasted for the first seven years of the policy. This could be reclaimed at 80% of the cost (in arrears of course) after some complicated paperwork. The other was a straight flying pay/loss of licence insurance, but when reading the small print it only seemed to apply to civil licences and not military flying.
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Afternoon all. Back in the 90s, when I was young and naive, I paid for flying pay insurance. With the benefit of hindsight I can see that it was probably mis-sold and I would now like to try and claim it back under the PPI mis-selling regulations. Unfortunately I have no record of the payments or companies involved, which sounds like bad admin, but is more likely because I had a clear out of old household records a few years ago. Does anyone recall buying similar insurance, and if so from whom? I have a feeling that there were only a couple of companies that provided it. Many thanks.
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Op, I was previously qualified to sell life insurance (CeMAP - now retired) and I think you are wasting your time - here's a brief summary of why in layman language
The PPI scandal arose from a series of complaints upheld by the FCA (the voice of god in the finance industry) which effectively became a "blanket" ruling...ie a ruling which applies to all PPI complaints, thus evolving a PPI claim back industry. The term "PPI mis-selling" is real, not some tabloid fake news. PPI was usually oversold (because of huge commissions) without due attention to the small print, which rendered it unclaimable in many circumstances. Thus the FCA effectively ruled (more than once) that it has all been mis-sold.
To the best of my knowledge, none of this applies to Flying Pay insurance, which is/was a form of Income Protection Insurance, and therefore the PPI blanket outcomes are is irrelevant to this (and all other) other forms of life insurance (this is not to say that it is not possible that the claim back industry won't try to go down the same path with other financial products, otherwise they all shut up shop in a year or so!) so outwith PPI each product/sale would have to be contested on its own merits.
In all cases and for any regulated product there will be a clear "route" to complain down in your point of sale documentation (nowadays usually called the Statement of Demands and Needs). Your problem is threefold:
You don't have it.
In financial product terms it's insanely old.
financial regulatory regs have changed out of all recognition since the nineties
Tracing the players (who would be the selling agent, the insurance provider and possibly the compliance network) will be damn near impossible and in all likelihood, they will either:
disappeared
been bought over
(I've just traced an old pension from that era for someone and the provider has been bought over...twice.)
Even in the unlikely event, you track down the players you will personally have to prove mis-selling, ain't nobody doing this for you - it would be a ton of work with no real prospect of a return.
I'm going to go ahead and make a value judgment here...I'm rock-solid certain you have better and more profitable things to do with your time.
Edit...the only thing that would make me change my mind is if you could effortlessly determine the provider (as ALR is implying). Then it might be worth a letter at least.
The PPI scandal arose from a series of complaints upheld by the FCA (the voice of god in the finance industry) which effectively became a "blanket" ruling...ie a ruling which applies to all PPI complaints, thus evolving a PPI claim back industry. The term "PPI mis-selling" is real, not some tabloid fake news. PPI was usually oversold (because of huge commissions) without due attention to the small print, which rendered it unclaimable in many circumstances. Thus the FCA effectively ruled (more than once) that it has all been mis-sold.
To the best of my knowledge, none of this applies to Flying Pay insurance, which is/was a form of Income Protection Insurance, and therefore the PPI blanket outcomes are is irrelevant to this (and all other) other forms of life insurance (this is not to say that it is not possible that the claim back industry won't try to go down the same path with other financial products, otherwise they all shut up shop in a year or so!) so outwith PPI each product/sale would have to be contested on its own merits.
In all cases and for any regulated product there will be a clear "route" to complain down in your point of sale documentation (nowadays usually called the Statement of Demands and Needs). Your problem is threefold:
You don't have it.
In financial product terms it's insanely old.
financial regulatory regs have changed out of all recognition since the nineties
Tracing the players (who would be the selling agent, the insurance provider and possibly the compliance network) will be damn near impossible and in all likelihood, they will either:
disappeared
been bought over
(I've just traced an old pension from that era for someone and the provider has been bought over...twice.)
Even in the unlikely event, you track down the players you will personally have to prove mis-selling, ain't nobody doing this for you - it would be a ton of work with no real prospect of a return.
I'm going to go ahead and make a value judgment here...I'm rock-solid certain you have better and more profitable things to do with your time.
Edit...the only thing that would make me change my mind is if you could effortlessly determine the provider (as ALR is implying). Then it might be worth a letter at least.
Last edited by The Old Fat One; 13th Aug 2018 at 06:33.
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Thanks all, and particularly TOFO for providing such a detailed post. I understand that it is a long shot, but as mentioned it might be worth a punt given the current litigious climate around such policies. In my case they were sold by a financial services company that hung around The Wardroom and lured in 'green' newly qualified aircrew with lurid presentations about the dangers of losing flying pay. I recall having the policy for a couple of years maybe, before common sense got the better of me and I cancelled it. I'll keep digging for some more information and would appreciate any names if they come to hand. Thanks again.
