At 9.24 this morning (Thursday 4th June 2015) I received a call on my mobile from 0843 724 3147. Not knowing the number I answered anyway and was played a recorded message that said something along the lines of: “We are calling about your life insurance policy. We are obliged to point out to you that following changes in legislation we may be able to reduce your life insurance premiums. If you would like to speak to one of our advisers about reducing the cost of your life insurance premiums press 5”.
Now, having been involved in the life insurance industry for nearly 30 years I thought I knew about most of the new legislation about life insurance and wasn’t aware we’d had anything that made the statement above true (or compliant with FCA regulations- something all financial services firms need to abide by)!
I pressed 5 but was immediately cut off, so I rang the 0843 724 3147 number back which was answered by a computer that belonged to “The Review Experts” and was offering to get me compensation for a delayed flight..
All in all, what a complete waste of time, but more importantly this could damage the reputation of the financial services and life insurance industry.
So whilst the industry sets up working parties to work out how to better protect families such the Seven Families initiative, behind our backs, someone, somewhere is signing off this type of behavior and some life insurance company somewhere is willing to accept the new business it generates.
Unfortunately, I can’t solve this problem (if I could I would as it’s a disgrace), I can only point it out. Over to you the FCA and life company executives, can you stop this?
Michael Ward is the Founder of PayingTooMuch.com (and previously Direct Life & Pension Services).