Do I have to pay £1000 to the IFA?


2 years ago an IFA signed me to a life insurance policy. This year I added my partner to the mortgage and together we took out a policy with the same provider – which the mortgage company set up. I didn’t clock that this was a new policy.

This week I have been contacted by the IFA chasing over £1000 in lost commission for the next 2 years that the policy was supposed to run. I’m possibly bang-to-rights, though it seems the most incredible scam for what must have been 1 hour’s work max over two years ago. I remember him saying it would need to run for a set time, though had not remembered that it was 4 years. It also didn’t occur to me that staying with the same provider but adding my partner would cancel my existing policy. I should have been more aware, but life has been insane the last year – and I dropped the ball.

Has anyone had anything similar happen? I’m not sure what to do.


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