What you should know about paying your premiums, and meeting your loan and mortgages repayments whilst your complaint is under investigation by this office.

It is important to point out that in relation to complaints about a product* that is still active, the terms and conditions relative to that product will continue to be applicable while the complaint is being investigated by this office. For example, premiums will still need to be paid to maintain cover, loan repayments have to be met, fees & charges will still apply, even if they are central to the conduct complained of. The reason for this is when you open an bank account or incept an insurance policy you are entering into a legal contract with the provider of that product be it a bank or an insurance company and the terms and conditions attaching to the product remain in force. This also applies to all MARP (Mortgage Arrears Resolution Process) complaints.

This office is only in a position to make a direction, if it is considered appropriate to do so, once the investigation of a complaint is complete and a formal Finding has issued to the parties. There are three potential outcomes following an investigation by this office: the Complaint maybe upheld, party upheld or not upheld. If the complaint is upheld or partly upheld, a direction for redress or for payment of compensation may be made. If the complaint is not upheld, there will consequently be no direction given by this Office for redress or for payment of compensation.

Please note that if you wish to cancel an insurance policy, encash an investment or close your bank account, this is solely at your discretion and this office cannot offer you advice on the matter. Similarly, this office does not offer advice to a Provider in relation to its dealings with a Complainant, as we must remain impartial. It would be prudent to seek independent advice before terminating a financial product. In most instances this action would not affect our ability to investigate your complaint but the potential redress could be affected, if the financial product is no longer in being, and it would be prudent to inform this office, in the event of taking such an action.