Adviser complaint a reminder of importance of reviews

A complaint against an adviser who did not know a client had two life insurance policies is being called a good reminder of the importance of annual reviews.

Thursday, January 22nd 2026, 6:41PM

Dispute resolution provider Financial Services Complaints (FSCL) dealt with the complaint and recently published a case note.

It said the client arranged a life insurance policy through an adviser in 2010. But then in 2017, she took out another life policy through a bank, probably when she was refinancing her mortgage.

In 2023, her son became the contact person for her policies. He contacted the adviser who arranged the first policy about reducing the sum insured to make the premiums more affordable.

He said he also asked about the second policy and was told it was income protection cover.

But last year, he found out the policy was actually life cover and complained the adviser should not have let that happen.

The adviser said they were not aware of the second policy until the complaint was made. They also said the son did not mention the policy in 2023.

The man complained to FSCL that the adviser had not discussed insurance cover with his mother or him.

FSCL said it reviewed the adviser’s file and found no mention of the 2017 policy or any record that the adviser was ever told about it.

“The adviser’s file contained all the annual review invitations sent to [the woman and her son] from 2023 onwards. It is industry best practice for advisers to offer annual reviews, but it is the client’s choice whether to accept the invitations.

“We explained to [him] that we could not uphold his complaint because the adviser did not arrange the second policy or know anything about it. [He] was not happy with the outcome, but decided not to take the case any further.”

FSCL does not identify people who complain, nor the financial services providers they complain about.

Tim Fairbrother, of Rival Wealth, said some people thought it was not possible to have two insurance policies.

“You can for most types of cover. During a comprehensive review process, a robust financial adviser will ask about other polices that you may have, and this adviser has done a great job of recording information. But for this to happen clients need to engage in a review process.

“It highlights how important it is to complete annual reviews; even if it is a short phone call with your financial adviser.”

Tags: FSCL