I have been with the same IFA for some years now and have built up a bit of a relationship with him, so that I do feel quite comfortable with him dealing with all my matters in a satisfactory manner.
About a year back, I was advised by him to ditch my current Life Assurance/Critical Illness policy in favour of another. Fine, I thought, and let him deal with all the paperwork as usual.
Anyway due to this "trust" I have with him and with it being a manic year, I did not carefully check my financial records until last week. In doing so I find that he did set up the new policy but did not cancel the old. So in effect I have been paying twice for the same cover over the past year.
I phoned him today, a little confused, and explained the situation. (Not confrontational or accusingly, just wanted to know what had happened.) He commented that he wouldn't cancel a policy until the other had been set up. Fair enough, I thought, but waiting a whole year to do it is a little bit excessive?!
Now, who should have had the responsibility of cancelling this policy? Him or me? Do I have recourse over having paid out for a whole year of a policy I don't need? What can I do, as I do feel I have just wasted about 800 pounds!
I would be very grateful for any feedback.