In most cases you can exercise a right to cancel a contract regulated by the Financial Conduct Authority.
In general terms you will normally have a 30-day cancellation period for life insurance, pure protection, payment protection or pension policies and a 14-day cancellation period for other contracts.
The start of the cancellation period will normally begin, for pure protection policies, when you are informed that the contract has been concluded or, if later, when you have received the contractual terms and conditions. In other cases, the cancellation period will begin on the day the contract is concluded or, if later, the day on which you receive the contractual terms and conditions.
Instructions for exercising the right to cancel, if applicable, will be contained in the product disclosure information issued to you.
If you cancel a single premium contract, you may have to pay for any loss reasonably incurred in cancelling it caused by market movements. So, in some circumstances, you might not get back the full amount invested.
