They say insurance not regulated until Jan 05 - is this right?

Options
Rollercoaster
Rollercoaster Posts: 14 Forumite
in Reclaim PPI & other insurance
I have received a reply from Greenhill Finance who are the trading company of The Loan Company through which we took out a loan and ppi in 02. Their letter says that the sale of general insurance (including ppi) was not regulated by the Financial Services Authority until 14th January 2005. As our sale was in 02 that it falls within a non-regulated environment.

is this correct? Does this mean that we have to give up?

I'd really appreciate your advice.

Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    Options
    Rollercoaster wrote: »
    I have received a reply from Greenhill Finance who are the trading company of The Loan Company through which we took out a loan and ppi in 02. Their letter says that the sale of general insurance (including ppi) was not regulated by the Financial Services Authority until 14th January 2005. As our sale was in 02 that it falls within a non-regulated environment.

    is this correct? Does this mean that we have to give up?

    I'd really appreciate your advice.


    I there unfortunately this can be the case, I am in a position like that myself as well with one of mine, but please also check if Greenhill Finance were covered by GISC prior to when the FSA taken over in Jan 2005, if your unsure contact the FOS who will check this for you, as I am aware that not all companies confirm if they were under GISC or not, ask them then take it from there, post back and let us know and we can try to work something out:
    http://www.financial-ombudsman.org.uk/contact/index.html

    Good luck.
    The one and only "Dizzy Di" :D
  • Rollercoaster
    Rollercoaster Posts: 14 Forumite
    Options
    Thank you, I've just spoken to them and they've said that Greenhill were not covered by GISC and therefore they wouldn't take up the case. Is this give up time?
  • di3004
    di3004 Posts: 42,579 Forumite
    Options
    Rollercoaster wrote: »
    Thank you, I've just spoken to them and they've said that Greenhill were not covered by GISC and therefore they wouldn't take up the case. Is this give up time?

    I have just sent you a private message hunni.:D ;) X
    No not to give up yet.;)
    The one and only "Dizzy Di" :D
  • petermb_2
    petermb_2 Posts: 1,565 Forumite
    Options
    Rollercoaster wrote: »
    I have received a reply from Greenhill Finance who are the trading company of The Loan Company through which we took out a loan and ppi in 02. Their letter says that the sale of general insurance (including ppi) was not regulated by the Financial Services Authority until 14th January 2005. As our sale was in 02 that it falls within a non-regulated environment.

    is this correct? Does this mean that we have to give up?

    I'd really appreciate your advice.

    If you are attempting to claim for mis-selling only then there will be instances where this time bar will be used by the lenders. There are other issues to use that do not have such time bars. Therefore in theory any ppi policy can be used to make a successful claim providing you still have a copy of the agreement.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards