Insurance 'cancellation' advice

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Comments

  • dunstonh
    dunstonh Posts: 116,297 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    mikey72 wrote: »
    The FSA will look at the company for reported breaches of the regualations, and if they have enough breaches reported the "copy on file" becomes suspect.

    It wont look at a complaint like that as a breach of regulations. The FSA only take an interest in major issues. Not individual consumer issues. When the FSA does it's visit to the firm, it then looks at individual consumer complaints to see if there is a trend or systematic failing.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    Combo Breaker First Post
    mikey72 wrote: »
    The FSA will look at the company for reported breaches of the regualations, and if they have enough breaches reported the "copy on file" becomes suspect.

    How do you know that?
  • mikey72
    mikey72 Posts: 14,680 Forumite
    magpiecottage wrote: »
    How do you know that?


    It's what they do.

    As google says

    "Regulator of all providers of financial services in the UK"
  • dunstonh
    dunstonh Posts: 116,297 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    It's what they do.

    Except it isnt what they do.
    "Regulator of all providers of financial services in the UK"

    Correct. However, they do not handle consumer complaints. They regulate the complaints process and the FOS are the body that handles consumer complaints if you dont agree with the outcome.

    The FSA look at complaints at a corporate level when it does an audit on the firm. It will look at allegations of fraud or other illegal activity. It wont be interested in a complaint that "I didnt get my post"
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mikey72
    mikey72 Posts: 14,680 Forumite
    dunstonh wrote: »
    Except it isnt what they do.



    Correct. However, they do not handle consumer complaints. They regulate the complaints process and the FOS are the body that handles consumer complaints if you dont agree with the outcome.

    The FSA look at complaints at a corporate level when it does an audit on the firm. It will look at allegations of fraud or other illegal activity. It wont be interested in a complaint that "I didnt get my post"



    It's not a consumer complaint.
    If it's systemic, it's a corporate problem.
    So I could live with the price of a stamp.
  • dunstonh
    dunstonh Posts: 116,297 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    It's not a consumer complaint.

    It is a consumer complaint. They are complaining they didnt get their post.
    If it's systemic, it's a corporate problem.

    And if that is the case the FSA will spot it when they review the consumer complaints at that firm.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mikey72
    mikey72 Posts: 14,680 Forumite
    dunstonh wrote: »
    It is a consumer complaint. They are complaining they didnt get their post.



    And if that is the case the FSA will spot it when they review the consumer complaints at that firm.


    So we agree it is something they'll look at then, and it won't hurt to bring attention to it beforehand.
  • dunstonh
    dunstonh Posts: 116,297 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    mikey72 wrote: »
    So we agree it is something they'll look at then, and it won't hurt to bring attention to it beforehand.

    It isnt a case of wont hurt. More a case it wont make any difference at all. Someone at the FSA opens the post and sees a consumer complaint about a firm. So, it forwards it to the firm asking them to deal with it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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