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  • FIRST POST
    • Glynneth67
    • By Glynneth67 7th Sep 17, 5:16 PM
    • 2Posts
    • 0Thanks
    Glynneth67
    PPI claim in process?
    • #1
    • 7th Sep 17, 5:16 PM
    PPI claim in process? 7th Sep 17 at 5:16 PM
    Hello.

    My bank (Halifax) sent me a letter some time ago, pointing out that I took out PPI on some loans of theirs and have said that in light of the FCA's general concern about the sales of PPI, they have conducted a review of their sales processes.

    I didn't respond to this for some time due to being so busy, but now I have some time I decided to contact them to follow through with the claims process because I have some genuine concerns about the way I was sold the PPI.

    They have now sent me a letter confirming the first stage of the potential claims process, with information of the process itself and the next four stages of this. They have stated that they will do an information search, followed by a phone contact to discuss the PPI sale and then will arrive at a final decision once they have processed all the information.

    I was wondering if the final decision actually rests with them anyway? My concern is that they may simply kick the claim around within their organisation and then just tell me that I don't have a legit claim. Could this be the case, or does the claim have to be passed to the FCA for final analysis?

Page 1
    • zx81
    • By zx81 7th Sep 17, 6:01 PM
    • 13,199 Posts
    • 13,511 Thanks
    zx81
    • #2
    • 7th Sep 17, 6:01 PM
    • #2
    • 7th Sep 17, 6:01 PM
    Could this be the case
    Originally posted by Glynneth67
    No. .
    • dunstonh
    • By dunstonh 7th Sep 17, 6:18 PM
    • 89,521 Posts
    • 54,969 Thanks
    dunstonh
    • #3
    • 7th Sep 17, 6:18 PM
    • #3
    • 7th Sep 17, 6:18 PM
    was wondering if the final decision actually rests with them anyway?
    Yes it does.

    My concern is that they may simply kick the claim around within their organisation and then just tell me that I don't have a legit claim.
    Your concern is unfounded.

    Could this be the case, or does the claim have to be passed to the FCA for final analysis?
    The FCA are not involved in a case by case basis. If it is a section 166(a) review, then Halifax themselves will not be carrying out the review. An independent third party will be doing it for them. The FCA involvement beyond that will be a statistical report made to them of the progress and outcomes.

    If it was just a CCL that you were sent then this is not because the FCA have told them to do it. The FCA set the template for CCLs and if companies used them, they had to give examples of the FCAs concerns which were of a generic nature. These have no reporting to the FCA and the FCA may not even be aware that the bank is doing it (until they have a visit that reviews compliance and complaint handling and only if the FCA have an issue there will they look deeper). These are just an invitation to complain as you may be in a statistical pot that may have had a higher chance of being mis-sold than other people.

    There was an article in the media about 6-12 months ago about a firm that issued a load of invitation to complain letters. Over 500 people requested a review of their case and the outcome was just 1 person out of those 500 odd getting redress. All of those were handled by an independent third party. So, you cannot look at these invitation to complain letters with any idea of whether there really is an issue with your case or not.
    Last edited by dunstonh; 07-09-2017 at 6:35 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • zx81
    • By zx81 7th Sep 17, 6:20 PM
    • 13,199 Posts
    • 13,511 Thanks
    zx81
    • #4
    • 7th Sep 17, 6:20 PM
    • #4
    • 7th Sep 17, 6:20 PM
    <detailed answer, facts, regulatory knowledge, insight, etc>
    Originally posted by dunstonh
    Like I said.

    No.

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