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    • Diane Sinclair
    • By Diane Sinclair 15th Sep 17, 9:11 PM
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    Diane Sinclair
    PPI claim outside regulatory period
    • #1
    • 15th Sep 17, 9:11 PM
    PPI claim outside regulatory period 15th Sep 17 at 9:11 PM
    I was mis- sold PPI in June 2002 and have recently made a complaint to the company. I paid the loan off in full before the end of the loan term in 2006 as there was a substantial balance still outstanding on the loan ( I was still unaware at this stage that I had PPI).

    I first raised the complaint in February 2016 with the Finance Company and they informed me that they were the broker and it was manufacturer and installation company who had sold the PPI to me.

    I then complained to manufacturer and they responded to my complaint and informed me that the matter was duly investigated and they have rejected the complaint on the basis that the sale was conducted outside of the FSA regulatory period.(before 14th January 2005). They added that they were not a member of the (ABI), (GISC) or (FLA) and consequently not bound by there codes of practice. I have since wrote again to the company again this week and had the same response.

    Is this company correct in what they are saying and if not, how do I proceed with my complaint?

    Many thanks
Page 1
    • dunstonh
    • By dunstonh 15th Sep 17, 10:02 PM
    • 89,545 Posts
    • 55,990 Thanks
    dunstonh
    • #2
    • 15th Sep 17, 10:02 PM
    • #2
    • 15th Sep 17, 10:02 PM
    Regulation of insurance started 14th Jan 2005. If the firm was a member of an earlier body (like those mentioned), then they have to consider pre-regulation complaints. This is where the banks get caught out. However, most brokers were not members of the earlier bodies. So, they do not have to consider pre-regulation complaints.
    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 an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 16th Sep 17, 1:16 AM
    • 18,720 Posts
    • 9,976 Thanks
    Moneyineptitude
    • #3
    • 16th Sep 17, 1:16 AM
    • #3
    • 16th Sep 17, 1:16 AM

    I then complained to manufacturer and they responded to my complaint and informed me that the matter was duly investigated and they have rejected the complaint on the basis that the sale was conducted outside of the FSA regulatory period.(before 14th January 2005). They added that they were not a member of the (ABI), (GISC) or (FLA) and consequently not bound by there codes of practice. I have since wrote again to the company again this week and had the same response.
    Originally posted by Diane Sinclair
    Why did you write to them again? Did you expect them to change their minds about their liability?

    Unfortunately for you, the sale of the PPI you were allegedly mis-sold was pre-regulation of the financial institution who (mis)sold it to you. They don't therefore have to even consider your complaint and the Financial Ombudsman Service cannot arbitrate either.

    So it doesn't matter how many more letters you write, you won't be successful with any complaint.

    Sorry.
    • -taff
    • By -taff 16th Sep 17, 1:10 PM
    • 7,114 Posts
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    -taff
    • #4
    • 16th Sep 17, 1:10 PM
    • #4
    • 16th Sep 17, 1:10 PM
    Is this company correct in what they are saying
    Originally posted by Diane Sinclair
    Yes

    how do I proceed with my complaint?
    Originally posted by Diane Sinclair
    You can't
    • Diane Sinclair
    • By Diane Sinclair 21st Sep 17, 5:41 PM
    • 2 Posts
    • 0 Thanks
    Diane Sinclair
    • #5
    • 21st Sep 17, 5:41 PM
    • #5
    • 21st Sep 17, 5:41 PM
    Many thanks
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