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    • WrenBoy
    • By WrenBoy 3rd Oct 17, 5:00 PM
    • 36Posts
    • 16Thanks
    WrenBoy
    Legal & General Mortgage Protection Insurance
    • #1
    • 3rd Oct 17, 5:00 PM
    Legal & General Mortgage Protection Insurance 3rd Oct 17 at 5:00 PM
    Could anybody help with a PPI question?



    The background a bit lengthy, so my question is – has anybody else had experience of tracking down who is ultimately responsible for providing PPI paperwork (after many years and change of ownership) and how do write a letter forcing them to provide information?


    Background if you’re interested…


    We took out a mortgage in 2006 and a financial advisor sold us Legal & General Protection Insurance. The monthly payments were very high (c£350/month) and I suspect PPI was included, but we no longer have the paperwork, which I’m trying to track down.



    The financial advisor sold their company; here’s the trail:

    • Legal & General policy taken out August 2006, cancelled October 2012 (on sale of property)
    • Policy sold to us by Robison & Co
    • Robison & Co now owned by Protection & Investment Ltd
    • I wrote to Protection & Investment Ltd, who replied that, at the time the policy was taken out, Robison & Co was a member of the Sesame Network of IFAs
    • Protection & Investment Ltd stated that they forwarded my letter to the Sesame Bankhall network, but that was in March 2017 and I’ve had no reply
    • I also wrote to Legal & General, they replied that Protection & Investment Ltd sold me the policy and I had to go to them for information.
    All advice appreciated, thanks.
Page 1
    • -taff
    • By -taff 3rd Oct 17, 8:55 PM
    • 7,170 Posts
    • 5,159 Thanks
    -taff
    • #2
    • 3rd Oct 17, 8:55 PM
    • #2
    • 3rd Oct 17, 8:55 PM
    The financial adviser is responsiblefr the sale of the PPI.

    I have no idea if they remain responsible or if liability was sold.
    • dunstonh
    • By dunstonh 4th Oct 17, 1:18 AM
    • 89,882 Posts
    • 56,557 Thanks
    dunstonh
    • #3
    • 4th Oct 17, 1:18 AM
    • #3
    • 4th Oct 17, 1:18 AM
    Was this actually PPI? L&G Mortgage protection insurance could also be their life assurance.

    The premium of £350pm is higher than the maximum premium for MPPI on an L&G plan. From memory, I think you could do a maximum of £2000 income with theirs and if you take a typical £5 per hundred, then you are a long way off £350. This suggests it is not MPPI (or not just MPPI but also something else)

    I wrote to Protection & Investment Ltd, who replied that, at the time the policy was taken out, Robison & Co was a member of the Sesame Network of IFAs
    This means Sesame network has the liability.

    I also wrote to Legal & General, they replied that Protection & Investment Ltd sold me the policy and I had to go to them for information.
    L&G have no liability.

    Protection & Investment Ltd stated that they forwarded my letter to the Sesame Bankhall network, but that was in March 2017 and I’ve had no reply
    That is a bit vague. Sesame and Bankhall are part of the same group. However, Bankhall are not advisers and carry no liability. They are a service provider for advisers. They are not a network. Sesame are the network but operate separately to Bankhall.


    You should send your complaint to Sesame. However, don't hold your breath on a positive outcome.

    1 - L&G only retailed monthly premium plans - that is now PPI should be set up. So, no product failure.
    2 - MPPI (if it is MPPI and not Life assurance) sees most complaints end up rejected. MPPI is still retailed today. It covers a major debt.
    3 - Sesame Network are one of the big two mortgage brokers in the UK. Despite that, they have had under 30 PPI complaints at the FOS in the last monitoring period (FOS dont report the actual number if its less than 30 - it could be 1 or 29 or anything in between). Adviser sold cases tend to see most complaints fail. PPI is not seen as an adviser issue in most cases.

    It is quite possible that little or no paperwork exists. You are way past 6 years from the point of sale and the cancellation was 5 years ago. There may be some but a 2006 sale is post regulation and if it is still available, it should be a much higher standard than the banks.
    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.
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