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    • Cmarsden
    • By Cmarsden 2nd Dec 17, 3:19 PM
    • 1Posts
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    Cmarsden
    PPI commission and Profit share
    • #1
    • 2nd Dec 17, 3:19 PM
    PPI commission and Profit share 2nd Dec 17 at 3:19 PM
    I received a letter from the Halifax this morning offering me £404 as a good will gesture as they didn't create an Unfair Relationship as the commission and profit share was less than 50% at the time the PPI was sold on the credit card.
    As outlined in the letter the commission and profit share for 11 years ranged from 74% and 82%.
    Is it likely I could complain to the ombudsman about the mis selling off PPI in this case under the Plevin ruling or is it entirely based on the commission rate at the time the policy was sold?
    My mis selling complaint was rejected in 2012 initially.
Page 1
    • dunstonh
    • By dunstonh 2nd Dec 17, 3:28 PM
    • 89,853 Posts
    • 56,511 Thanks
    dunstonh
    • #2
    • 2nd Dec 17, 3:28 PM
    • #2
    • 2nd Dec 17, 3:28 PM
    Is it likely I could complain to the ombudsman about the mis selling off PPI in this case under the Plevin ruling or is it entirely based on the commission rate at the time the policy was sold?
    To get this letter, you must have already complained and been rejected about a missale. You dont get a second bite of the cherry.

    This plevin related refund is a different thing and only applies to rejected complaints.

    No point going to the FOS as you are barred from a new complaint on the already rejected complaint and the plevin refund is defined and not something you can haggle.
    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.
    • Yapper147
    • By Yapper147 7th Dec 17, 5:49 PM
    • 2 Posts
    • 0 Thanks
    Yapper147
    • #3
    • 7th Dec 17, 5:49 PM
    • #3
    • 7th Dec 17, 5:49 PM
    I have just received a similar letter offering a goodwill payment after concluded an unfair relationship was not created at the time of sale as the level of commision and profit share was 50% or less.

    Bizarrely they have included a table show the rates of Commision and profit share that show the commision and profit share rate was 79% at the time of sale.

    I’m confused by this and wonder if anyone has encountered this before? The letter clearly states I have the right to refer the unfair relationship complaint to the financial ombudsman service - what if anything can they do in this situation?

    Thanks.
    • Moneyineptitude
    • By Moneyineptitude 7th Dec 17, 6:21 PM
    • 18,886 Posts
    • 10,114 Thanks
    Moneyineptitude
    • #4
    • 7th Dec 17, 6:21 PM
    • #4
    • 7th Dec 17, 6:21 PM
    I The letter clearly states I have the right to refer the unfair relationship complaint to the financial ombudsman service - what if anything can they do in this situation?
    Originally posted by Yapper147
    They can realistically do nothing. However you still have the right to refer your complaint!
    • rq9292
    • By rq9292 9th Dec 17, 1:42 PM
    • 33 Posts
    • 10 Thanks
    rq9292
    • #5
    • 9th Dec 17, 1:42 PM
    • #5
    • 9th Dec 17, 1:42 PM
    I have just received a similar letter offering a goodwill payment after concluded an unfair relationship was not created at the time of sale as the level of commision and profit share was 50% or less.

    Bizarrely they have included a table show the rates of Commision and profit share that show the commision and profit share rate was 79% at the time of sale.

    Iím confused by this and wonder if anyone has encountered this before? The letter clearly states I have the right to refer the unfair relationship complaint to the financial ombudsman service - what if anything can they do in this situation?

    Thanks.
    Originally posted by Yapper147
    I think the table you are referring to is only showing the basis on which the calculation was done. At the time of the sale the expected profit share was 25% and this is why the believe there was no unfair relationship created. Despite this they have completed a calculation as if the profit share was 79% and this is why they have called it a "goodwill payment".
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