Not upheld ppi claim but commission involved ?

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Rclj
Rclj Posts: 15 Forumite
in Reclaim PPI & other insurance
I had my ppi claim rejected today over the phone, was told I would receive letter with reasons why, I am not to worried as I know I was misold and feel this is a stalling tactic,
The bank also gave me new info on details of my ppi saying it was commission based but due to current FSA rules can't be acted upon , I had no idea it was a commission sale as was bought in a bank from a bank employee this makes me more certain I was misold but how can I use this new info on a current claim ?
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  • dunstonh
    dunstonh Posts: 116,383 Forumite
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    I am not to worried as I know I was misold and feel this is a stalling tactic,

    Nowadays, the banks are acting much more fairly on PPI complaints. It is one of the reasons why the FOS uphold rate on PPI complaints has fallen and they now reject more than they uphold (unlike a few years ago).

    So, its not likely to be a stalling tactic. There is no point them rejecting a complaint as a stalling tactic as that isnt how it works.

    However, if you have the evidence to back up your allegations and can show they are wrong (and not relying on unprovable allegations) then you will get your chance to show that to the FOS. However, you may want to show this to the firm if it helps your complaint.
    The bank also gave me new info on details of my ppi saying it was commission based but due to current FSA rules can't be acted upon , I had no idea it was a commission sale as was bought in a bank from a bank employee this makes me more certain I was misold but how can I use this new info on a current claim ?

    You may want to rewrite that as it is conflicting.

    Plevin only applies to rejected complaints. So, that part seems normal. The FSA is the Food Standards Agency. So, I doubt they referred to their rules. ;) The financial regulator is the FCA. It is normal for a rejected complaint to be assessed under the Plevin criteria.

    Your post reads as if they are rejecting it too under the Plevin assessment. There could be several reasons for this. The most common one is that the debt was repaid before 2008 and therefore not subject to section 140 of the CCA 2006 (which became effective in 2008).

    The commission element has no impact on your complaint. Bank staff were not paid commission. It was the bank that got the commission. FCA rules did not require commission disclosure. So, it doesnt make it missold. However, it introduced a new set of rules that are to be applied retrospectively if you qualify. Your wording suggests you do not qualify.
    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.
  • Rclj
    Rclj Posts: 15 Forumite
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    I was on the phone to a man with a Dutch accent I apologise for this mistake on the letters
  • Rclj
    Rclj Posts: 15 Forumite
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    I have asked bank to review their decision which is why I haven't gone into to much detail the guy on phone was helpful enough the policy it was for was pre Plevin so wouldn't be able to be added into any calculation but my point was if a bank hasn't informed you that you can buy the ppi else where and also that they are on commission of sale does this not back up any evidence I have submitted?
  • dunstonh
    dunstonh Posts: 116,383 Forumite
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    but my point was if a bank hasn't informed you that you can buy the ppi else where and also that they are on commission of sale does this not back up any evidence I have submitted?

    1 - There has never been any requirement for a bank to tell you that you can buy the PPI elsewhere
    2 - There was never any rule requirement on PPI to disclose commission the bank was paid on products in its own range.

    So, neither of those things are valid complaint reasons.
    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.
  • Rclj
    Rclj Posts: 15 Forumite
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    I used the Resolver tool that MSE recommends and one of the ppi check list is "Did the adviser (or literature) make it clear you could buy PPI from another provider"???
    So it must be something they are supposed to do
  • Nearlyold
    Nearlyold Posts: 2,289 Forumite
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    Rclj wrote: »
    I used the Resolver tool that MSE recommends and one of the ppi check list is "Did the adviser (or literature) make it clear you could buy PPI from another provider"???
    So it must be something they are supposed to do

    It isn't. Any more than Tesco have to tell you can buy beans in Waitrose.
  • Rclj
    Rclj Posts: 15 Forumite
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    Well I guess the professional website and form must need updating as people are using it as a guide for their claims
  • -taff
    -taff Posts: 14,506 Forumite
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    Yep, it does. Please e-mail the site owner to tell them that. I'm sure they will respond forthwith.
    Shampoo? No thanks, I'll have real poo...
  • Rclj
    Rclj Posts: 15 Forumite
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    It was updated in February 2018 so it might be that dedicated resolution firm and a top money advice site aren't as clued up as they make out then ....
  • dunstonh
    dunstonh Posts: 116,383 Forumite
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    Rclj wrote: »
    Well I guess the professional website and form must need updating as people are using it as a guide for their claims

    Wouldnt be the first time they made a mistake. Won't be the last. More importantly, that reason does not appear on the FCA list and does not appear on the MSE article on PPI.

    Remember that Resolver is a money maker. It harvests the data and sells it aggregated to third parties.

    I suspect it is down to wording.

    There has never been any requirement for a bank to tell you that you can buy the PPI elsewhere. There still isn't. However, if you ask if you can buy it elsewhere, they are not allowed to lie and say no. If they did then that would be a missale reason.

    The actual complaint reason is if you were not told it was optional or they insisted you took out their policy. Which is not the same thing as saying they didnt tell you that you could buy from elsewhere.
    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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