PPI Reclaiming discussion Part III

pinknico

maxdp wrote: »

Hi Pinknico

Cause they need to have a knowledge of a range of insurances and information so that they can give this to the consumer so that they make their own mind up.

Advised sale is selling their own product and recommending it to you. Or advising you on health issues.:o

So if Picture sold me their insurance (they only had one product) and did a demands and needs that is advised ?

pinknico

di3004 wrote: »

Good morning folks

A quick hi, while I'm having a coffee break......:D ,hope your all well, sorry to hear your hubby has this man flu now Max....:rolleyes: , yep your right, I believe men get is worse as well...:rolleyes: .
Thanks for your email again hunni.

Marshallka hope you and hubby are okay today too.;)
Have you heard anything from co-op yet hun?
Fingers crossed.

Hi Pinknico hun, I take it your still waiting for news from Picture as well ?

Yes Di, just emailed again expect I will hear back in the new year:D

marshallka

pinknico wrote: »

Why would they need more training for a non advised sale?

Because as soon as they open their mouths and say we recommend you have this or similar it becomes advised. This is what I was told by singlep when bespoke told me mine was non advised. They claim non advised when in fact they did advise. A useful read is here

http://74.125.77.132/search?q=cache:vQyT_eCVqOAJ:www.rpc.co.uk/FileServer.aspx%3FoID%3D526%26lID%3D0+non+advised+sales+of+PPI+before+14th+January,+2005&hl=en&ct=clnk&cd=6&gl=uk

di3004

Right, looks like its all go with the XBOX 360, here is the process so far as we can check out the tracking process online:;)

Package Progress Location Date Local Time Description

FRANKFURT,
DE 10/12/2008 3:35 DEPARTURE SCAN
10/12/2008 3:00 DELIVERED FRANKFURT,
DE 09/12/2008 19:58 ARRIVAL SCAN BARKING,
GB 09/12/2008 6:00 DEPARTURE SCAN 09/12/2008 5:07 ARRIVAL SCAN TAMWORTH,
GB 09/12/2008 2:33 DEPARTURE SCAN TAMWORTH,
GB 08/12/2008 22:58 EXPORT SCAN 08/12/2008 21:43 ARRIVAL SCAN GLOUCESTER,
GB 08/12/2008 20:00 DEPARTURE SCAN 08/12/2008 18:25 ORIGIN SCAN 08/12/2008 14:21 COLLECTION SCAN DE 06/12/2008 10:50 BILLING INFORMATION RECEIVED
Tracking results provided by UPS: 12/12/2008 6:54 ET

di3004

maxdp wrote: »

Hi Di

You are welcome. My hubby does not have flu that is Marshallka's .

If my hubby caught a cold there would be an announcement in the local papers:rotfl:

oops.......:o , sorry hunni, me re-reading wrong again......:o lol.

Oh yes I know the feeling - the whole world must know about it :rotfl: :rotfl: :rotfl: .

di3004

pinknico wrote: »

Yes Di, just emailed again expect I will hear back in the new year:D

Goodie;) , did you email them or did they write to you hun?

I have not heard anything up to now........:rolleyes:

di3004

Right better get on here then........plenty of work to do, books everywhere lol.......:D , catch you shortly folks.;)

maxdp

pinknico wrote: »

So if Picture sold me their insurance (they only had one product) and did a demands and needs that is advised ?

Yes as long as the demands and needs was specific to your requirements and not a generic statement with nothing specific to you. By all accounts

marshallka

maxdp wrote: »

Hi Pinknico

Cause they need to have a knowledge of a range of insurances and information so that they can give this to the consumer so that they make their own mind up.

Advised sale is selling their own product and recommending it to you. Or advising you on health issues.:o

or even just saying "you should take the PPI" is enough to become an advised sale and if it was advised then it they should have advised following rules even prior to 2005. The FSA document i have put on pinknico's post is good at explaining it. It says that half the firms claiming non advised sales did not have adequate systems in place to prevent their staff from giving advice or providing information that amounted to advice. When claiming non advised firms must ensure that they do not say anything that could be misconstrued as advice...

marshallka

I think what singelp was saying is that although these firms state that sales were non advised they were actually advised by todays standards. If it had have been after the FSA took over they would have classed most of these as ADVISED...I think singelp was being sarcastic...lol

This link say here.

No extra requirements for advice

The main difference between sales before and after regulation is that all sales before regulation were 'non-advised', as the 'advised' regime didn't come in until regulation was introduced.
So, even if your policy was sold to you before 14 January 2005, if the adviser didn't cover the points under 'all sales' on the PPI – the rules page, then you may have been mis-sold and should make a complaint.



It is saying that all sales pre 2005 were non advised as "advised" did not come in until 2005

then it goes on to say

Even if your policy as sold before January, 2005, if the advisor didn't cover the points under "all sales" (which there is not a heading for on the rules of sales page) then you may have been missold !!! but I assume is this....

Information you should have been given

If some or all of this information was not made clear to you either before or at the time you agreed to take out the insurance, then you have grounds to complain.

• If PPI was optional on the product you bought, this must have been made clear.
• The adviser should have made you aware of any significant policy exclusions and checked whether any of these exclusions applied to you.
• The adviser should have made it clear how much the policy would cost and whether the PPI would be paid for by a single up front premium, or by regular premiums.
• If it was a single premium policy, then the adviser should have made it clear that the cost of the insurance would be added to the loan or finance agreement, and that you would pay interest on the insurance premium.
• If the insurance expired before your loan or finance agreement, the adviser should have made it clear that this was the case and (in the case of single premium policies) that you would continue to pay interest on the insurance premium after the insurance had expired.

I was told that my sale was "non advised" and I told them that these advised and non advised did not come in until 2005. Before that i was told that I should have been given paperwork etc about the PPI but no advise as such


here is what the FSA says consitutes "advice..

Giving advice
You give advice when you make a personal recommendation to the customer and in doing so you are
required to explain why the particular product and/or provider would meet his or her demands and needs.
This will be specific and individual advice to the customer and should not be generic.
Selling on a non-advised basis
A non-advised sale is when no personal recommendation is made to the customer.
The customer must, however, still receive sufficient information on the product to enable them to make
an informed decision as to whether it meets their own demands and needs.
Examples of non-advised sales could be where:
• the customer decides or knows the specific product they want – this could be in a similar way to an
‘execution only’ sale of an investment product; or

• the firm offers information on a range of products for the customer to make their own informed decision.


The demands and needs was for after 2005 when the FSA took over but you still should have been given sufficient information to make an informed decision regardless of dates.

http://www.fsa.gov.uk/pubs/other/factsheet_sales.pdf