Online PPI Resources

marshallka

A list of some online resourses that may help in your claim:
(Started by marshallka - thanks - and edited by MSE Wendy from time to time).

FOS: What were the relevant regulatory rules and codes?

FSA: Insurance Conduct Of Business Sourcebook - at a glance

Companies House Webcheck



and of course the PPI Reclaiming guide that contains free template letters and guide to completing the Financial Ombudsman complaint form

marshallka

Very good for looking at the various codes in place at the times of sales.:D

May help some when making complaints.

The section down the left hand side of " What were the relevant regulatory rules and codes? is good for looking at "how complaints are assessed by the Ombudsman.

Just to note GISC was set up from 3rd July 2000 and before that it was the ABI which pre dated this.

A good guide here of the GISC code of conduct

http://www.solarnavigator.net/marine_insurance/general_insurance_standards_council_code_of_conduct.htm

(please note the GISC members on this are not the full list and this applies to Marine and Boat Insurance but posted purely for the actual code of conduct at the time which would be the same)

and prior to that the ABI

http://www.costout.co.uk/Links/abicode.htm

Apostile

As the Internet becomes an ever greater part of daily life, concerns about the protection of personal privacy while online grow stronger. The nature of the concern varies widely, from worries about identity theft to a general sense of unease about Web site operators "spying" on Internet users. These fears are having an impact on the New Economy; according to a recent poll, over half of Internet users in the United States have at least occasionally altered their online behavior because of fears about their privacy.1 For this reason, Congress is gearing up to debate online privacy legislation.

marshallka

A good bit of info here about regulation

A bit dated but a good read

https://vault2.secured-url.com/iib/encyclopeadia_item.asp?encyclopedia_id=185#none




https://vault2.secured-url.com/iib/encyclopedia_popup.asp?title=Current%20Status%20of%20UK%20General%20Insurance%20Regulation#none

di3004

Just thought I would post this here, I understand it may have been posted in other PPI threads, so thought it would be useful here if that is ok?;)

http://www.moneymadeclear.fsa.gov.uk/print.aspx?Page=/news/product/unfair_contracts/ppi/ppi_information

Payment protection insurance (PPI) – Refunds of single premiums

What is payment protection insurance?

Payment protection insurance, or PPI, is insurance that will pay out a sum of money to help you cover your monthly repayments on mortgages, loans, credit/store cards or catalogue payments if you are unable to work, or become unemployed through no fault of your own.
With single premiums, you pay the full cost of the insurance up-front. This premium is usually added to the total value of the loan with interest charged on top.
To find out more, see Payment protection insurance.
What did we think was unfair?

Some policies state that you will not be able to claim any refund of your premium outside the statutory cancellation period of 14 or 30 days.
Why did we think it was unfair?

If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early. However, you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.
What did we do?

We obtained agreements from firms to change their contracts and practices so that consumers would receive refunds when repaying their loans early. The details of these agreements are listed at the bottom of this page.
We then discussed our concerns about terms which prevent consumers from receiving a refund if they cancel the policy for any reason with the industry trade bodies, which included the Association of British Insurers (ABI) for the insurance industry and the British Bankers' Association (BBA) for the banking industry.
They agreed that firms should also allow you to receive a refund if you cancel your policy without repaying the loan but that you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under policy.
We expect all firms to take notice of these agreements.
What should I do if I want to repay my loan early?

Firms should allow you to receive a refund if you cancel your policy when you repay the loan, except if you cancel very close to the end of the period covered by your policy or if you have already made a successful claim under the policy.
If you have a contract with a firm that prevents you from claiming a partial refund of your PPI premium if you settle your loan early, ask the firm if they will give you a partial refund anyway. If they do not, and you believe you are entitled to one, complain to the firm and tell them about our work. You can also report the term to us – see Unfair contract terms.
What should I do if I want to cancel my policy without repaying the loan?

The trade bodies have agreed that firms should also allow you receive a refund if you cancel your policy without repaying the loan, except if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.
If you have a contract with a firm that prevents you from claiming a refund of your PPI premium if you want to cancel the insurance, again, ask the firm if they will give you a partial refund. If they do not, and you believe you are entitled to one, complain to the firm and tell them about our work. You can also report the term to us – see Unfair contract terms.
Why have I received a letter from my firm telling me they have changed the application of the cancellation term in my PPI contract?

Firms that have terms that prevent you from receiving any refund of your premium if you cancel the policy should be writing to their customers to tell them how refunds will now be dealt with in practice. If you receive a letter like this from your firm, read it carefully and contact them if you have any questions about it.
What refund will I get if I cancel my PPI contract outside the statutory cancellation period?

There is not a 'one-size fits all' rule for calculating refunds, due to the many different types of firms and commercial practices in the PPI industry.
We take the view that refunds should be based on firms' reasonably incurred costs. These costs might include administrative fees, a proportion of commission and the fact that the risk at the beginning of the policy is higher than at the end of the policy, so more premium is used early on. This means that the refund you get may not be in proportion to the remaining policy length.
Firms should soon be including examples or a table to show how refunds will be calculated in new policies. This will help to improve the transparency of refunds.

marshallka

Another one here donated by Di3004
http://www.financial-ombudsman.org.uk/faq/answers/complaints_a10.html

orchyd65

i took out a secured loan in september of 2007 and was told i HAD to take the ppi otherwise i couldnt have the loan. also i noticed on the insureance document i have just looked atthe date of issue was dated 1 november 2006 ( 9 months before i took out the loan) I want to reclaim the insurance and am in the process of writing the letter but since the policy is dated wrong, do i have any comeback there aswell? any help would be GREATLY appreciated

marshallka

orchyd65 wrote: »

i took out a secured loan in september of 2007 and was told i HAD to take the ppi otherwise i couldnt have the loan. also i noticed on the insureance document i have just looked atthe date of issue was dated 1 november 2006 ( 9 months before i took out the loan) I want to reclaim the insurance and am in the process of writing the letter but since the policy is dated wrong, do i have any comeback there aswell? any help would be GREATLY appreciated

messaged you back orchdy65. Also Di has replied on the PPI discussion thread too.;)

marshallka

Good for details of firms and also who underwrote polices etc

http://www.competition-commission.or...xt/542_2_7.pdf

marshallka

FOS jurisdiction


[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]is the firm covered by our jurisdiction?

When establishing whether or not a case is within our jurisdiction, we look first at whether the financial firm concerned is covered by our jurisdiction. All banks and building societies are covered for complaints about events that took place from 1 December 2001, when we acquired our legal powers. But they are only covered for events that took place before 1 December 2001 if they were previously covered by the Banking Ombudsman scheme or Building Societies Ombudsman scheme. [/SIZE][/FONT] [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]Before 1 December 2001, it was compulsory for building societies to be covered by the Building Societies Ombudsman scheme. But membership of the Banking Ombudsman scheme was voluntary and although more than 120 banks – including the well-known high-street names – were covered by it, some smaller banks were not. For banks that were not covered by the Banking Ombudsman scheme, we can only deal with complaints about events that happened from 1 December 2001.



http://www.financial-ombudsman.org.uk/publications/ombudsman-news/36/issues-jurisdicition.htm
You still have to remember that FOS did not have jurisdiction of Insurance until 14th January, 2005 or if the firm was a member of GISC previous to that.
[/SIZE][/FONT]

pinknico

Also remember that the FOS can sometimes get their own jurisdiction wrong.
(welcome finance!)