FreedomFinance, Wilmslow

MarkChad

Tony Machin, chief executive officer at Freedom Finance, and the new deputy chairman at the Association of Finance Brokers, says the Financial Services Authority desperately needs to regulate the secured loan market.
In an interview with Loandistributor.co.uk, Machin says that FSA regulation would help the secured loan market’s reputation with first-charge mortgage brokers.
He says: “The industry desperately needs to be regulated by the FSA. I think the secured loan industry needs to be like the first-charge market. FSA regulation will bring additional bureaucracy and additional hassle I accept, but I think it will help to put secured loans on an equal footing in terms of reputation, as first-charges brokers.
“Brokers will be able to give holistic advice, and the economics of the market will change because there will be greater transparency.
“The sooner we get that additional credibility factor by getting ourselves regulated by the FSA, the sooner it will help the industry.”

That was in July last year. Freedom Finance is no longer regulated by the FSA - says it all really.

MarkChad

Judging by most complaints on these and other forums few go to this company direct, Freedom Finance seems to rely on most of its business from referals ( Barclays and the Co-Op to name but a few ). If you don't know who you enquired with origonaly get Freedom Finance to disclose this. I'd then go back to them and ask some awkward questions - First and foremost, why are you refering your customers to a business not based in the UK and to whome I have no opportunity for redress and is not FSA regulated? Given only a few loan companies are continually mentioned in complaints ask what the lender split is (i.e. what % of secured loans do your top 2 lenders represent - is this a broker or just a GE 'Front' company???). Did the company you enquired with impose restrictions on products Freedom had available or targets and possibly directly affect the product given?? You are unlikely to get compensation but it may stop the flow of more lambs to the slaughter if these banks put ethical customer treatment before profit............... Co-Op, good with money?

cyril82

If you're pursuing a claim for the mis-selling of the ppi then you pursue the person/company that sold it to you. In this case that was Freedom Finance.

Freedom Finance are a Broker, Brokers "sell" loans Often dressed up as advise but it is basically selling. They get paid to sell loans and they also get paid to sell you ppi.

You can not claim the lender in this case mis-sold you the ppi as he/they never sold you anything, you applied to them and they said yes, Freedom sold the ppi so they are responsible if it was Mis-sold.

Tell them that if they won't consider your claim you will have no option but to refer the case to the Financial ombudsman for adjudication and you will also seek confirmation from the O.F.T on who is responsible.

That should shake them into action as they won’t want the ombudsman investigating them as a company being investigated by the ombudsman has to pay £500 just for the privilege.

They also won’t want any disputes being brought to the attention of the O.F.T as they issue their consumer credit license and if they are telling you lies to get out of paying back the mis-sold ppi the O.F.T wont like that.

petermb_2

cyril82 wrote: »

If you're pursuing a claim for the mis-selling of the ppi then you pursue the person/company that sold it to you. In this case that was Freedom Finance.

Freedom Finance are a Broker, Brokers "sell" loans Often dressed up as advise but it is basically selling. They get paid to sell loans and they also get paid to sell you ppi.

You can not claim the lender in this case mis-sold you the ppi as he/they never sold you anything, you applied to them and they said yes, Freedom sold the ppi so they are responsible if it was Mis-sold.

Tell them that if they won't consider your claim you will have no option but to refer the case to the Financial ombudsman for adjudication and you will also seek confirmation from the O.F.T on who is responsible.

That should shake them into action as they won’t want the ombudsman investigating them as a company being investigated by the ombudsman has to pay £500 just for the privilege.

They also won’t want any disputes being brought to the attention of the O.F.T as they issue their consumer credit license and if they are telling you lies to get out of paying back the mis-sold ppi the O.F.T wont like that.

All the broker did was tick the box on the application form that allowed the lender to arrange the insurance, in the vast majority of cases. I cant agree that the broker is the only party involved in the selling process. The lender is jointly and severallhy liable.

cyril82

petermb wrote: »

All the broker did was tick the box on the application form that allowed the lender to arrange the insurance, in the vast majority of cases. I cant agree that the broker is the only party involved in the selling process. The lender is jointly and severallhy liable.

Brokers "sell" loans, they also sell ppi so they are definately responsible if the ppi was mis-sold.
To say "i only ticked a box" is a pretty lame excuse as the ticking of that box amounted to the sale of the ppi.
Perhaps you're right in the fact that both the broker and the lender should be jointly held to account, but the lender was not involved in the actual selling process, Freedom marketed the loan, the op responded to Freedoms marketing, Freedom then sold the op the ppi with the loan.

That makes them the main party involved in the sale, I think if the op was to put this before the ombudsman he'd agree.

I'd advise that the o.p follow my earlier advise and write to freedom requesting that they consider his case, point out that the lender is also refusing to take responsibility for the sale of the ppi and that if freedom maintain their stance he will have no option but to refer the matter to the Financial ombudsman and the O.F.T for clarification/adjudication.

I'm sure he'll get a more favourable response.

chrisharri

I am also having the same problems with Freedom Finance/ Bespoke finance. I firstly wrote to GE, then Freedom Finance and now I have sent two letters to Bespoke and still no reply! But on one letter back from Freedom Finance, they also mentioned First National loan?! I have wriiten twice to Freedom Finance, threatening them with F.O.S, but still no joy!

petermb_2

chrisharri wrote: »

I am also having the same problems with Freedom Finance/ Bespoke finance. I firstly wrote to GE, then Freedom Finance and now I have sent two letters to Bespoke and still no reply! But on one letter back from Freedom Finance, they also mentioned First National loan?! I have wriiten twice to Freedom Finance, threatening them with F.O.S, but still no joy!

Your complaint should be aimed at GE not the broker. That way you will get more in compensation than just getting your ppi back

chrisharri

Rhanks Petermb, I'll write to them again. One of these companies will eventually deal with me I hope!

marshallka

You would only be able to go to the FOS if the company that sold the PPI was a member of the GISC if this was prior to 14th January, 2005. All sales of Insurance became regulated by the FSA from this date and before that it was only GISC members that FOS has jurisdiction over.

jillie1974

got a latter on saturday from GE Money advising me that the insurance we had taken out (PPI) expires on 31 may, so does this mean that the actual insurance is from GE money ??? and i should be chasing them or again is it down to the company we bought everything from??