Companies in Default/FSCS Claims - Picture, London Scottish, Twopart

marshallka

barloo69 wrote: »

Thank you Busby:-



Dear Mr S,

Thank you for your recent letter dated 17th November 2009 in response to my query regarding the NCB element of my compensation.

However, whilst I have taken on board all that you have stated in your letter, I am still of the opinion that the calculation method used is unfair, unjust and unacceptable for these circumstances.

Whilst I am NOT querying the actual figures used in order to calculate my compensation per se, I am in fact querying the actual methodology which you state is behind the calculation.

I would like an explanation as to how it is possible therefore that your “Money paid In and Out system” is a fair and just way to calculate this figure as it seems blatantly apparent that I, and many others are being discriminated against solely because of the date of our policies anniversary date was, ie being before you done your calculation.

Furthermore, had my NCB not been due until November or December, for example, after my compensation was paid from you, I would still have received this from the Insurers, and obviously it would not have been deducted from my claim.

You mention in your letter that if you do not deduct the “benefit” from the calculation then in effect I would be receiving a double benefit, but this is exactly what is happening to persons that have their anniversary date after you have done your calculation. You are not deducting NCB from their compensation, but yet they are receiving their NCB award from Pictures insurers after your compensation. Therefore, receiving a double benefit as you put it. How is this a fair system ?

With this in mind and using your same In/Out methodology principle, I presume that you will be writing to all the other Picture customers that had received their NCB after you had done your compensation calculation to ask for this figure to be returned to yourselves. NO I THINK NOT!!!

I am a subscriber to many public forums where we openly discuss the issues surrounding Picture Financial and I have learnt that many people are in the same situation as myself and have had NCB deducted from their compensation whilst many others have not and are now in fact receiving NCB awards after you have compensated them !! So it would seem mine is not an isolated case and there is no consistency being applied in respect of fairness to all. ( A guiding principle I might add, which is in the FSA handbook ).

I would also like to refer you to item 12.4 of this same handbook which states and I quote:- The FSCS must not treat any bonus provided for under a long-term insurance contract as part of the claimant's claim:

In short I feel I am being penalised by you because of the date my NCB was due and this is where your methodology principle falls down, as I am aware from various forums that there are many persons in exactly the same situation as myself and therefore this method is not fair to me nor the other persons that are in the same situation as having their anniversary prior to their compensation calculation.

You have also mentioned in your letter that your rules are governed by the FSA, so therefore I presume that it is the FSA that I need to approach to voice my concerns further should the need arise. I would also like you to advise me which principle you are applying when calculating this compensation as item 12.4 of this same handbook clearly states and I quote:- The FSCS must not treat any bonus provided for under a long term insurance contract as part of the claimant's claim:

I therefore would appreciate your expedited response in this matter as obviously I am unable to bank my compensation until such time this matter has been adequately resolved. Should you require any further information in this matter, please do not hesitate to contact me.

I think the letter is good barloo and I also think you have a good point from the FSA handbook quote. I wonder how they will get out of this one now.

busbyh

pinknico wrote: »

Busbyh ,yours is so close I can feel it!!!

Hi pinknico, I do have a really good feeling about us all now also. Our contact at Deloitte did say yesterday, they had received a batch from Target and our was amongst it. He said was going to look at it in more detail today, this is the reason I don't want to bother him again, not yet anyway.
I do feel this is the batch we have all been waiting for:D:D:jbit you still feel a bit scared, don't you?

busbyh

:T:T:TDI, IT'S GOING TO BE A LONG WAIT UNTIL WEDNESDAY;)

YOU ARE ALMOST THERE, CAN'T WAIT FOR YOU TO POST TO SAY YOU HAVE YOUR CHEQUE:D:D:D

I THINK WE MAY ALL BE CELEBRATING NEXT WEEK, I JUST HAVE THIS GOOD FEELING:j:jABOUT IT ALL:beer::beer:

busbyh

:j:j:jDI i HAVE JUST READ ALL THE POSTS PROPERLY. MISSED THE BIT ABOUT WEDNESDAY. WELL DONE, CANT WAIT FOR YOU TO POST, "i HAVE MY CHEQUE":T:T:T:T

I'VE A FEELING THIS IS GOING TO BE A GOOD WEEK FOR US ALL.:beer::beer::beer::beer:

busbyh

DI, s you see i have posted twice. having real problems with signal, each time I send , I lose it, or thought I had;)

May get a few more duplicate posts at this rate;)
xx

marshallka

It says here from the FSA handbook

COMP 12.4.11A (1) 2Unless the FSCS is seeking to secure continuity of cover for a relevent person under COMP 3.3.1 R to COMP 3.3.2E R, it must:
(a) pay compensation in accordance with COMP 12.4.11 for any benefit provided for under a protected long term insurance which has fallen due or would have fallen due under the contract to be paid to any eligile claimant and has not already been paid; and
(b) do as soon as reasonably practicable after the time when the benefit in question fell due or would have fallen due under the contract (but subject to and in accordance with any other terms which apply or would have applied under the contract).

(2) If the FSCS decides to treat the liability of the relevant person under the contract as reduced or (as the case may be) disregarded under COMP 12.4.14 R then, for the purposes of (1), the value of benefits falling due after the date of that decision must be treated as reduced or disregarded to that extent.



I was wondering if it was cause they are continuing the cover for the insurance and so this does not apply. Someone else have a read and see what you think....

http://fsahandbook.info/FSA/html/handbook/COMP/12/4

amersall

marshallka wrote: »

It says here from the FSA handbook

COMP 12.4.11A (1) 2Unless the FSCS is seeking to secure continuity of cover for a relevent person under COMP 3.3.1 R to COMP 3.3.2E R, it must:
(a) pay compensation in accordance with COMP 12.4.11 for any benefit provided for under a protected long term insurance which has fallen due or would have fallen due under the contract to be paid to any eligile claimant and has not already been paid; and
(b) do as soon as reasonably practicable after the time when the benefit in question fell due or would have fallen due under the contract (but subject to and in accordance with any other terms which apply or would have applied under the contract).

(2) If the FSCS decides to treat the liability of the relevant person under the contract as reduced or (as the case may be) disregarded under COMP 12.4.14 R then, for the purposes of (1), the value of benefits falling due after the date of that decision must be treated as reduced or disregarded to that extent.



I was wondering if it was cause they are continuing the cover for the insurance and so this does not apply. Someone else have a read and see what you think....

http://fsahandbook.info/FSA/html/handbook/COMP/12/4

thats what i take it to mean as well. if they are letting the insurance run they cant pay it twice?

amersall

good luck for the coming postie days!! hope you all are posting here very shortly with your wins :D good luck to you allxxxxxxxxxx

pinknico

But the point is others will let their insurance run AND get full compensation AND their NCB.

As Marshallka said you cant have different rules for claimants.

Unless the time comes for the NCB and Target say , no you cant have it which I wouldn't put past them to do.

barloo69

kea....................