MSE News: FSA to re-open 185,000 rejected debt insurance claims

edited 29 September 2009 at 2:12PM in Reclaim PPI & Other Insurance
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MSE_GuyMSE_Guy MSE Staff
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edited 29 September 2009 at 2:12PM in Reclaim PPI & Other Insurance
This is the discussion thread for the following MSE News Story:

"The City regulator will reopen 185,000 rejected debt insurance misselling complaints as part of a crackdown to ensure firms selling cover do not unfairly dismiss consumer gripes ..."


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Replies

  • di3004di3004 Forumite
    42.6K Posts
    Thanks for this MSE Guy.

    So I assume this would mean many can re-submit their complaints then, that were originally rejected perhaps?
    The one and only "Dizzy Di" :D
  • dunstonhdunstonh Forumite
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    No need to resubmit. The providers will have to go back on rejected complaints and review them again. Similar has occured in the past in other areas when firms were found to "over reject" complaints. Out of the blue people would be told a review of their complaint has seen it upheld and redress payable.
    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.
  • Would you expect these to be handed back from the FOS or just from among their (the companies)complaints department?
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  • pixwixpixwix Forumite
    122 Posts
    Part of the Furniture 100 Posts Combo Breaker
    What alarms me is how hard many firms are STILL hard-selling payment insurance and allied services. My own credit card company spent 20 minutes the other day trying to put the frighteners on me about the dire consequences of not subscribing to a whole range of insurance services - from anti-identity theft to loss protection. Not the same as payment insurance I know - but all part of the same drive to sell us financial services we either don't need or ought not to need in a properly regulated market.
  • di3004di3004 Forumite
    42.6K Posts
    dunstonh wrote: »
    No need to resubmit. The providers will have to go back on rejected complaints and review them again. Similar has occured in the past in other areas when firms were found to "over reject" complaints. Out of the blue people would be told a review of their complaint has seen it upheld and redress payable.

    Thanks for confirming this Dunstonh.;)

    I take it though, this would not include claims prior to Jan 2005 that were not governed as such then?
    The one and only "Dizzy Di" :D
  • edited 29 September 2009 at 3:23PM
    marshallkamarshallka Forumite
    14.6K Posts
    edited 29 September 2009 at 3:23PM
    dunstonh wrote: »
    No need to resubmit. The providers will have to go back on rejected complaints and review them again. Similar has occured in the past in other areas when firms were found to "over reject" complaints. Out of the blue people would be told a review of their complaint has seen it upheld and redress payable.
    And do you honestly think that the firms will actually do this to everyone? What about jurisdiction issues with FOS? Are they still the same in that if a firm is not within FOS jurisdiction at the time of sales then that means that they can still reject and nothing will be done? If this is the case then we still have problems as lots are looked into purely by the date of the loans/credit etc and then rejected knowing that nothing can be done by FOS. Its such a shame.

    It mentions nothing of wider jurisdictions for FOS.
  • pinknico wrote: »
    Would you expect these to be handed back from the FOS or just from among their (the companies)complaints department?
    I would think that this would be ALL "FOS sible" complaints Pinknico. FOS has not had their jurisdictions widened so it will be all those people that do not bother to take it further (who could have done) once a firm has said "we sold it fairly"...:rolleyes:
  • I bet there will be lots of temporary christmas jobs in banks etc for complaints handling now...:cool:
  • di3004di3004 Forumite
    42.6K Posts
    marshallka wrote: »
    I bet there will be lots of temporary christmas jobs in banks etc for complaints handling now...:cool:


    lol, yeah I expect so Marshallka :D;)
    The one and only "Dizzy Di" :D
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