MSE News: £60m refund for mortgage protection hike victims

mumofliam

Dear Onefurlongout,


Not sure if you've received my PM - the system won't let me see if my message was sent. So here's the info.



The matrix is available on the page 5 - 9 of www fsa gov uk / pubs / other / mppi.pdf (sorry I had to remove the points and add some spaces - as a newbie I cannot send weblinks). The footnote I mentioned is on page 3 of the matrix, but actually refers to the last bullet point of page 4.

May I ask you to mention the issue of the FOS jurisdiction to your contacts at the FSA. I have sent an email to customer services in which I express my surprise that there is no way in the country to get a non-UK based insurer, although registered with and regulated by the FSA, to comply with a FSA regulation.


I have also asked that my case is reviewed by an Ombudsman together with all the other cases against Alpha Insurance.

onefurlongout

mumofliam wrote: »

Hello everyone,


I'm new in the discussion but I've been following this thread for a while now, somewhat hoping that if there were quite a few of us trying to get a refund of MPPI premiums from the companies above, then we might be able to get to a positive outcome.


In our case the increase in premiums from the transfer of policies (June 2009) until December 2009 amounts to £233. Like most of us I have tried to get a refund from all these companies without any success.
- Assurant and British Insurance have refused to refund sums that Alpha Assurance had pocketed.
- Adminicle were useless
- Alpha Insurance have refused on the basis that our policies were new business. Apparently they have discussed this position with the FSA but they do not want to share any document with me, so I am quite doubtful.


I ended up logging a complaint with the FOS, using a matrix relating to the MPPI ruling shared earlier by mrke (thanks very much). On page 3 of the matrix a note states that
“Some cancellations may arise from a distributor switching a portfolio of contracts between insurers so that cover for the customer continues. Any resulting variation, for example in premium, would be treated in the same way as any other variation.”

Therefore in my opinion the ruling is applicable to transfered policies, even if it is new business for the new insurer.



I had bad news today from the FOS. Although they have confirmed that a refund, if any, should come from Alpha Insurance, they have refused to deal with my complaint any further because Alpha Insurance are not based in the UK, therefore do not fall in the FOS jurisdiction. They suggest that I take the matter to the Danish FOS (as if they would bother...) and/or the EU FIN-NET.


There must be another way to get a non-UK based financial company which is registered with and regulated by the FSA to comply with a FSA regulation? I am writing to the FSA today to ask for advice, but I would welcome any other idea...


All the best,

Same response from FOS for me, albeit in a different way. I've written back to them re jurisdiction and will also refer to the FSA as Alpha do have a UK adress which was quoted to me at the time.

I will also write to the Danish Ombudsman, but dont hold out much hope. I cant see who this can be swept under the carper. Alpha are operating in the UK and I have access to the FOS yet I have to complian elsewhere - what a load of xxxxx

onefurlongout

Anybody got any further with this??

mumofliam

Hello,

Sorry for the delay I have only just received a notification for all your PMs.
Webmaster????

Please see my reply... no good news either.

Regards

luckynumber7_2

Hi there dont know if i'm on the correct discussion site but here goes.
I was sold morgage payment protection way back when i took my morgage in 1998 but after a few yrs i went to speak to a broker regarding my morgage and was then given a cheaper monthly mppi with paymend shield who i think were (Norwich Union) because it was a couple of ££'s cheaper. After speaking with many colleague's and friends they have said that there is no point in me having this as i get paid for a yr when i'm off sick therefore its no use to me. I have now cancelled the policy just 2 weeks ago, but i'm wondering if i could claim this money back as i feel i was missold the insurance and if i do who do i claim? will it be payment shield as these are the people who i paid the insurance to please help any advise would be helpfull and thanks Debbie.

dunstonh

I was sold morgage payment protection way back when i took my morgage in 1998 but after a few yrs i went to speak to a broker regarding my morgage and was then given a cheaper monthly mppi with paymend shield who i think were (Norwich Union) because it was a couple of ££'s cheaper.

Paymentshield are paymentshield. The scenario you describe is normal. IFAs and independent mortgage advisers are nearly always cheaper than banks.

After speaking with many colleague's and friends they have said that there is no point in me having this as i get paid for a yr when i'm off sick therefore its no use to me. I have now cancelled the policy just 2 weeks ago, but i'm wondering if i could claim this money back as i feel i was missold the insurance and if i do who do i claim?

It is your sick pay benefits at the time of sale that matter. Not if you changed employer later or the benefits changed later. 12 months sickness benefit does exist but it is not common (mainly public sector and FTSE100 companies). Check yours was 6 months full/ 6 months half when you took it out and if it was, then you have good reason to complain.

You would complain to the mortgage adviser who sold the policy. However, there is a potential snag. Many advising firms did not get general insurance regulation until 2005. So, those ones dont have to consider complaints on cases sold pre 2005. However, if that isnt the case with yours, then your complaint is with the adviser and only the adviser. Not the provider.

luckynumber7_2

dunstonh wrote: »

Paymentshield are paymentshield. The scenario you describe is normal. IFAs and independent mortgage advisers are nearly always cheaper than banks.



It is your sick pay benefits at the time of sale that matter. Not if you changed employer later or the benefits changed later. 12 months sickness benefit does exist but it is not common (mainly public sector and FTSE100 companies). Check yours was 6 months full/ 6 months half when you took it out and if it was, then you have good reason to complain.

You would complain to the mortgage adviser who sold the policy. However, there is a potential snag. Many advising firms did not get general insurance regulation until 2005. So, those ones dont have to consider complaints on cases sold pre 2005. However, if that isnt the case with yours, then your complaint is with the adviser and only the adviser. Not the provider.

Thank you for the advice will start my claim asap will let you know how i get on Also is the claim form the same 1 for all ppi claiming or is it a seperate form thanks.

FEvans

did anyone get anywhere with this,

what about the firms who offer to look into misold policies etc,

will they be of any help

dunstonh

what about the firms who offer to look into misold policies etc,

will they be of any help

No they wont as the process was automated and required no input from individuals.

Clyde1

Can anyone help me please?

I have a mortgage and an advanced mortgage. I was sold PPI & MPPI on both, under the premise of not having a mortgage without them and losing my home without them.

The problem comes where it was several years ago I applied for the mortgage(s) and cannot remember if it was the morgage lender or another financial advisor who mis sold the PPI/MPPI.

I rang Nationwide who say they didnt advise but say they do not have the relevant info regarding who they received the information from.

What can I do next? Help
Clyde1