Reclaim Insurance Brokers

KIMY

I am currently trying to reclaim missold PPI through Cardiff Pinnacle as GE money where not regulated in 2004.
This is currently with FOS and has been for six months, l was wondering has anyone on this site been successful claiming against Insurance Brokers. I am arguing that they have a duty of care and if they have companies selling product (ie. PPI) on their behalf they have a responsability to ensure the staff are trained and giving correct information and in my opinion before and PPI was implemented and policies released they should be contacting customers to ensure they know what they are buying or actually need it .

di3004

Hi KIMY

Just to add that mine is still ongoing with the FOS via underwriter/insurer, and its been with them since last October 2009, even though they do get in touch with me often with updates.
It was about 2 months back that it was passed on to an adjudicator.

The insurer so far have not admitted any liability, but the fos are not giving up.
I will post up as I hear.

I believe Marshallka was successful but this was in regards of an unfair rebate against the insurer.

Good luck with yours.;)

dunstonh

l was wondering has anyone on this site been successful claiming against Insurance Brokers.

If the broker is an adviser then it is the advice you are complaining about. Not the product. So, the complaint in that case should go to the adviser.

I am arguing that they have a duty of care and if they have companies selling product (ie. PPI) on their behalf they have a responsability to ensure the staff are trained and giving correct information and in my opinion before and PPI was implemented and policies released they should be contacting customers to ensure they know what they are buying or actually need it .

The company doesnt have to make those checks if the firm selling it is FSA authorised. It really depends on the type of PPI. In the case of mortgages, you will never win with that argument as mortgage business is regulated and you need to be qualified with exams and authorised at firm level to do them. If its loan PPI then its a grey area.

However, insurance brokers are similar to advisers in that they are qualified and regulated by the FSA and the provider does not have to verify the staff are trained as its not their responsibility. And like advisers, they are responsible for the products they recommend. Not the provider.

KIMY

Many thanks, keep you updated