Insurance co refusing a refund after 5 days of purchasing an annual policy!!!

dacouch

mikey72 wrote: »

As you have taken the time to post, I'm sure you wouldn't a question or two.

Why did the addresses and telephone numbers become important when you were refunding, as opposed to collecting the premium?
Surely you had the same obligation as a regulated company?

And a further question, surely the cancellation fee in your t&c's of £10, plus a pro-rata cost since inception is the amount you would charge, as per the FOS ruling in the link above?

Its probably due to money laundering rules (Although I'm not sure how money could be laundered in the OP's situation).

There was a spate of money laundering through some brokers a few years back, policies were taken out for cash and then cancelled shortly after with the broker sending a refund by cheque. This gave them a cheque which they could pay into their bank account.

willwilts

dacouch wrote: »

Its probably due to money laundering rules (Although I'm not sure how money could be laundered in the OP's situation).

There was a spate of money laundering through some brokers a few years back, policies were taken out for cash and then cancelled shortly after with the broker sending a refund by cheque. This gave them a cheque which they could pay into their bank account.

It probably is in honesty. I work for a well know insurance company and we perform Money laundering checks at claim stage rather than on inception. or other times when we pay money to the client.

mikey72

dacouch wrote: »

Its probably due to money laundering rules (Although I'm not sure how money could be laundered in the OP's situation).

There was a spate of money laundering through some brokers a few years back, policies were taken out for cash and then cancelled shortly after with the broker sending a refund by cheque. This gave them a cheque which they could pay into their bank account.

In the op's case they happily took it off a credit card, so I'm assuming it would go back on the same card.

gamezbond

mikey72 wrote: »

As you have taken the time to post, I'm sure you wouldn't a question or two.

Why did the addresses and telephone numbers become important when you were refunding, as opposed to collecting the premium?
Surely you had the same obligation as a regulated company?

And a further question, surely the cancellation fee in your t&c's of £10, plus a pro-rata cost since inception is the amount you would charge, as per the FOS ruling in the link above?

Thanks Mikey72.

iCarhire,
I am hoping you will come online and answer these important questions. I noticed that you signed up to MSE only yesterday. So I am hoping that you have set their thread notification preferences correctly.

gamezbond

mikey72 wrote: »

In the op's case they happily took it off a credit card, so I'm assuming it would go back on the same card.

True, and I even asked them in my very first email if they would be putting it back on my card. That would be the easiest without the hassle of getting issued, posting, receiving and then banking a cheque.

gamezbond

Just to update every one, someone rang me from iCarhireinsurance.com on Fri 18th Feb. After asking a few questions they told me that they will be refunding £30 back on my card within the next 5 minutes.

Just checked my online statement to make sure and the money has not come in. Doesnt show up as pending transaction either. So I guess I am still waiting for the "5 minutes"

dacouch

gamezbond wrote: »

Just to update every one, someone rang me from iCarhireinsurance.com on Fri 18th Feb. After asking a few questions they told me that they will be refunding £30 back on my card within the next 5 minutes.

Just checked my online statement to make sure and the money has not come in. Doesnt show up as pending transaction either. So I guess I am still waiting for the "5 minutes"

To refund onto a card normally takes between 2 and 5 working days for it to show on your card

gamezbond

dacouch wrote: »

To refund onto a card normally takes between 2 and 5 working days for it to show on your card

Ah I see. Thanks.
Just that the guy who rang me asked me to check my online card statement after 5 mins or so. but thats fine, I have sent an email to them to check and hopefully they will let me know too.

dacouch

gamezbond wrote: »

Ah I see. Thanks.
Just that the guy who rang me asked me to check my online card statement after 5 mins or so. but thats fine, I have sent an email to them to check and hopefully they will let me know too.

He has probably put it through at his end within the 5 minutes he said, but I assume they do not do many card refunds so assume it is like debiting your card eg it is immediate. Where as a refund to a card is normally not instant