Fsa

10Greenbottles_2

Hi,

It was a claim against Freedom Finance (but apparently Wilmslow Financial Services) and the FSA ruled against my claim for mis-sold PPI on a loan. It has now gone to FOS but I am wondering if it is likely they will agree with the FSA!


Hi,

Recently the FSA have ruled against my claim for mis-sold PPI on a loan, therefore it has now gone to the Financial Ombudsman Service. Is it likely that they will agree with the FSA and rule against me?

Many thanks.

di3004

Hi and welcome

How do you mean the FSA ruled against your claim for ppi?

Who/what company did you complain to about the mis sold ppi?

Just making sure on this first, sorry if I have misunderstood.

dunstonh

Is it likely that they will agree with the FSA and rule against me?

If it was mis-sold yes. If it wasnt then no.

Thats about as much info as we can give as you have given us nothing to go on.

What was your complaint?

10Greenbottles_2

Hi,

It was a claim against Freedom Finance (but apparently Wilmslow Financial Services) and the FSA ruled against my claim for mis-sold PPI on a loan. It has now gone to FOS but I am wondering if it is likely they will agree with the FSA!

di3004 wrote: »

Hi and welcome

How do you mean the FSA ruled against your claim for ppi?

Who/what company did you complain to about the mis sold ppi?

Just making sure on this first, sorry if I have misunderstood.

dunstonh

It was a claim against Freedom Finance (but apparently Wilmslow Financial Services) and the FSA ruled against my claim for mis-sold PPI on a loan. It has now gone to FOS but I am wondering if it is likely they will agree with the FSA!

The FSA do not handle consumer complaints or make any such ruling like that. You must have your initials wrong.

Again, you haven't given us the complaint reason.

10Greenbottles_2

It was a £25 loan taken out over 7-years. I initially did agree to the PPI because I thought I had to have it or that the loan application would be refused. I was not at any time told that I could seek my own PPI and also I was only sold the PPI for 4-years and was told that I would have to seek my own insurance after, which makes me question whether this was actually the right PPI for me at the time!

I don't have the documentation on me at the moment but it went to a different financial service, which I thought was the FSA, before going to the FOS!

dunstonh wrote: »

The FSA do not handle consumer complaints or make any such ruling like that. You must have your initials wrong.

Again, you haven't given us the complaint reason.

marshallka

Do you mean the FSCS? It if was the FSCS then they probably would not deal with it because they only deal with complaints from Loans taken out since 14th Jan 2005. I am assuming yours was taken out prior to this? (wilmslow went Bump didn't they)

Also some more bad news I am afraid. The FOS would have had no jurisdcition over Freedom Finance/Wilmslow Finance before that date also. They were not signed up to the GISC.

The FSCS would not have ruled against you either, they just would not have been able to look into it unfortunately.

dunstonh

I was not at any time told that I could seek my own PPI

You dont have to be told that. So, that is a not a valid complaint reason.

I was only sold the PPI for 4-years and was told that I would have to seek my own insurance after, which makes me question whether this was actually the right PPI for me at the time!

Normally that would be considered a mis-sale. However, the fact you were told it would only cover 4 years and would have to do it after that could possibly negate the mis-sale as you were made aware of it.

Its likely the only issue you have is that it was single premium. The other points are irrelevant.

src007

10Greenbottles wrote: »

It was a claim against Freedom Finance (but apparently Wilmslow Financial Services) and the FSA ruled against my claim for mis-sold PPI on a loan. It has now gone to FOS but I am wondering if it is likely they will agree with the FSA!

Freedom Finance have changed name to Wilmslow (and have now gone out of business in part because of the consequences of PPI mis-selling!)

Could the letter have been a response from Wilmslow Finance themselves? (was it on their headed paper?)

I've seen them argue that the FSA visited their office when they were selling PPI and they did nothing wrong, etc, etc, etc but this should be ignored. This is the business responding not the FSA.

You will need to contact the FSCS because the FOS can't deal with claims when the firm is not longer trading. As Wilmslow have only just ceased trading it may be a while before the FSCS will be able to take it on. However in the long run the FSCS will be able to evaluate whether the PPI was mis-sold or not.

This is unless the policy was sold before 2005 in which case things will be more difficult!

marshallka

src007 wrote: »

Freedom Finance have changed name to Wilmslow (and have now gone out of business in part because of the consequences of PPI mis-selling!)

Could the letter have been a response from Wilmslow Finance themselves? (was it on their headed paper?)

I've seen them argue that the FSA visited their office when they were selling PPI and they did nothing wrong, etc, etc, etc but this should be ignored. This is the business responding not the FSA.

You will need to contact the FSCS because the FOS can't deal with claims when the firm is not longer trading. As Wilmslow have only just ceased trading it may be a while before the FSCS will be able to take it on. However in the long run the FSCS will be able to evaluate whether the PPI was mis-sold or not.

This is unless the policy was sold before 2005 in which case things will be more difficult!

It was "over" 7 years ago it was sold. Maybe the OP had submitted it to the FSCS and they have dismissed the complaint due to it being taken after 14 Jan (which is what I think happened). They have been told to go to FOS now BUT again FOS cannot help either if taken since 14th Jan cause Wilmslow/Freedom were not members of the GISC (that I do know).

magpiecottage

Freedom Finance Limited still exists but has apparently never been regulated by the FSA. Its registered office (with Companies House) is the one Wilmslow Financial Services plc trades from.

However, it appears that Freedom Finance Limited was once called Wilmslow Financial Services Limited and Wilmslow Financial Services plc was once called Freedom Finance plc.

So it could have been either.

If it was the Ltd, then because the FSA never regulated it, a 2004 sale will be outside FOS jurisdiction.

If it was the plc then Companies House shows it to be in liquidation but it still appears on the FSA register and is not yet listed as in default by the FSCS - so it needs to go to FOS for the time being.

However, even if you get a FOS decision in your favour, there is no FSCS protection for general insurance advice.

Nevertheless, obtaining an FOS award in your favour may be worthwhile if you still owe the PLC money. The reason for this is that an award by an Ombudsman in your favour, if you accepted it, would create a debt that the PLC owed you and you could then set this off against whatever you owed.