Chasing underwriters - any updates

ianhillwoodville

Hi all,

Well after eight weeks have heard back from the underwiters for my secured loan with GE saying we didn't sell it talk to GE. So no change there.

Before I send my questionnaire to the FOS two questions:

1) Has anyone had an update from FOS about Cardif Pinnacle (the underwriters). When I spoke to Cardif on Tuesday they said there were legal negotiations going on between GE and Cardif and FOS that would take about twelve weeks to solve. 48 hours later I get a final response and when ringing them they deny all knowledge of such discussions so any updates would be most welcome.

2) Does anyone have a link to a copy of the GISC code relating to taking sales from unregulated intermeidaries just so I can quote it in my questionnaire.

As ever many thanks.

roonaldo

I remember your initial post, the sale was in 2004 and GE didnt subsribe to GISC code as it was just a voluntary code (which is a big fat get out of jail free card). but anyway, its:



General Insurance Standards Council (GISC) (from 2001)

The General Insurance Standards Council (GISC) promised in its Code that its members would:

- act fairly and reasonably when we deal with you [the customer];

- make sure that all our general insurance services satisfy the requirements of this Private Customer Code;

- make sure all the information we give you is clear, fair and not misleading;

- avoid conflicts of interest or, if we cannot avoid this, explain the position fully to you;

- give you enough information and help so you can make an informed decision before you make a final commitment to buy your insurance policy.

The GISC Code provisions included:
[3]
We will give you enough information and help so you can make an informed decision before you make a final commitment to buy your insurance policy.

[3.2]
We will make sure, as far as possible, that the products and services we offer you will match your requirements ...

• If it is practical, we will identify your needs by getting relevant information from you.
• We will offer you products and services to meet your needs, and match any requirements you have.
• If we cannot match your requirements, we will explain the differences in the product or service that we can offer you.
• If it is not practical to match all your requirements, we will give you enough information so you can make an informed decision about your insurance.

[3.3]
We will explain all the main features of the products and services that we offer, including ...

• any significant or unusual restrictions or exclusions;
• any significant conditions or obligations which you must meet.

[3.4]
We will give you full details of the costs of your insurance.

[3.5]
If we give you any advice or recommendations, we will:

• only discuss or advise on matters that we have knowledge of;
• make sure that any advice we give you or recommendations we make are aimed at meeting your interests; and
• not make any misleading claims for the products or services we offer or make any unfair criticisms about products and services that are offered by anyone else.