Broker not trading anymore

paulo69

Hi all

The IFA who brokered my mortgage and sold me PPI without me knowing isnt trading anymore. Have I got any recourse ?

The mortgage at the time was the Abbey and the PPI provider was paymentshield.

If I have got a right to claim who do I address my correspondence to - Abbey(Santander) or Paymentshield ?

V confused !!

Thanks in advance

Paul

di3004

Hi Paul

I think maybe Dunstonh and/or MagpieCottage will be able to help on this one, good luck.

paulo69

di3004 wrote: »

Hi Paul

I think maybe Dunstonh and/or MagpieCottage will be able to help on this one, good luck.

Thanks Di, I hope so. :T

magpiecottage

We do not know enough about this case.

We would need to know both who the broker was and when it was sold.

paulo69

magpiecottage wrote: »

We do not know enough about this case.

We would need to know both who the broker was and when it was sold.

Hi Magpie

The broker was 'Audrey Dyson Mortgages' - a local IFA who appears to not be trading anymore

The mortgage (and PPI) was opened 17/03/2003 and I moved mortgages to another provider 13/06/2008. After realising I cancelled the PPI soon after

I hope you can help

Cheers

Paul

dunstonh

If I have got a right to claim who do I address my correspondence to - Abbey(Santander) or Paymentshield ?

Neither of those have any liability. So, you cant complain to them. It is the IFA.

Looking at the FSA register, it doesnt look like they were IFAs but mortgage advisers. They were appointed representatives of BDS Mortgage Group Limited who ceased being authorised in July 2011. However, when you took your policy out in 2003, they were appointed reps of Marine and General Mutual Life Assurance Society. So, that last one could have liability.

General rule of thumb with MPPI and IFAs is that if it was set up with monthly premium, you were eligible for cover and had a financial need then a complaint would almost certainly be rejected. It's the single premium and ineligible people that see the successes on MPPI.

Your complaint, even if you can make it, is likely to fail given your reasons. You cannot set up a paymentshield MPPI without you knowing. Paymentshield send all the documentation direct and not via the adviser. When did you cancel the paymentshield MPPI? If it was after a couple of months, then your complaint has some weight to it. If it is after a number of years then less so.

paulo69

dunstonh wrote: »

Neither of those have any liability. So, you cant complain to them. It is the IFA.

Looking at the FSA register, it doesnt look like they were IFAs but mortgage advisers. They were appointed representatives of BDS Mortgage Group Limited who ceased being authorised in July 2011. However, when you took your policy out in 2003, they were appointed reps of Marine and General Mutual Life Assurance Society. So, that last one could have liability.

General rule of thumb with MPPI and IFAs is that if it was set up with monthly premium, you were eligible for cover and had a financial need then a complaint would almost certainly be rejected. It's the single premium and ineligible people that see the successes on MPPI.

Your complaint, even if you can make it, is likely to fail given your reasons. You cannot set up a paymentshield MPPI without you knowing. Paymentshield send all the documentation direct and not via the adviser. When did you cancel the paymentshield MPPI? If it was after a couple of months, then your complaint has some weight to it. If it is after a number of years then less so.

Thanks Dunstonh. She told me at the time that if I took out the PPI that there was more chance my application would be accepted by Abbey (at the time). She also recommended Paymentshield as she said she would get commission from them (in retrospect, massive financial naivety on my part at the time but she seemed really nice and I wanted to do her a favour as she was helping me get a mortgage as at the time I had had a few credit problems) I cancelled it a few months after I moved the mortgage as I was looking through the list of my DDs and didnt recognise the reference. In all honesty, I'd forgotten all about it

Doesn't sound likely I'll be able to claim which is unfortunate. Thanks for your help guys, really appreciate your time.

magpiecottage

dunstonh wrote: »

They were appointed representatives of BDS Mortgage Group Limited who ceased being authorised in July 2011. However, when you took your policy out in 2003, they were appointed reps of Marine and General Mutual Life Assurance Society. So, that last one could have liability.

Unfortunately for you, neither of them will have.

These firms were only responsible for the sale of life assurance, pensions and investments by the broker. Sales of the PPI will have been arranged separately.

Under the transitional rules when the General Insurance Standards Council ceased and the FSA took over the regulation of general insurance, the "principal" firm cannot be taken to FOS for complaints that relate to advice that it did not, at the time, take responsibility for on behalf of the adviser. So if you have a missold endowment it is responsible or a PPI taken out on or after 14 January 2005 but no PPI before that date.

The actual firm that advised you can only be taken to FOS over a GISC regulated complaint if it was ever subject to FOS jurisdiction in some other capacity. This firm was not.

Therefore the only action available to you would be to track down Mrs Dyson personally and, if necessary, take her to court.

paulo69

magpiecottage wrote: »

Unfortunately for you, neither of them will have.

These firms were only responsible for the sale of life assurance, pensions and investments by the broker. Sales of the PPI will have been arranged separately.

Under the transitional rules when the General Insurance Standards Council ceased and the FSA took over the regulation of general insurance, the "principal" firm cannot be taken to FOS for complaints that relate to advice that it did not, at the time, take responsibility for on behalf of the adviser. So if you have a missold endowment it is responsible or a PPI taken out on or after 14 January 2005 but no PPI before that date.

The actual firm that advised you can only be taken to FOS over a GISC regulated complaint if it was ever subject to FOS jurisdiction in some other capacity. This firm was not.

Therefore the only action available to you would be to track down Mrs Dyson personally and, if necessary, take her to court.

Thanks for all your help. It's unfortunate but I'll survive