AA Financial Services

pmCg_3

considered reclaiming PPI from AA Financail Services as I had a £12000 loan then charged £3000 for PPi resulting in paying back over £20k. Final payment was made in Jan. 2006 but have been informed that as AA was not covered by FSA until 2005, I cannot claim back any ppi. Anything I can do or am I just unlucky??

di3004

pmCg wrote: »

considered reclaiming PPI from AA Financail Services as I had a £12000 loan then charged £3000 for PPi resulting in paying back over £20k. Final payment was made in Jan. 2006 but have been informed that as AA was not covered by FSA until 2005, I cannot claim back any ppi. Anything I can do or am I just unlucky??

Hiya

Sorry to hear that.
The Financial ombudsman service as you know will be unable to adjudicate against a company not regulated, but you could still try contacting them. They may suggest the Underwriter/insurer avenue as another way and check what liabilities these had with the broker when this was sold to you.
Give it a go, ring the FOS and see what they suggest.
The broker/lender will on request send you a copy of the Insurance details through the post, all details of the Underwriter/Insurer will be enclosed on the documents.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck.

magpiecottage

Who told you that?

I am not sure how the AA divided up its business, it is possible that this was a separate legal entity but the general insurance arm (motor and household) would have been covered by the General Insurance Standards Council code of practice because otherwise almost all insurers would have refused to deal with it. So I would press ahead with your complaint.