FSA Definition PPI

WETHINK

What is the legal definition of PPI according to FSA are is your Bank or even the Ombudsman declining your claim ?

The FSA define Payment Protection Insurance as 43A non-investment
insurance contract which has elements of a general insurance contract and
the benefits of which are described as enabling a policyholder to protect
his ability to continue to make payments due to third parties, or can
reasonably be expected to be used in this way.
For ease of reference (FSA Handbook Glossary)


1. FSA define Non-investment Insurance Contract as non-investment
insurance contract
33a contract of insurance which is a general insurance contract or a pure
protection contract but which is not a long-term care insurance contract.
For ease of reference (FSA Handbook Glossary

2. FSA define General Insurance Contract as general insurance contract (in
accordance with article 3(1) of the Regulated Activities Order
(Interpretation: general)) any contract of insurance within Part I of
Schedule 1 to the Regulated Activities Order (Contracts of general
insurance), namely:
(a) accident (paragraph 1); (b) sickness (paragraph 2); (c) land vehicles
(paragraph 3); (d) railway rolling stock (paragraph 4); (e) aircraft
(paragraph 5); (f) ships (paragraph 6); (g) goods in transit (paragraph
7); (h) fire and natural forces (paragraph 8); (i) damage to property
(paragraph 9); (j) motor vehicle liability (paragraph 10); (k) aircraft
liability (paragraph 11); (l) liability of ships (paragraph 12); (m)
general liability (paragraph 13); (n) credit (paragraph 14); (o)
suretyship (paragraph 15); (p) miscellaneous financial loss (paragraph
16); (q) legal expenses (paragraph 17); (r) assistance (paragraph 18).2

For ease of reference (FSA Handbook Glossary)


Please get in touch if your claim is being turned down as according to the above definition provided by the FSA, PPI covers a multitude of scenarios particularly if you were Sold some form of Insurance policy to protect your ability to make payments due to Third Parties.

This is particularly relevant if you have previously tried to make a Claim on the Policy and your claim has been rejected. I suggest that anyone that has had their claimed turned down for whatever reason you immediately issue a further Complaint as it seems a Huge % of claims are being turned down.

We Think this is a Scandal and Banks should be forced immediately to simple settle. In 2008 The Government decided to Make Good all the Banks bad Assets, but the Banks are not following through with this goodwill to the General Public and settling claims, but delaying delaying. Make a Stand and if everyone continues to complain and the systems grinds to a halt perhaps the powers that be will listen to the General People and simply settle.

You be the judge

dunstonh

Please get in touch if your claim is being turned down as according to the above definition provided by the FSA, PPI covers a multitude of scenarios particularly if you were Sold some form of Insurance policy to protect your ability to make payments due to Third Parties.

The definition of a type of product should have no impact on a complaint being made. It doesnt matter if it is short term insurance, long term insurance, assurance or investment backed. The ability to set up incorrectly or correctly applies to all.