who do we claim from

martin73

We are wanting to try to reclaim MPI. We obtained the mortgage and insurance from a independant financial advisor. Do we need to claim them or the actual MPI company? Thanks.

dunstonh

You complain to the IFA as they gave the advice. Not the insurer. Remember that you are not complaining about the product but complaining about the advice.

However, you need to be aware that unlike banks, IFAs should have a much better audit trail and the MPPI issue is nowhere near as great as other types of PPI. To give you an idea of how little the issue is for IFAs, the UKs biggest IFA network/compliance company had just 16 PPI complaints with the FOS in the last period.

It is much easier for an IFA to reject the complaint as there should be a factfind, needs analysis and report. All these things wont exist on loan and credit card PPI. All the IFA has to do is make sure you are paying monthly, have a financial need and you are eligible. Any unproven verbal allegation you make without evidence would be rejected.

Also, if you bought pre-regulation, you may not be able to have your complaint heard. If you do complain, it goes without question that you will almost certainly be burning your bridges with that IFA and any other in town that they share information with. If you have a valid complain then go for it (they wont share valid complaint information!). However, if you are trying it on and have no valid reason then expect a battle. Some IFAs have been threatening legal action against try-it-on complaints as well.

Why dont you tell us what your complaint reason is and we can tell you if its valid or not. Also, give us the date of purchase so we can tell you if its pre-regulation or not.

martin73

Thanks.
It is unemployment and sickness cover for a 125% mortgage taken out Aug/Sept 2001.

It was only for my wife and not for me and we both work in public sector, I am a civil servant and my wife works for local government. We were both working full time when it was taken out. We both get full pay for 6 months if off sick and half pay for 6 months. The cover will only pay out for 12 months.

dunstonh

Based on 2011/12 ways of doing things it would be mis-sold. The adviser should have ascertained existing benefits before making the recommendation (assuming it was under advice). However, it was take out before general insurance regulation (14th Jan 2005). So, they dont have to consider any complaint made.

magpiecottage

dunstonh wrote: »

Based on 2011/12 ways of doing things it would be mis-sold. The adviser should have ascertained existing benefits before making the recommendation (assuming it was under advice). However, it was take out before general insurance regulation (14th Jan 2005). So, they dont have to consider any complaint made.

Not entirely true. This may be covered by the General Insurance Standards Council's code of practice which came in, if I remember correctly, in July 2001. If the policy was actually applied for before then (remembering it can take a couple of months from applying for the mortgage to completion) then it may not.

You may also have a claim against them under the mortgage code.

However, that depends on them being directly regulated by the FSA at some time. If they have only ever been a network member then they will not fall under FOS jurisdiction.

What is the name of the firm?

dunstonh

Not entirely true. This may be covered by the General Insurance Standards Council's code of practice which came in, if I remember correctly, in July 2001. If the policy was actually applied for before then (remembering it can take a couple of months from applying for the mortgage to completion) then it may not.

You may also have a claim against them under the mortgage code.

However, that depends on them being directly regulated by the FSA at some time. If they have only ever been a network member then they will not fall under FOS jurisdiction.

I hate general insruance regulation terms. It is so much simpler with investment regulation (although that does have the odd quirks - FIMBRA and the different FOS/FSCS dates)