PPI from a Financial Advisor

bigcoralboy

My first post as I need help. I had a mortgage with Santander (Abbey National) I recently noticed they had been taking more than my premium out as I an not good at checking my statements. I wirte to them and they advised that as my policy and mortgage was arranged via a finiancial advisor then they were not liable and my redress would be with the finincial advisor. Anyone heard of this and if its true how on earth would I be able to sort that as I dont know their name etc.

dunstonh

Anyone heard of this and if its true how on earth would I be able to sort that as I dont know their name etc.

All mortgages arranged via mortgage brokers and financial advisers are like this. Some key points and questions:

1 - how do you not know who you asked to arrange your mortgage?
2 - if it was before 2005, then you may not be covered
3 - MPPI has a far lower complaints rate than loan/credit card and far fewer complaints are upheld.
4 -Broker/IFA complaints on MPPI (compared to banks) are even fewer as broker/advisers tend to have the audit trail as the product is put in place under an advice process whereas the banks use a sales process. To put that in some perspective, the UKs largest mortgage broker/adviser network & compliance company had just 16 MPPI complaints with the FOS in the last period.

It doesnt mean you were not mis-sold but it does generally mean that you need a good complaint reason that is provable or factual.

What is your reason for complaint?

bigcoralboy

Thanks for the response, I do know the company who arranged the mortgage for me and therefore the PPI what I dont know is the actual name of the advisor. I honestly didnt know that PPI was added I never check bank statements but recently due to this PPI thing I went beack and checked them only to see the main mortgage payment and ten on the same day additional £26 going out to AN Paymentcare never knew I was paying this.

bigcoralboy

Anyone any advice?

amersall

If you ask the company,would they know who the advisor was?,may be worth asking them.

dunstonh

The company that arranged the mortgage is who you can complain to. The adviser would have worked for them. However, when was this (pre 2005 rule could apply)?

Also, your complaint reason is very weak and an easy one to be rejected on that alone. It is a verbal allegation and anyone can say anything after the event. Documentation is King and they will have a lot to show that you were told and aware of it.

magpiecottage

What is the name of the firm that the adviser worked for?