Mis Sold Mortgage PPI

Krystle1983

I would really like to hear from anyone who has had to claim mis sold PPI through a Independent Finbancial Advisor. I am very confused at the moment as my actual policy is with Santander. They have reviewed my claim and have recently sent a letter stating that as the policy was started through a IFA they take no responsibility for the claim. However, it is Santander that have a substantial amount of our money??? Is this possible? I have contacted the IFA we used and they are looking into our claim. I am very concerned that they will also say they are not responsible. I would like any advice from people who may have experienced something similar. I am considering going to the Financial Ombudsman for advice as I fear I am not going to get the money I am rightfully owed

Please help!!!

magpiecottage

Why do you think it was missold?

Generally PPI for a mortgage is considered to be sound advice as the consequence of failing to meet the payments is potentiallly homelessness.

dunstonh

I would really like to hear from anyone who has had to claim mis sold PPI through a Independent Finbancial Advisor.

There have been attempts. Although the volume is low and the success rate lower. To put some context on it, the largest IFA network & compliance company (by a mile with around 1/3rd of advisers) had just 16 complaints with the FOS in the last period.

I am very confused at the moment as my actual policy is with Santander. They have reviewed my claim and have recently sent a letter stating that as the policy was started through a IFA they take no responsibility for the claim.

The person that advises on the policy has the liability.

However, it is Santander that have a substantial amount of our money??

What your savings or current account balance is has no impact on your complaint.

I have contacted the IFA we used and they are looking into our claim. I am very concerned that they will also say they are not responsible.

If it was before 2005, then its a very good chance. If it was not then you would need some pretty good complaint reasons as advised cases tend to have the audit trail that the non-advised cases of PPI (like loan and credit card) lack and cause them to have such greater payouts.

I would like any advice from people who may have experienced something similar.

You havent actually said what your reasons for complaint are. So, we cant really help until you do.

I am considering going to the Financial Ombudsman for advice as I fear I am not going to get the money I am rightfully owed

Who says you are rightfully owed anything. Also, you cannot circumvent the complaints process by going to the FOS without waiting for the IFA to respond.

magpiecottage

A pre 2005 complaint about PPI against an IFA might be accepted by FOS if they have been directly regulated by the Financial Services Authority, or Personal Investment Authority, at any time if they also subscribed to the Mortgage Code and/or the GISC code at the time of the sale.

However, to give an idea of how likely it is, the cases I have dealt with against IFAs over MPPI to date have all either been compliant sales and good advice or not been PPI at all.