PPI - Future Mortgages 2004-2007 - Their word v mine?

Marty_Hopkirk

An interesting and well researched article from earlier this year, seems little has changed with respect to CMCs activities over the past three years.

http://www.heraldscotland.com/business/personal-finance/claims-firms-fuel-complaints-surge-as-pba-becomes-the-new-ppi.115806740

Going forward, will we see CMCs claiming off each other?

Marty...

addedvaluebob

Marty_Hopkirk wrote: »

An interesting and well researched article from earlier this year, seems little has changed with respect to CMCs activities over the past three years.
Marty...

Weak research and little new or of substance just regurgitating old facts.

magpiecottage

addedvaluebob wrote: »

Weak research and little new or of substance just regurgitating old facts.

Copper? Kettle?

addedvaluebob

Hello Pot.

magpiecottage

addedvaluebob wrote: »

I know that the financial advice industry still fails to meet regulatory requirements and this idea of holding them up as some form of paragon of fairness is far from the truth.

Are you then arguing that it is okay for your beloved CMCs to rip off the public because some financial advisers do?

In answer to the suitability report making the charges clear to customers

COBS 9.4.7 specifies that a suitability report must "at least:
(1) specify the client's demands and needs;
(2) explain why the firm has concluded that the recommended transaction is suitable for the client having regard to the information provided by the client; and
(3) explain any possible disadvantages of the transaction for the client."

I do not see anything about charges there. However, they will be clearly specified in the personalised illustration - whic is produced by the provider.

let's have look at some facts from FCA thematic reviews last year

I am quite happy to discuss the shortcomings of financial advisers - but on the appropriate board. I am not prepared to allow you to use that to deflect from the fact that CMCs deceive consumers into believing they offer a benefit of any real value.

lets have a look at another thematic review from last year concerned with pension transfer advice

Ditto

addedvaluebob

But the point is that financial advisers deceive people and charge fees without adding any benefit.

Your comment about adviser charges not being included in the suitability report and 'of course' this is included in the personalised illustration is disingenuous. You just take off the back page. Given that I have seen cases where the adviser produced two reports (one for the client and one for the compliance department) your statement is it okay etc is somewhat moot. Some FA's rip people off and so do some CMC's.

Marty_Hopkirk

A slice of comedy gold from a CMC T&Cs:

Example A: All compensation is “cash in hand” Compensation includes “cash in hand” award with future installment reduction Example C: Compensation is used to offset arrears consumer has on credit card or loan Total Compensation £1,000.00 Total Compensation £1,000.00 Total Compensation £1,000.00 Of which cash is £1,000.00 Of which cash is £650.00 Of which cash is £0.00

Loan reduction £350.00 Set off arrears £1,000.00 Fee charged @ 35% of whole offer £350.00 Fee charged @ 35% of the cash award £227.50 Fee charged @ 35% of whole offer £350.00 Consumer receives £650.00 Consumer receives £422.50 Consumer pays £350.00 (and no reduction in loan as it is already paid off in full) (and a reduction of £1,200 in future loan installments) (and a reduction of £1,800 in their outstanding arrears balance)

Marty_Hopkirk

addedvaluebob wrote: »

Weak research and little new or of substance just regurgitating old facts.

The words you are searching for are, the truth hurts.

Marty...

addedvaluebob

No, the reality is that you have little if any understanding of financial services mis-selling beyond chancing your luck with five mis-selling cases that apparently all managed to sneak past the terms and conditions that you have previously agreed that you read before signing. To be mis-sold to once may be considered unfortunate to be mis-sold to five times could be considered carelessness.

For a real slice of comedy gold look at the fines issued to the banks last week for fiddling the foreign exchange rates that have cost all of us millions in fines for lying and manipulating the moneymarkets

Marty_Hopkirk

addedvaluebob wrote: »

No, the reality is that you have little if any understanding of financial services mis-selling beyond chancing your luck with five mis-selling cases that apparently all managed to sneak past the terms and conditions that you have previously agreed that you read before signing. To be mis-sold to once may be considered unfortunate to be mis-sold to five times could be considered carelessness.

@addedvaluebob get your facts and numbers correct, why do you keep quoting 5?

Marty...