ppi pre 2005

confusedscot

Hello,
I had asked the Capital Credit Union for information on two loans that I had with them in the past. They wrote back to me with no account numbers or anything but saying that one loan did not have ppi but the other one did. However they said that because it was paid off before 2005 it "cannot be claimed back according to the F.S.A" I know that I can still claim but does anyone know where I could find information on the FSA judgement so that I can quote that in my letter of reply? I am wondering however, whether to bother as I do not have any copies of the agreements or anything for the loan, any suggestions please?

thanks

dunstonh

I know that I can still claim but does anyone know where I could find information on the FSA judgement

There is no FSA judgement.

If the firm was FSA regulated prior to 2005 then you can complain. If it was a member of another body, such as the GISC then you can still complain. If it only became regulated by the FSA in 2005 and there was no previous body involved then you cannot complain.

confusedscot

thank you very much for that information, I will keep at them!

dunstonh

When did they become regulated by the FSA? it will say on the FSA register

[Deleted User]

dunstonh wrote: »

When did they become regulated by the FSA? it will say on the FSA register

Isn't it likely that what Capital Credit Union have said in their letter to the OP is the truth? If they say they weren't regulated pre-2005, should the OP continue to believe otherwise?

confusedscot

even more confused now! i looked up the fsa register and they have been authorised since july 2002.

[Deleted User]

confusedscot wrote: »

even more confused now! i looked up the fsa register and they have been authorised since july 2002.

Authorised or regulated?

What exactly does the letter from Capital Credit Union say?

confusedscot

on the register it says authorised, on their recent paperwork it says 'authorised and regulated'
Letter says

"We have checked your account and find that you had 1 loan with PPI, but as these were repaid prior to January 2005 these cannot be claimed back according to the F.S.A"

Hope that makes things a bit clearer

[Deleted User]

confusedscot wrote: »

Hope that makes things a bit clearer

Someone at that Lender seems to have lines crossed.
If the firm was FSA regulated prior to 2005 then you can complain.Contact FOS and confirm.

magpiecottage

Moneyineptitude wrote: »

Someone at that Lender seems to have lines crossed.
If the firm was FSA regulated prior to 2005 then you can complain.Contact FOS and confirm.

Not quite.

Prior to 2005 general insurance, including PPI, was not regulated by the FSA.

If the firm subscribed to the General Insurance Standards Council's code of practice at the time of the sale and at any time was directly regulated by the FSA then you can complain to FOS.

The latter of those two requirements applies but it is not clear about the former.

Mark_123

Another thing that is often missed is that the concept of an advised sale did not exist pre Jan 2005. Also people often incorrectly state that firms should have advised alternatives were available in the market.