Dfs rejection due to pre FSA regulation.

BEAT_THE_DEBT

Hi dfs have rejected my claim as the policy was taken out before FSA regulations. I understand what they are saying but other banks have paid out pre this period?
They also said i would have had the paperwork to read and a time to cancel again i understand. They said i can write to someone else at the company is it worth it?
Thanks in advance
Btd x

[Deleted User]

BEAT_THE_DEBT wrote: »

Hi dfs have rejected my claim as the policy was taken out before FSA regulations. I understand what they are saying but other banks have paid out pre this period?

Most Banks were regulated pre-2005, which explains the discrepancy.
However, don't give up, if the letter gives you the option of pursuing your complaint with someone else at the company then do so (assuming you have strong valid complaint reasons).

dunstonh

Hi dfs have rejected my claim as the policy was taken out before FSA regulations. I understand what they are saying but other banks have paid out pre this period?

I have been FSA regulated (or predecessor regulator) for nearly 20 years. Yet I only became regulated for insurance in 2005. So, I could reject pre 2005 complaints on insurance as being pre-regulation if I got any. The banks were members of a different body prior which was moved under FSA regulation so you have a continuation. Many firms were not.

[Deleted User]

dunstonh wrote: »

I have been FSA regulated (or predecessor regulator) for nearly 20 years. Yet I only became regulated for insurance in 2005. So, I could reject pre 2005 complaints on insurance as being pre-regulation if I got any. The banks were members of a different body prior which was moved under FSA regulation so you have a continuation. Many firms were not.

Thanks for elaborating on my earlier reply!

BEAT_THE_DEBT

Thanks both x

BEAT_THE_DEBT

Any idea what i could write i was thinking just to say i dont agree with the fact i was given paperwork to read i believe that they sold me the sofa talking about the leather the quality blah blah blah so the ppi should have been sold with some verbal explanation.??

dunstonh

BEAT_THE_DEBT wrote: »

Any idea what i could write i was thinking just to say i dont agree with the fact i was given paperwork to read i believe that they sold me the sofa talking about the leather the quality blah blah blah so the ppi should have been sold with some verbal explanation.??

If they were not regulated by a predecessor body prior to FSA regulation starting in 2005 then it doesnt matter what you say. It is not the content of your complaint that is the issue. It's the fact there were no regulations for them to follow beyond standard retail requirements. PPI is very much an FSA issue and not a legal or retail issue.

magpiecottage

When was the policy taken out?