Mortgage Broker

emmasimmi21

I took out my mortgage with a mortgage broker but my mortgage broker has now retired am I still able to try and claim if i've been mis sold PPI?

roonaldo

If sold post 14 Jan 2005 you can refer it to the FSCS (financial services compensation scheme). If prior to that you are out of luck.

dunstonh

Couple of stats you need to be aware of if this is a post 2005 case.

1 - The FSCS only upheld 5% of complaints against mortgage advisers.
2 - The FOS stats show just 0.2% of PPi complaints they have are advised
3 - Mortgage PPI has the lowest uphold rate of any type of PPI (mainly as most are set up correctly as monthly premium and away from the mortgage - single premium added to mortgage is where the main failure is)

So, why do you think you were mis-sold?

emmasimmi21

Thanks it was post 2005 :-( I know I took it out and just thought if banks can mis sell so can a broker. Thanks anyway

dunstonh

I know I took it out and just thought if banks can mis sell so can a broker.

Yes they can as anyone can mis-sell any product potentially. Although the figures do show that advised cases are a tiny minority. There are various reasons for this (such as advisers having better audit trails which would include a statement of demands and needs, dealing with a debt which is considered best advice to have insurance cover on, MPPI is nearly always set up correctly etc)

magpiecottage

Why do you think you were missold a policy which could have meant the difference between continuing to live in your home and finding yourself on the street if you lost your income?