Financial Advisors Query

jks211172

Hello - Really hope somebody can help me, We had a 98K mortgage with Northern Rock which was paid in full in 2004, I queried whether PPI was miss-sold and I have had a response from Northern Rock saving that they are not liable for the fact that I was miss-sold PPI as it was sold to me by an independent financial advisor.

I have argued the case with them that he was acting on their behalf as an agent licensed to sell their product and that he advised my and my wife that taking the insurance out would enhance the chance of a mortgage offer, but Northern Rock are just saying that it is not their issue.

The financial advisor has disappeared of the face of the earth and I am just wondering if there is anymore I can do or just accept defeat.

societys_child

it was sold to me by an independent financial advisor

Independent, so nothing to do with NR.

dunstonh

I queried whether PPI was miss-sold and I have had a response from Northern Rock saving that they are not liable for the fact that I was miss-sold PPI as it was sold to me by an independent financial advisor.

IFAs didnt become regulated until January 2005.

I have argued the case with them that he was acting on their behalf as an agent licensed to sell their product and that he advised my and my wife that taking the insurance out would enhance the chance of a mortgage offer, but Northern Rock are just saying that it is not their issue.

An IFA is an agent of the client. Not an agent of the insurance company or lender. NR have no liability for the actions or advice given by a third party.

The financial advisor has disappeared of the face of the earth and I am just wondering if there is anymore I can do or just accept defeat.

Game over.

On the plus side, you almost certainly would not have won your complaint even if it was post regulation and the IFA was still around. IFAs only account for just 1% of complaints at the FOS (despite being the dominant distribution channel) and the majority of complaints they deal with are rejected. Plus, MPPI has the lowest success rate of any type of PPI on complaints as it is regarded as the one PPI that is worth having. So, you havent missed out on anything.