NatWest ppi rejection

thehistorygirl

i received a reply back from NatWest today rejecting my claim that they missold ppi when I took out a credit card with them in 2003. The reason for the rejection is that is was sold as non-advised. The letter states,
"under guidance and regulation at the time of the sale pur sales process for PPI was on a non-advised basis and the staff member was required to have brought to your attention the key features and benefits of the PPI along with any key exclusions the policy may have. In an advised sale the member of staff you spoke to woild have had to understand your personal circumstances to ensure the policy was suitable. To do this they would have needed to have asked you a detailed set of questions about your personal circumstances and any existing arrangements that you may have had, as opposed to just explaining the key points to you.

So in summary I can confirm that whilst you ought to have had the key features, benefits and exclusions of the policy explained to you, and should have been asked questions to establish your eligibilty for the product, this did not constitute giving advice, although I can understand why you may have perceived that you were given advice"

At the time I was working 17 hours a week and had no medical problems. They have sent me a copy of the t&c that were in force at the time and i cannot see any exclusion for part-time work. I would have been paid sick pay by my employer and in addition I had comprehensive life cover with critical illness cover running. I took the card out in an office and was pretty much told to sign here, here and here and I really cannot recall being given much time to make an informed decision. Whilst I cannot recall the exact conversation we had about ppi, I do remember feeling that it was presented to me in a way that made it difficult to refuse.

They sent me a copy of the application form that i originally signed and the bit about ppi states, "...we recommendthat you read te Terms and Conditions within the enclosed General Conditions and take out this cover ". In addition, having just read through the photocopied policy document that has been sent with the rejection letter, there is no mention anywhere of how much the ppi would cost every month.

Is it worth me taking this further as this letter apparently is their final response? Any ideas would be gratefully received.

societys_child

To recommend you take the insurance is not mis-selling.

In addition, having just read through the photocopied policy document that has been sent with the rejection letter, there is no mention anywhere of how much the ppi would cost every month.

The cost per month depends on your outstanding balance (normally around 75p per £100) If you pay the balance off every month, you pay no ppi.

thehistorygirl

However, there is no mention of this cost anywhere - not on the credit card application nor on the certificate of insurance which they have kindly sent me a copy of. If I was unaware of the cost, how could I make an informed decision as to whether the policy was suitable or affordable? Moreover, I believe that NatWest signed up to the GISC guidelines [Principle 3.4] which states that they must provide full details of the costs of the insurance. The credit card was also take out in person at a branch and where they say it was 'non-advised', I distinctly remember being given the hard sell and felt pressured into taking it out.

-taff

Even if they say it was non-advised, you can argue that in that sitaution, it could appear to the layman that they were being advised, so that's how you interpreted it.
Add in you werern't made aware of the cost either.
If that was a final response and they included an ombudsman form, your next step is the FOS

[Deleted User]

thehistorygirl wrote: »

I believe that NatWest signed up to the GISC guidelines [Principle 3.4] which states that they must provide full details of the costs of the insurance. The credit card was also take out in person at a branch and where they say it was 'non-advised', I distinctly remember being given the hard sell and felt pressured into taking it out.

I think you're on a loser trying to say that you weren't provided with the cost based only on copies of documents the Bank sent you as evidence.

However, if you feel you still have a case then refer your complaint to FOS.

dunstonh

he credit card was also take out in person at a branch and where they say it was 'non-advised', I distinctly remember being given the hard sell and felt pressured into taking it out.

Doesnt make it advised. They would have to cross the line into advised for it to be classed as advised or be regulated as an adviser in the first place. Advised cases actually have a very low success rate on PPI complaints. PPI is not viewed as an adviser failing. It is viewed as a non-advised distribution failing. However, some cases do see non-advised people crossing the line and getting the case treated as it was advised.