Bank or Broker

sapper756

I have just been informed by the ombus man that my claim against alliance and leicester was denied, as they did not sell me the ppi directly. I was sold the ppi by a local property agent, who arranged my mortgage and ppi, as I purchased one of their properties that was for sale. My question is, do I pursue this agency, or the company that provided the ppi, Bennett Gould and partners, or the Bank that oversees this PPI, Lloyds?

any advice would be very much appreciated.

dunstonh

I have just been informed by the ombus man that my claim against alliance and leicester was denied, as they did not sell me the ppi directly.

Have to feel sorry for Santander on this as you have just cost them £800 for doing nothing wrong. When they told you that they did not sell it and had no liability why did you then go to the FOS? It is a waste of time & money for all concerned.

My question is, do I pursue this agency, or the company that provided the ppi, Bennett Gould and partners, or the Bank that oversees this PPI, Lloyds?

Your complaint is about the sale of the product. Not the product itself or the debt it is related to. If a broker sold it then you complain to the broker.

However, be aware that broker/adviser sales only account for under 1% of PPI complaints at the FOS and most are rejected. Plus, MPPI sees most complaints rejected as well. The reasons for this are:
1 - Most broker/advisers were not regulated prior to 14 Jan 2005 (so sales earlier than that dont have to be considered if complained about)
2 - advisers tend to have better audit trails and information to support them. Indeed, the FOS commended IFAs just over a year ago on the quality of their files (seen as a dig at the banks where it is well known that they suffer issues)
3 - MPPI is considered an important product covering a major secured debt with lifestyle changing consequences if it goes unpaid. Unlike credit card and loan. Reasons that work with loan and credit card PPI often fail (for example, FOS has rejected complaints about 6 months full pay, 6 months half pay on MPPI but that is a good reason with loan and credit card).
4 - Most MPPI is standalone monthly direct debit and not factored into the debt and that is how it should be.

sapper756

dunstonh wrote: »

Have to feel sorry for Santander on this as you have just cost them £800 for doing nothing wrong. When they told you that they did not sell it and had no liability why did you then go to the FOS? It is a waste of time & money for all concerned.



Your complaint is about the sale of the product. Not the product itself or the debt it is related to. If a broker sold it then you complain to the broker.

However, be aware that broker/adviser sales only account for under 1% of PPI complaints at the FOS and most are rejected. Plus, MPPI sees most complaints rejected as well. The reasons for this are:
1 - Most broker/advisers were not regulated prior to 14 Jan 2005 (so sales earlier than that dont have to be considered if complained about)
2 - advisers tend to have better audit trails and information to support them. Indeed, the FOS commended IFAs just over a year ago on the quality of their files (seen as a dig at the banks where it is well known that they suffer issues)
3 - MPPI is considered an important product covering a major secured debt with lifestyle changing consequences if it goes unpaid. Unlike credit card and loan. Reasons that work with loan and credit card PPI often fail (for example, FOS has rejected complaints about 6 months full pay, 6 months half pay on MPPI but that is a good reason with loan and credit card).
4 - Most MPPI is standalone monthly direct debit and not factored into the debt and that is how it should be.

don't feel sorry at all for Santander, as they advised me to go to the FOS, and never indicated I should take any other route.
How ever, thank you for your information, very much appreciated.

dunstonh

don't feel sorry at all for Santander, as they advised me to go to the FOS, and never indicated I should take any other route.

They have no choice. Any rejected complaint has to offer you the option to refer your case to the FOS. Surely they gave you the reason for their rejection?

Insider101

sapper756 wrote: »

I have just been informed by the ombus man that my claim against alliance and leicester was denied, as they did not sell me the ppi directly. I was sold the ppi by a local property agent, who arranged my mortgage and ppi, as I purchased one of their properties that was for sale. My question is, do I pursue this agency, or the company that provided the ppi, Bennett Gould and partners, or the Bank that oversees this PPI, Lloyds?

any advice would be very much appreciated.

You complain to the property agent.