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Help! i need advice please on my PPI
robbiewright11
Posts: 2 Newbie
Hi i am trying to reclaim some PPI from Studio. i have emailed them numerous times and now i need some help. i recently recieved this email....
Dear Miss Danielle Turner
Thank you for providing us the opportunity to review the sale of Payment Protection plus Property that was added to your account on 14 September 2004.
My investigation has highlighted that the policy was sold prior to regulation of insurance mediation, which first became a Financial Services Authority regulated activity on 14 January 2005. This means, the rules set by the current regulator regarding the sale of Payment Protection, the Financial Conduct Authority, are not applicable in this instance, so I cannot take these into consideration during my assessment.
Prior to regulation, we were not members of the General Insurance Standards Council (GISC), nor the Association of British Insurers (ABI), therefore we were not bound by any code of practice, so I cannot take these guidelines into consideration. It is important to inform you that insurance sales prior to 14 January 2005 were unregulated, meaning the industry was self-regulated.
In conclusion, as we were self-regulated at the time of the policy being sold to you, given the fact that I hold no evidence to suggest that our policies or procedures were not followed, I am unable to conclude that your complaint should be upheld. I am sorry for any disappointment this may cause, but I trust you will understand my reasons for rejecting your complaint.
This letter is considered to be our final decision under our Complaints Procedure, a copy which is enclosed. Under regulation, I am required to provide you with the referral rights to approach the Financial Ombudsman Service, That said; I do feel that it is prudent to let you know that the Financial Ombudsman Service may not have jurisdiction to consider your complaint as it surrounds events prior to 14 January 2005.
In the event that you wish to approach the Financial Ombudsman Service, you must do this within six months from the date of this letter.
Kind regards
Joel Gaskill
Complaints Handler
Customer Relations
Please can anyone tell me if i still have a claim, i thought there was no time scale and the fact they were not members of any regulators makes me think its even worse. i was miss sold this at the time they kept mentioning my living status, as i was at the time a single working mother. i was given the hard sell until i gave in but i dont recall actually seeing any documentation. any advice would be greatly appriciated.
Thanks
Dear Miss Danielle Turner
Thank you for providing us the opportunity to review the sale of Payment Protection plus Property that was added to your account on 14 September 2004.
My investigation has highlighted that the policy was sold prior to regulation of insurance mediation, which first became a Financial Services Authority regulated activity on 14 January 2005. This means, the rules set by the current regulator regarding the sale of Payment Protection, the Financial Conduct Authority, are not applicable in this instance, so I cannot take these into consideration during my assessment.
Prior to regulation, we were not members of the General Insurance Standards Council (GISC), nor the Association of British Insurers (ABI), therefore we were not bound by any code of practice, so I cannot take these guidelines into consideration. It is important to inform you that insurance sales prior to 14 January 2005 were unregulated, meaning the industry was self-regulated.
In conclusion, as we were self-regulated at the time of the policy being sold to you, given the fact that I hold no evidence to suggest that our policies or procedures were not followed, I am unable to conclude that your complaint should be upheld. I am sorry for any disappointment this may cause, but I trust you will understand my reasons for rejecting your complaint.
This letter is considered to be our final decision under our Complaints Procedure, a copy which is enclosed. Under regulation, I am required to provide you with the referral rights to approach the Financial Ombudsman Service, That said; I do feel that it is prudent to let you know that the Financial Ombudsman Service may not have jurisdiction to consider your complaint as it surrounds events prior to 14 January 2005.
In the event that you wish to approach the Financial Ombudsman Service, you must do this within six months from the date of this letter.
Kind regards
Joel Gaskill
Complaints Handler
Customer Relations
Please can anyone tell me if i still have a claim, i thought there was no time scale and the fact they were not members of any regulators makes me think its even worse. i was miss sold this at the time they kept mentioning my living status, as i was at the time a single working mother. i was given the hard sell until i gave in but i dont recall actually seeing any documentation. any advice would be greatly appriciated.
Thanks
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Comments
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Please can anyone tell me if i still have a claim
You have made your complaint. They have rejected your complaint as being pre-regulation (which it is).i thought there was no time scale and the fact they were not members of any regulators makes me think its even worse.
There is no timescale going back with banks as they had earlier bodies that get treated as continuous regulation. However, for many others, regulation only started in January 2005 and they do not have to consider complaints on pre-Jan 2005 sales.
You also get no access to the FOS on pre 2005 sales with unregulated companies.i was miss sold this at the time they kept mentioning my living status, as i was at the time a single working mother.
That is not a mis-sale reason. That seems like a valid justification.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you for replying to my post. let me just clarify anything.
It wasnt the case, it was aggresive and quite scary.You have made your complaint. They have rejected your complaint as being pre-regulation (which it is).
The email states its pre regulation. does that mean i dont have a leg to stand on?
That is not a mis-sale reason. That seems like a valid justification.
I have complained to the ombudsman but i fear they may not have any Jurustriction. i might have to take this to court. i had been paying PPI for 9years. i dont remember ever agreeing to it and at the time i didnt even know what PPI stood for!0 -
It wasnt the case, it was aggresive and quite scary.
Why did you not complain at the time? Nine years later and the reason lacks evidence and credibility.I have complained to the ombudsman but i fear they may not have any Jurustriction.
They dont.i might have to take this to court.
On what basis has the law been broken? Remember that court case successes are rare and that the PPI issue is not a legal one. The onus will be on you to prove wrongdoing in law.
I understand you are not happy with the outcome but there is little left to do. There is only a tiny window where the insurer may accept the liability for the sale. It happens in a really small number of cases of pre-regulated sales. I dont believe this applies here from my memory of past complaints about Studio posted on this board.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Why did you not complain at the time? Nine years later and the reason lacks evidence and credibility.
They dont.
On what basis has the law been broken? Remember that court case successes are rare and that the PPI issue is not a legal one. The onus will be on you to prove wrongdoing in law.
I understand you are not happy with the outcome but there is little left to do. There is only a tiny window where the insurer may accept the liability for the sale. It happens in a really small number of cases of pre-regulated sales. I dont believe this applies here from my memory of past complaints about Studio posted on this board.
Well based on that response you may aswell go through a no win no fee CMS! or even call the FOS yourself and verify the statement made in the letter you received??0 -
Well based on that response you may aswell go through a no win no fee CMS!
What do you think a CMC can do that the individual cant?or even call the FOS yourself and verify the statement made in the letter you received??
The statement is correct. Insurance regulation started 14th Jan 2005.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Aside from a CMS not being able to magic law changes, if you have done a complaint already and go with a CMS, they'll probably end up billing you for their time when they realise you have already had a complaint raised and rejected assuming they don't reject it out of hand
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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robbiewright11 wrote: »i was given the hard sell until i gave inrobbiewright11 wrote: »it was aggresive and quite scary.
i dont remember ever agreeing to it and at the time i didnt even know what PPI stood for!
Not sure how you can be given the hard sell, but then not remember agreeing to take it out. If you're going to take this to court (bad idea by the way), you might need to be a bit clearer about what your complaint is.0 -
so you probably had a need for PPI anyway!robbiewright11 wrote: »i was miss sold this at the time they kept mentioning my living status, as i was at the time a single working mother.0 -
OP, just move on, you are just banging your head against a brick wall.
You have no case and no matter how many time you post, you have nowhere to go with this.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
You've already been advised that the Ombudsman has no jurisdiction.robbiewright11 wrote: »I have complained to the ombudsman but i fear they may not have any Jurustriction.
No law has been brokenrobbiewright11 wrote: »i might have to take this to court.
It is not somehow "wrong" to have insurance.robbiewright11 wrote: »i had been paying PPI for 9years.
You'll need far better evidence than that to win in court.robbiewright11 wrote: »i dont remember ever agreeing to it and at the time i didnt even know what PPI stood for!
This is really poor advice. A claims company just represents people who feel they cannot complain alone, it has no extra power to influence the eventual outcome. In addition, as "Nasqueron" says, a claims company cannot be employed to make the same complaint again.Well based on that response you may aswell go through a no win no fee CMS! or even call the FOS yourself and verify the statement made in the letter you received??
As for calling FOS to confirm that they can do nothing in this instance, that's clearly a waste of the OP's time and the Ombudsman's.0
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