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Ombudsman Turns down my PPI Claim

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  • Ratsie616
    Ratsie616 Posts: 1 Newbie
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    Hi


    I took out a loan with Ocean Finance prior to the regulation with the FOS, the FOS recommend that I try to pursue the insurance broker that the PPI was sold/linked to.


    Q1: Is it worth pursuing?
    Q2: Is their any chance of success?


    Has anyone ever successfully claimed the PPI from the insurance broker?


    Thanks
  • dunstonh
    dunstonh Posts: 116,831 Forumite
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    Q1: Is it worth pursuing?
    Q2: Is their any chance of success?

    Insurance regulation didnt start until January 2005. So, most brokers were not regulated prior to that point. So, the same rejection reason would likely apply to the broker as well.
    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.
  • Zanna121
    Zanna121 Posts: 1 Newbie
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    I took out a loan with ocean / first plus in 2002. I have spent the last year claiming from them direct and then via Gladstone Brookes. Having spoken to the ombudsman direct following a dead end on both counts - I have been advised that as this pre legislation, I don't have a valid claim. Would be interested to know if anyone out there has been successful with a claim against either of these companies though ??
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    You have wasted a year..

    Anything prior to 2005 is pre-regulation. Why did you think the claims company would have any more success than you had had yourself? Gladstone Brookes have no special powers to influence the result of complaints in any way.
  • dunstonh
    dunstonh Posts: 116,831 Forumite
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    Zanna121 wrote: »
    I took out a loan with ocean / first plus in 2002. I have spent the last year claiming from them direct and then via Gladstone Brookes. Having spoken to the ombudsman direct following a dead end on both counts - I have been advised that as this pre legislation, I don't have a valid claim. Would be interested to know if anyone out there has been successful with a claim against either of these companies though ??

    You have been told it is pre-regulation. So, there is no access to the FOS. No regulations were broken as there were no regulations to break. It is then voluntary for companies to decide if they wish to consider your complaint or not. If they dont or they reject its game over unless you fancy the courts.
    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.
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