Lloyds Business Banking mis-selling insurances late 1990's

Bloblik

Hi,
I am making a mis-selling of health cover and insurances complaint regarding Lloyds Bank and related to a commercial overdraft.

Back in the late 1990's my local Lloyds bank business branch was aggressive, and coerced me into signing up for several insurances in order for my business over draft limit to be raised

another post here explains:

https://forums.moneysavingexpert.com/discussion/5112224

And

http://www.consumeractiongroup.co.uk/forum/showthread.php?436828-Health-and-Medical-Insurances-mis-sold-with-PPI&p=4660581#post4660581

Has anyone else experienced such mis-selling,

I would like to share experiences to help with my - and possibly your complaint, if enough of us complain it wont be my word against theirs, which at present is there argument. This would also help the Ombudsman, if they are needed.

dunstonh

if enough of us complain it wont be my word against theirs

One flaw with that. Lloyds employed tens of thousands of staff. It is unlikely others used the same branch and same staff member.

This would also help the Ombudsman

no it wouldnt as each sale is looked at on its own merits and not some sale that took place at a different time in a different branch by a different person with different needs.

[Deleted User]

Bloblik wrote: »

This would also help the Ombudsman, if they are needed.

The Ombudsman is not a consumer champion simply looking to retrieve money for customers. FOS is the arbiter in disputes between financial institutions and their customers. It deals with each complaint individually, not en masse.

Basically, it's important to note that every complaint is different.


You may get a more sympathetic response on the CAG forum where you have also posted your "appeal".

Bloblik

Just spoken to the FOS, your correct, they will only look at cases on an individual basis, I have spoken to Financial Conduct Authority who say the FOS is the correct line for complaints.

Surely several voices are louder than one, so how can we be heard ?

dunstonh

Surely several voices are louder than one, so how can we be heard ?

The FOS report concerns to the FCA. The FCA look at complaints every time they go to a firm for a compliance visit. So, trends are identified. They just dont need you to go finding them.

Bloblik

Well until the PPI complaints saga started, I wasn't aware complaints of this nature could be made, another mugged off customer was I, but as I ask I get answers, and the more I ask and question, the more comes out in the wash ...

I am sure there are more people out there like myself who were mis-sold, there must be many people that were subject to Lloyds Business Bankings' aggressive sales practices in the late 90's.

Bloblik

Its interesting to note how the FOS go about recording mis-conduct.

There is a date from when firms had to conform to some form of compliance/code of conduct (sorry not sure, early 2000s I think), although I understand some firms had there own voluntary code of conduct which covered them prior to this date (please correct me if I am wrong), do you know if LLoyds Bank was one of them.

magpiecottage

Bloblik wrote: »

Its interesting to note how the FOS go about recording mis-conduct.

Perhaps because it doesn't - that is the job of the regulator.

There is a date from when firms had to conform to some form of compliance/code of conduct (sorry not sure, early 2000s I think)

Different times and regulations for differenty types of product.

I understand some firms had there own voluntary code of conduct which covered them prior to this date (please correct me if I am wrong)

Again different codes for different products and even different codes for trhe same type of product.




But why do we have a different thread for the same query? Simply starting again will not change people's views.

[Deleted User]

magpiecottage wrote: »

why do we have a different thread for the same query? Simply starting again will not change people's views.

Indeed, the old thread was answered rather comprehensively almost a month ago. I'm not sure why the OP even linked to it, as it actually detracts from this thread.

Bloblik

My complaint is not as straight forward as some, but I'm asking on forums and to the 'Claims' companies and they all have heard of this type of mis selling, it appears I am not the only one, so if those of us who were mis sold we can join together and have a louder voice and not be fobbed off as we clearly are (businesses were rich pickings by the looks of forum posts), - so far Lloyds Bank have proved to be quite obstructive towards my claim, they have in fact sent me a £300 cheque for losing all my letters, and failing to send out letters I should have received.

I am sure I was not the only business mis-sold pointless and unneeded policies through pressure selling, hope to hear from other business owners who were mis sold.

[Deleted User]

Bloblik wrote: »

if those of us who were mis sold we can join together and have a louder voice

You really are wasting your time entreating others to join with you, it's not even PPI.