PPI Reclaiming advice

Monty53

Whilst clearing out some old documents I discovered my original PPI paperwork that I thought I'd destroyed years ago.

I was originally sold the policy by Marcus Hearn Insurance Brokers in 1995, this was underwritten by General Accident until 2001 when it changed to Norwich Union.
After that I changed to Lloyds ( or rather was coerced into changing to Lloyds, for which my PPI claim has been successful)

I'd like to know if I still have grounds to claim for missold PPI from 1995 to 2002 and if so do I contact Marcus Hearn or General accident?

Any advice greatly appreciated.

societys_child

sold the policy by Marcus Hearn Insurance Brokers in 1995

You complain to whoever sold the policy to you, however it's unlikely they were regulated at the time.

dunstonh

I was originally sold the policy by Marcus Hearn Insurance Brokers in 1995

So, that makes it a decade before they were regulated. Plus, Marcus Hearn were disolved in March 2009. So, you can neither complain to them (even if they were to volunteer to review a pre-regulation sale) and you cannot complain to the FSCS as they only look at post regulation complaints.

Monty53

Thanks for your reply!
I've read that brokers weren't regulated until after 2000, I've checked them out, they're still in business dealing with travel insurance.

Seems GA/Norwich Union are now Aviva.

Monty53

Dunstonh, I Googled Marcus Hearn and the address is the same as on my original policy.

Is there really no comeback for me?
They sold me PPI with the full knowledge of the terms of my employment ie: that I get full pay when off sick and Death in Service benefit.

dunstonh

I've read that brokers weren't regulated until after 2000, I've checked them out, they're still in business dealing with travel insurance.

It was 14th January 2005.

MARCUS HEARN & CO (TRAVEL & AVIATION) LIMITED is a different company and only came into being in October 2007 through a name change (it previously had names which didnt have Marcus Hearn in the name)

The company that did trade under the Marcus Hearn name when you bought it is dissolved.

Seems GA/Norwich Union are now Aviva.

Doesnt matter. The product provider has no liability for the sale.

They sold me PPI with the full knowledge of the terms of my employment ie: that I get full pay when off sick and Death in Service benefit.

1 - death in service doesnt overlap with PPI
2 - sickness benefits through work are only really an issue if the PPI didnt pay out in addition to employer benefits (typically happens on some loan and credit card PPI). Not usually an issue on standalone PPI.
3 - Its pre-regulation. So, even if you were mis-sold by todays standards, it was sold before regulation.
4 - It doesnt appear the limited company you bought from still exists. The current trading company being a different one (even if the address is the same - looks like a new company took them over)

Monty53

Thanks for your reply. I guess I'll put this in the bin now!

The original policy from Marcus Hearn covered me for Accidental Death which I didn't need as my employer pays out 3x annual salary and temporary sickness/disablement up to 6 months, as I said before I'm entitled to full salary so cover for that wasn't needed either.

dunstonh

The original policy from Marcus Hearn covered me for Accidental Death

That tends to be a free of charge bolt on.

which I didn't need as my employer pays out 3x annual salary and temporary sickness/disablement up to 6 months,

Most people, with a life assurance need, are looking at figures closer to 10x income plus debts. 6 months pay means there was actually more of a need for PPI than you first suggested.

Monty53

I will defer to your superior knowledge dunstonh as you say you are a financial adviser and I thank you for your comments.

However I did not have a life assurance need and without knowing my annual income at the time you can't assume to know much 3x my salary would have been, the same goes for salary during sickness,I have not disclosed the benefits given by my employer.

The Accidental Death cover was not free of charge.

I did not want PPI, I did not need PPI as was proven when my claim with Lloyds was successful.

societys_child

I did not need PPI as was proven when my claim with Lloyds was successful.

The banks were regulated at the time, your broker wasn't, and no longer exists. There is no one to complain to.

dunstonh

However I did not have a life assurance need and without knowing my annual income at the time you can't assume to know much 3x my salary would have been

No-one can assume anything. However, generically, when there is a life assurance need, the crude rule of thumb is 10x income plus debts. Hence why I mentioned that.

If you didnt need accidental death, why did you buy it?

I have not disclosed the benefits given by my employer.

You mentioned 6 months. PPI pays out for 12-24.

I did not want PPI, I did not need PPI as was proven when my claim with Lloyds was successful.

So, why did you buy it?

Bank sold products are different. They also used pressure sales. You do not typically walk into an insurance broker without reason and they dont typically pressure sale you. Getting a success with a bank is very easy. Getting a success with a broker is not.