Cardiff Pinnacle ppi sucsess

patfearn

Thanks to the advice of Money Saving expert I have at last received confirmation from the ombudsman that Cardiff pinnacle have accepted my complaint and accept responsibility for mis selling PPI back in 2004.
It has taken 7 years, but finally we can breath a sigh of relief.
They are working out what they owe us and will be making an offer, so the ombudsman says, within the next 6 weeks.
I can't thank Money Saving Expert enough for their advice and template documents. Money returned should be approx £6000
Thank you Martin.

Brokerwise

How does that work then? You brought off a broker in 2003 who is no longer trading. Cardiff Pinnacle who provide products for GE would have no liability at all for the sale as would not GE. An explanation would help people in a similar position try and claim. Reading your earlier posts I can also guarantee GE and Cardiff Pinnacle would not have told you no PPI no loan as they would never have spoken to you pre sale and then only GE would have spoken to you just before completion of your loan to confirm the application was not fraudulent.

dunstonh

There is a very tiny number of cases where the underwriter has to take on liability for the sales of the broker. It is not common and I believe it depends on the commercial relationship and dates.

Of those that have reported successes on this front, it does seem that Pinnacle is a common factor. So, I suspect it is something to do with the contracts they had in place. Maybe sole insurer agent for the broker.

Brokerwise

dunstonh wrote: »

There is a very tiny number of cases where the underwriter has to take on liability for the sales of the broker. It is not common and I believe it depends on the commercial relationship and dates.

Of those that have reported successes on this front, it does seem that Pinnacle is a common factor. So, I suspect it is something to do with the contracts they had in place. Maybe sole insurer agent for the broker.

Interesting, can not recall any of the 2nd charge GE brokers being sole agency tied for insurance especially pre regulation...............

Womblesw20

I have a little bit of an insight here. Firstly, Pinnacle were the insurer for mainly unsecured loans dealing with home improvement intermediaries selling products such as double glazing. Genworth picked up most of the secured / 2nd charge lending.


From what I have heard, it would appear that Pinnacle's sales team trained the intermediaries directly and this linkage is allowing the regulator to hold them responsible for any miss-selling for PPI policies sold pre-ICOB.