PPI - Mortgage Misold

kirsty_79

Hi,
Can someone provide some advice ?


I applied for PPI being Misold via my Royal Bank of Scotland Mortgage Pre 2005.
Due to the mortgage and PPI being sold via a broker they have told me they can't uphold my complaint but yes PPI was paid for !!


Does anyone know where I stand with this ?


Not sure who the broker was or even if they are still in business.


Thanks


Kirsty

dunstonh

Due to the mortgage and PPI being sold via a broker they have told me they can't uphold my complaint but yes PPI was paid for !!

There is nothing wrong with having PPI. Whilst PPI has generally stopped on loans and credit cards, it is still retailed for mortgages and income protection. Most MPPI complaints fail (unlike loan and credit card PPi where most succeed)

There is also a number of issues with your complaint.
1 - You complained to the lender despite the lender not retailing the product. (a bit like complaining to Tesco for something you bought in ASDA)
2 - its pre-regulation (most brokers were not regulated before Jan 05)
3 - There is nothing wrong with having MPPI. You need to have a reason for making a complaint about wrongdoing.

Does anyone know where I stand with this ?

Not sure who the broker was or even if they are still in business.

If they are no longer in business then give up. You have no-one to complain to and its pre-regulation.

if they are still in business then complain to the broker. However, be aware that PPI is not generally regarded as a broker/adviser issue. Yes, they can still be mis-sold by anyone but the complaint stats against advisers are very low. The UK's largest broker (which handles 1 in 6 mortgages sold in the UK) has an uphold rate on PPI of just 25% at the FOS compared to the average of all PPI of 76% (taken from FOS published stats in the last 6 month reported period - Barlcays have 81%, HSBC 66%. So, you can see the differences). This will be in part because advised cases tend to have better audit trails and MPPI suffers fewer of the issues that loan and credit card PPI has. Single premium MPPI is one of the areas that does normally get upheld as that is considered bad. Monthly premium by direct debit is how it should be.

You havent stated what your complaint is. So, we cant give any comment on that part. However, you ought to be aware that if you can find the broker and they do look at your complaint, then this is not like the banks. The broker will be personally liable for this complaint and it will be on their lifetime record and will be held against them for their liability insurance forever (even if rejected). The banks dont hold staff members to account and it is a faceless issue with them. With advisers and brokers it is not. So, opportunistic or try-it-on complaints should not be done against brokers/advisers as they will suffer financially and emotionally/mentally. if you have a genuine complaint then fair enough but if not, don't do it with a broker/adviser.