Frasercard PPI- rejection of complaint from FOS

en0u1209

When I obtained a Frasercard in 2001 I unknowingly was sold PPI which was not appropriate. I complained to Santander (who subsequently purchased Frasercard from GE Money) and had my complaint rejected.

I then referred my complaint to the FOS and have today had a letter back explaining that these companies were not regulated until 2005 which was after my PPI was sold so they cannot investigate my complaint. They have stated that if they were selling it on behalf of a bank or building society they would be able to consider it.

My question is- is this the end of the road for my complaint? I can't believe these companies were allowed to act in this manner with no regulation.

tomtontom

Yes, it is.

Did the lender never send statements detailing the payments?

en0u1209

I'm not sure that's the point. The policy was missold in the first place. Anyway, I guess if I can't complain to FOS then that's the end.

dunstonh

en0u1209 wrote: »

I'm not sure that's the point. The policy was missold in the first place. Anyway, I guess if I can't complain to FOS then that's the end.

Well, it is a point if your complaint could be looked at. After all, you are saying they did it without your knowledge. However, if you paid it, then it would have been on each statement it was paid.

There is also the other issue that your complaint reason is an unprovable allegation.

However, none of it matters if its pre-regulation and no membership of an earlier body.

I can't believe these companies were allowed to act in this manner with no regulation.

There were no rules to break. So, they didnt break them. Most normal people query a payment on their statement that they didnt authorise. People complaining within a month or two after seeing an unauthorised payment on their statement are usually considered credible even if there is little evidence to support them. Someone making a complaint like that 15 years after the event has less credibility and is more inclined to be considered opportunistic (in respect of that complaint reason).

[Deleted User]

en0u1209 wrote: »

I can't believe these companies were allowed to act in this manner with no regulation.

It was this behaviour which led to universal regulation of insurance sellers in early 2005. Unfortunately for you, your complaint is about a sale which took place prior to this date and so the seller does not have to even consider your complaint.

en0u1209 wrote: »

Is this the end of the road for my complaint?

Your complaint is now over.

sun73

I had a Frasercard complaint rejected by Santander due to the sale taking place before 2005. FOS said they might be able to consider it if the seller was acting on behalf of another business (the underwriter) at the point of sale.


I then submitted a complaint to the underwriter (Financial Insurance Co Ltd/Genworth) who, unsurprisingly, rejected it, but gave me access to FOS who had jurisdiction and found in my favour. The whole process took two years.

en0u1209

sun73 wrote: »

I had a Frasercard complaint rejected by Santander due to the sale taking place before 2005. FOS said they might be able to consider it if the seller was acting on behalf of another business (the underwriter) at the point of sale.


I then submitted a complaint to the underwriter (Financial Insurance Co Ltd/Genworth) who, unsurprisingly, rejected it, but gave me access to FOS who had jurisdiction and found in my favour. The whole process took two years.

Thank you :T