How to claim if mis-sold by IFA?

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Please bear with me, this is a bit of a mess, as I expect many of these are… I bought a house in 1992, and took out a mortgage with the Stroud & Swindon Building Society, but through an IFA. He strongly recommended that I took out PPI. From memory – not great after all this time – this was a single premium of £2300. I think the figure sticks in my mind as my little voice was grumbling at the time.

However, the sales process was very slick “there’s no risk, everything’s protected – you don’t even have to pay the £2300, not really, you just add it to your mortgage for a tiny extra increase per month” etc.

About a year after that, I was made redundant, and found that some exclusion or other meant I couldn't even claim. I know it’s a long time ago, but it really rankles if I think about it.

Anyway… I have very scant details of the transaction, other than that it was mid-1992, the name of the IFA, and the building society. The paperwork is long gone. So my questions:

1. Have I even the slightest chance of starting a claim, bearing in mind my lack of records?
2. Is my potential claim against the IFA, or the building society?

Thanks :o

Comments

  • Nasqueron
    Nasqueron Posts: 9,044 Forumite
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    Unfortunately it's 13 years before regulation started so even if the IFA still exists they can dismiss the complaint without any access to the FOS or FSCS.

    The provider of the policy/finance has no liability if the person was truly an IFA (rather than an agent of theirs)
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    Why do you want to "claim back" this useful insurance?
    If this was truly sold by an IFA there would be a very thorough audit trail and it's very unlikely the insurance would have been unsuitable for you. Remember, mortgage insurance could protect you from losing probably your most major financial commodity, your home. I'm guessing you could not claim because you were not out-of-work for three months...
  • dunstonh
    dunstonh Posts: 116,654 Forumite
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    He strongly recommended that I took out PPI. From memory – not great after all this time – this was a single premium of £2300.

    Are you sure that is PPI and not MIG?
    The era is when MIG was charged and MPPI was not common in 1992 and when it was, it was monthly premium. MIG was single premium.
    . Have I even the slightest chance of starting a claim, bearing in mind my lack of records?

    None whatsoever. It pre-dates regulation by 13 years.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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