when to contact FOS

siobhanR

Hi There;
I recently put in a complaint WRT mis-sold PPI to Santander (GE money card) - I received a letter saying this was unsuccessful but that they were awaiting guidance from the financial conduct authority before providing a final reponse. FCA provided new rules and guidance for dealing with undisclosed commissions and these new rules come into effect on 29/8/17 - after this date they will revisit my complaint and offer their final response.
They then say "If you do not want to wait that long you can go to the financial ombudsmen but we do hope you will give us the time to look in to your complaint further"
I originally sent a letter to Santander the beginning of November - I waited 6 weeks to contact them to find out progress to be told that they had never received my letter although was sent to correct address etc - I was able to start my complaint over the phone but this wasn't until mid december time.
My question is - should I wait for them to revisit this or should I go to FOS now?
Many Thanks

Nasqueron

siobhanR wrote: »

Hi There;
I recently put in a complaint WRT mis-sold PPI to Santander (GE money card) - I received a letter saying this was unsuccessful but that they were awaiting guidance from the financial conduct authority before providing a final reponse. FCA provided new rules and guidance for dealing with undisclosed commissions and these new rules come into effect on 29/8/17 - after this date they will revisit my complaint and offer their final response.
They then say "If you do not want to wait that long you can go to the financial ombudsmen but we do hope you will give us the time to look in to your complaint further"
I originally sent a letter to Santander the beginning of November - I waited 6 weeks to contact them to find out progress to be told that they had never received my letter although was sent to correct address etc - I was able to start my complaint over the phone but this wasn't until mid december time.
My question is - should I wait for them to revisit this or should I go to FOS now?
Many Thanks

You have 6 months to refer to the FOS as your letter/leaflet will have advised from the point of rejection. If you don't do that, the complaint will be time barred.

The FCA thing is to do with the Plevin case where you may get some refund of commission if it was over 50%

Stevie_Palimo

Do you strongly believe that you have had PPI and if so can you await the timeframe they have asked for ?

I would imagine that you will not see anything here in any event and the changes that kick in with the FCA are such a regular occurrence with new rules all the time and in my view the FCA are just stumbling along here with no real idea as to what they need to implement next, Pretty much a shower of @#@# this organisation and they need to sort things out properly as opposed to the half wit lapse way they currently work.

Nasqueron

Stevie_Palimo wrote: »

Do you strongly believe that you have had PPI and if so can you await the timeframe they have asked for ?

I would imagine that you will not see anything here in any event and the changes that kick in with the FCA are such a regular occurrence with new rules all the time and in my view the FCA are just stumbling along here with no real idea as to what they need to implement next, Pretty much a shower of @#@# this organisation and they need to sort things out properly as opposed to the half wit lapse way they currently work.

The FCA rules they are talking about are the result of the Plevin case where over 50% commission was considered too high so anything over 50% gets refunded, this is a major case and has been all over the financial news

siobhanR

many thanks for your reply..... is it 6 months from my letter now or from their final response due after August 29th?
Thanks again
Siobhan

dunstonh

siobhanR wrote: »

many thanks for your reply..... is it 6 months from my letter now or from their final response due after August 29th?
Thanks again
Siobhan

It is 6 months from receipt of their final response.

Go to the FOS now. Do not wait.