Sold PPI by an unregulated company

Ebzie1

In Feb 2005 I was mis sold PPI via a third party. I am now told that this 3rd party were not regulated and therefore I am unable to claim back the PPI that I paid. I have been to both the Ombudsman and the FSCS regarding this matter and neither seem to be able to help me. I have written to the third party who have failed to respond. The lender have said that there is nothing they can do also. Is there anything else I can do? Is very frustrating I paid 5 thousand pounds in PPI at the time, without having anything explained to me.

dunstonh

In Feb 2005 I was mis sold PPI via a third party.

Regulation started in January 2005. However, it was the date of application that mattered. Not the date it went in-force. I suspect this will be an earlier application than Feb 2005.

I have written to the third party who have failed to respond.

They were not regulated. They dont have to do a thing.

Is there anything else I can do?

No

Is very frustrating I paid 5 thousand pounds in PPI at the time, without having anything explained to me.

That complaint reason wouldnt succeed on that point even if it was a regulated sale.

sun73

Ebzie1 wrote: »

In Feb 2005 I was mis sold PPI via a third party. I am now told that this 3rd party were not regulated and therefore I am unable to claim back the PPI that I paid. I have been to both the Ombudsman and the FSCS regarding this matter and neither seem to be able to help me. I have written to the third party who have failed to respond. The lender have said that there is nothing they can do also. Is there anything else I can do? Is very frustrating I paid 5 thousand pounds in PPI at the time, without having anything explained to me.

Did the Ombudsman mention that you might be able to refer your complaint to the underwriter of the PPI policy?


This business may have belonged to a regulatory body (when the policy was sold to you), which falls under the jurisdiction of the FOS.