Cardiff Pinnacle

Anyone have experience with this company refusing to investigate on the grounds of regulations not applying to a lender at the time of loan?

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  • [Deleted User][Deleted User] Forumite
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    More detail required.

    What regulations?

    What year?

    What lender?

    etc

    etc

    etc
  • dunstonhdunstonh Forumite
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    Anyone have experience with this company refusing to investigate on the grounds of regulations not applying to a lender at the time of loan?

    Not necessarily them but pre-regulation is a known issue.

    First of all, Cardiff Pinnacle are the insurer. They didnt sell it to you. So, in most cases they would not be liable irrespective of when you bought it. Most complaints go against the seller. The insurer route only works in a limited number of circumstances depending on the commercial agreement between the seller and the provider. Its thought to be under 10% of cases where this is the case.

    Regulation started in January 2005. If the seller was a member of an earlier body, then they have to consider the complaint. If the seller was not a member of an earlier body, they do not. In most cases, that means if a broker was used, they do not have to consider the complaint.
    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.
  • Thanks for your answers so far.
    'For a number of reasons, I've had to go with a CMC on most of my ppi claims.
    The CMC have told me that Cardiff Pinnacle have a history of refusing to investigate on grounds of regulations not applying. No more detail than that as yet.
    I've told them to insist and/or invoke Ombudsman.
    Starting to investigate CP to see who they represented in the past. Not aware of using a broker for any loans other than mortgage in which case the mortgage lender (Northern Rock!) Would have been the broker for insurance I didn't want and was very very unlikely to be able to claim against but was told was a condition of the loan.
    Would I therefore have a claim against Landmark who took on Northern Rock?
  • edited 13 October 2017 at 1:02PM
    societys_childsocietys_child Forumite
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    edited 13 October 2017 at 1:02PM
    The CMC have told me that Cardiff Pinnacle have a history of refusing to investigate on grounds of regulations not applying.
    If they weren't the seller, then you'd expect to see a history of refusal.
    was told was a condition of the loan
    If it was, then it can't have been mis-sold.
  • dunstonhdunstonh Forumite
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    Would have been the broker for insurance I didn't want and was very very unlikely to be able to claim against but was told was a condition of the loan.

    Depends on the loan. if it was a mortgage with MPPI then it CP would not have any liability.

    If it was a broker on a loan then the broker would also arrange the insurance and there would be no commercial relationship between the lender and the insurer. So, CP would have no liability.
    The CMC have told me that Cardiff Pinnacle have a history of refusing to investigate on grounds of regulations not applying. No more detail than that as yet.

    Its not as simple as that. Early on the PPI process (About 7-10 years ago) the liability of the insurer was unknown and needed to be tested. However, for the last few years, it is much clearer when they have liability. So, you wouldn't expect a refusal today unless it was genuine. With less than 10% of cases seeing the insurer have liability, it is no wonder the CMC get a lot of rejections if they send everything down that route.
    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.
  • -taff-taff Forumite
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    Thanks for your answers so far.
    'For a number of reasons, I've had to go with a CMC on most of my ppi claims.
    The only reason you went with a company is that you chose to.

    Contrary to popular belief, they have no special powers, they cannot force any investigation, they complain in the same way you would, and they charge upwards of 30% for a stamp.

    Cardiff Pinnacle cannot be forced to consider any complaint unless there was a direct connection between them and the seller of the PPI. You cannot insist on the Ombudsman because if the company wasn't regulated they have no jurisdicton and will not be able to do anything about it.

    The seller of the PPI is ALWAYS liable, not the insurer, except in very special circumstances. And that's only if they were actually regulated at the time

    And you should have come here first and asked us.
    Shampoo? No thanks, I'll have real poo...
  • Even if the policy couldn't be claimed against?
  • dunstonhdunstonh Forumite
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    Even if the policy couldn't be claimed against?

    If it was pre-regulation and they were not members of an earlier body, then there were no rules to break.

    Even nailed on missales (by post regulation standards) cant be classed as missold if there was no regulation in place at the time.
    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.
  • So here's a question:
    If CP provided the insurance and no claim that can be made against them, can/should they tell me which lenders are involved?
  • dunstonhdunstonh Forumite
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    If CP provided the insurance and no claim that can be made against them, can/should they tell me which lenders are involved?

    They may not know the lender involved if its a standalone PPI plan.

    What type of PPI was it? (loan, credit card, mortgage - and if standalone or built into the debt)
    Who sold it?
    When was it sold?
    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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