First Direct loan for DFS furniture Pre regulation ?

pauln12

I have recently made a claim to DFS for a loan that had PPI added without my knowledge.
The loan was with First Direct, the DFS sales rep filled in the loan form and had added the PPI.
The response from DFS is that the loan was in 1998, before the selling of PPI was regulated, and therefore they would not uphold my complaint.
Is this correct ?

[Deleted User]

It is very correct.

pauln12

Thank you, when did regulation start please ?

[Deleted User]

2005. .

pauln12

Ok, thanks again

EnoughisEnough_2

Does this mean that any loan, credit card or other debt taken out before 2005, even if the load was still current after 2005 (i.e. hadn't been cleared in full) is not eligible for a refund of PPI?

pauln12

Good question, I've also claimed from HSBC and MBNA for credit cards pre 2005 and the claims were both successful, so now I'm a bit confused again.

[Deleted User]

The 2005 cut off refers to brokers and intermediaries - eg DFS.

pauln12

So, if I've got this right, the banks were regulated, and were responsible for any miss selling, but they were allowed to effectively sub contract the selling with no one responsible and no come backs to them ?

Nearlyold

DFS were responsible for the PPI sale but because they weren't regulated at the time they don't have to do anything about it and can just tell you to jog on. You need to remember there is nothing intrinsically wrong with PPI, you don't get a refund just because you had it, the problem is one of the sales process, hence the term "miss selling" the bank didn't sell it to you, DFS did. Not all PPI was miss sold anyway.

pauln12

Yes I get that PPI may have been a useful product to some, but it was definitely miss sold to me (and an awful lot of others !) I explained in detail to DFS why it was miss sold to me (and added without my Knowledge). I know it was DFS that sold it to me, but as I said it was effectively sold to me by DFS for the bank. So in my eyes the bank has sub contracted out the selling to DFS with seemingly no responsibility.. I am a self employed landscape gardener, if I sub contract part of the work out I am still responsible for the work. Or maybe a closer analogy would be if i paid a self employed salesperson to get me contracts I would still be responsible.
However, as you say DFS apparently can, and have, told me to "Jog-On" and First Direct have taken the money, probably given the DFS salesman a good commission, and there is no path for compensation for me. So I'll just have to put my jogging shoes on I suppose.