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MCOB mortgage and PPI
alcgreen
Posts: 2 Newbie
I have have had a plevin claim rejected by the lender on the basis that I re-mortgaged in June 2006 and the new mortgage was regulated under the MCOB rules and regulated by the FCA. The consumer credit act does not apply to the mortgage. The MPPI policy predates the new mortgage. Is this correct
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Comments
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Yes it is correct. The plevin court ruling related solely to the consumer credit act. Mortgages were not regulated under the consumer credit act in 2006. So, the ruling does not apply to it.
It also doesn't apply if you buy the insurance separately from the lending transaction (e.g. via a different party to the lender)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.0
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