MPPI Halifax

dunstonh

It seems your suggestion that having savings, assets, employees benefits and a joint income of circa £40k pa was still not enough to be classed as unsuitable for the policy.

It's not enough. It is liquid savings (i.e. cash) that is relative to your earnings that matters. I have also given you a FOS decision that tells you how they considered it. If you read the FOS decisions you generally find that those that have the money to clear their debt in full or have around 2 years worth of household income get upheld. Those with less get rejected (on that particular point).

It is all about the scale of the savings relative to the debt and income. A joint income of £40k would need around £60k-80k of savings to be considered enough. However, if the MPPI could only pay out a maximum of £200pm over the 12 months then you would expect the complaint to be upheld. You cant put an actual figure on it as the more you earn, the more savings you need. However, if the MPPI benefit is largely pointless as its so small relative to the rest then you can get an uphold decision.

here is another one where the person claimed they had a "significant level of savings" and the mortgage was not much larger than the savings. It too was rejected.
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=38594

I respect your opinion in any of these points but can anyone really point to a conclusion, it!!!8217;s also for them to make their case and you guys are just financial advisors and not financial investigators.

And you are just someone with no knowledge in this area and an emotional attachment. Only I am an IFA. Moneyineptitude is not. However, I am also a compliance officer with FCA control functions in that area. I am more qualified than any so-called financial investigator that deals with complaints. i have no attachment to your complaint and have told plenty on here when they do have a good reason and when they dont. However, none of that matters.

The FOS ombudsman decisions where savings was mentioned and the complaints were upheld number 2487. Where they were rejected is 13046. That covers all types of PPI though. Its not possible to filter by product type. And that is between 2012 until yesterday.

As I said already, we dont have access the audit trail. Plus, there is a human element which can lead to inconsistency. We are just positioning it with what you expect to see happen based on the limited information you have given.