Advise please Studio PPI / Insurance

Bishbish

Hello all, new post for me.

I have just tried through resolver to claim ppi from Studio catalogue.

They have sent a reply saying that I did not have ppi on my account but did have insurance which they said I had taken out after I opened my account (did not).

This was their response.

‘The sale of the insurance policy
The policy was sold prior to 14 January 2005 which was the date when general insurance contracts became regulated and had to meet standards set out by the regulator. Prior to this date, there was no statutory (legal) duty for us to assess your needs and suitability for the policy.

The disclosure of commission
At the time of sale, there was no statutory obligation for us to disclose commission to you. Whilst the regulator imposed minimum standards of conduct on the sale of insurance policies from 14 January 2005.

Summary
Following publication of the Supreme Court ruling, together with the FCA’s policy statement, I am unable to uphold this complaint in the absence of a statutory duty or standards of conduct surrounding the sale of an insurance policy at the time we sold it.

In addition, it is with regret, I do need to inform you that this complaint falls outside the complaint handling rules set by the FCA because the policy was sold prior to 14 January 2005. This means that the Financial Ombudsman Service may not have jurisdiction to consider the merits of this complaint.‘

So the advice I need is, do I accept this and close the case or take it to the ombudsman anyway?

Thanks in advance.

[Deleted User]

Bishbish wrote: »

do I accept this and close the case or take it to the ombudsman anyway?

FOS cannot adjudicate on pre-2005 complaints about financial institutions which were not regulated at that time.

I'm surprised the letter you received said the Ombudsman may not be able to consider your case.

Bishbish

Ahh ok, thanks for your prompt reply.