PPI Claim - can’t trace financial advisor

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
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loobyloo285loobyloo285 Forumite
2 Posts
Want to claim ppi but I can’t trace the financial advisor - it was 20 years ago so who do I claim from? (Apologies if this has been asked before)

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  • dunstonhdunstonh Forumite
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    If it was 20 years ago then forget it.

    Financial advisers only became regulated for insurance after 15th January 2005. Yours is pre-regulation and they FA is not required to consider your complaint.

    If it makes you feel any better, the PPI issue is not considered to be an adviser failing. Advisers make up under 1% of PPI complaints and most of those are rejected. Mainly because FAs typically only put in place MPPI which is one of the good types of PPI and can still be bought today.
    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 the information. We did tell him at the time we didn’t think it was necessary because of the sick pay etc we had with our jobs but he said we needed it and being young and naive we went along with it! Will just have to put it down to experience. Thanks
  • dunstonhdunstonh Forumite
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    We did tell him at the time we didn!!!8217;t think it was necessary because of the sick pay etc

    FOS has been rejecting complaints where sick pay is 12 months. It is not a valid reason for complaint unless the MPPI would not pay out in addition to sick pay. The vast majority of MPPI does.
    and being young and naive we went along with it!

    There is a reason most MPPI complaints fail. You are covering a major debt with lifestyle changing consequences if it goes unpaid. This is not loan PPI or credit card PPI. This is one of the good types. There is nothing naive about having MPPI to cover your mortgage. So, don't be harsh on yourself.
    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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