PPI Reclaims not covered by the FOS

1Brambo50

Thank you for your very prompt response. The regulations that are being quoted are the FSA's ICOB regulations from 1993. Do you have any idea where I might get a copy of these regulations from?

We would like to understand the regulations that were in place in 1993. Any thoughts?

magpiecottage

1Brambo50 wrote: »

Thank you for your very prompt response. The regulations that are being quoted are the FSA's ICOB regulations from 1993. Do you have any idea where I might get a copy of these regulations from?

We would like to understand the regulations that were in place in 1993. Any thoughts?

In 1993 the FSA was called the Securities and Investments Board.

It did not directly regulate anybody but indirectly regulated investments through self regulatory organisations. It did not regulate general insurance.

It was not until 14 January 2005 that the FSA became responsible, indirectly or otherwise, for the regulation of general insurance, including PPI, when it published the Insurance Conduct Of Business (or ICOB) sourcebook (or rules).

So there was no such thing as ICOB in 1993.

Santander can be taken to FOS over activities dating from 1993 that were undertaken by a subsidiary that, at the time, subscribed to an Ombudsman Scheme. However, the store cards were run by organisations that did not, so FOS has no jurisdiction.

LAINEY81

LAINEY81 wrote: »

Hi,
FOS has replied to me saying that Promise Solutions Ltd are outwith their jurisdiction(how annoying after all the time spent filling in the forms). They have said I could try claiming my PPI against the insurance provider but i have since found out it is an irish company and I only have a name and telephone number.

Will this be a waste of my time or should I go ahead and claim against them?

I am very confused by this whole thing and it really does put me off but I then think about the £2,000+ they have taken from me and I just get so mad!
I knew it wouldn't be as simple as going to the FOS and that would be it as nothing has ever been that simple for me!!!

Any advice on my next steps would be much appreciated as I have even considered going through one of these companies that does it for you but I've read on here to stay well clear!?(whichc deep down I really knew anyway)

In short this whole things scares me!

Any advice would be so much appreciated

Loan Facts: - £15,000 over 7 years with GE Money. Bumped upto £17,500 after the PPI was added.
Paid interest on the PPI through out
Cleared loan by selling my house earlier this year
Loan was taken out in Dec 2006
Had no idea I had signed for PPI
Used a broker from Promise Solutions who came to the house.(desperate times=silly mistakes)


Thanks in advance

posted my completed forms away back in April/May time.
Should it take this long for a response ?
Will they keep me posted?
Is no news good news?

Not very patient!

Anyone even heard of Genworth?

Mazzystarlett

Hello all, Newbie here!

I apologise in advance, cos this is a bit of a rant!

I've got a Dorothy Perkins store card and have tried to claim back the PPI using the form on this site. I've just had the "Get Knotted" letter from Santander (shocker) and have now filled in the form on the FLA site. The thing is, the letter from Santander didn't actually address the reasons why I was claiming, so how can they claim they've "fully investigated all aspects" of my complaint? When I opened the account the salesperson said that I would probably get turned down if I didn't have the PPI, but I had an ancient previous lower back injury. I informed the salesperson of the injury and was told that because it was so old (ten years and healed) it wouldn't matter. When I later injured my UPPER back, neck and shoulder in an accident and tried to claim - twenty years after the lower back injury btw - it was rejected and I was told that I wasn't covered, never had been for any sort of back-related injury and furthermore, because I had made a previous claim for an unrelated illness and had been out of work and in receipt of Incapacity Benefit since that illness nine years previously, PPI had been of no use to me since then. At no point was I ever told that once I'd made a claim I couldn't claim again and that being in receipt of Incapacity Benefit invalidated any PPI or Account Cover and therefore it was a waste of money, even though they knew I was receiving it and had known this all along!
All through the letter it keeps telling me that I could have claimed at any time and has completely glossed over and ignored the fact that I did and they rejected me! They also keep going on that I could have cancelled the insurance at any time. I did as soon as I discovered it was about as useful as a chocolate teapot, but as I'm not psychic I couldn't possibly know that I was going to be ill AND injured in the future and as I'd been told that the previous ancient injury wouldn't matter as it had been so long ago, I didn't cancel it within the 30 day cooling off period as the letter also suggests I should have done! They also refer back to amended T's & C's that I should have received over the years. Whenever I have received T's & C's, I read them and filed them, and I haven't received as many as they claim, nor do they reference any changes to the policy due to being in receipt of any benefits.

They've sent me a copy of the original application form that apparently shows where I ticked for the "optional" (ha ha) insurance. This tick apparently indicates that it was made clear that the PPI was optional and that I elected to take it out. All well and good, but the form's not even in my handwriting!

I'm expecting an even bigger "get knotted" letter from them now I've contacted the FLA, but what can I do then? Has anybody ever managed to claim back from this lot, or do they always find a way to wiggle out of it? :mad:

Mazzystarlett

Re: Genworth

I'm vaguely aware of who they are. Genworth Financial are the insurance people that seem to in charge of a lot of these GE/Santander store card insurance policies. I don't know whether it's possible to claim against them if the others claim it's not their problem? I think I might have to look into it too lol. I'll try and post again if I find anything out!

newlywed

Hubby has put in a claim and the reply is that it was before 2005 so not regulated.

But although the deal was via a car dealership - the actual loan etc was with Black Horse.

Does that mean it is regulated or not? Does anyone know?

Please help, before I go to the ombudsman etc.

Thanks.

[Deleted User]

newlywed wrote: »

Hubby has put in a claim and the reply is that it was before 2005 so not regulated.

But although the deal was via a car dealership - the actual loan etc was with Black Horse.

You are not complaining about the loan, you are complaining about the mis-sale of the insurance by the car dealer. So pre-2005, it was not regulated.
FOS have no sway in these cases, but they'll probably suggest you contact the insurer.

Jazzy14

Hi, Not sure if I can claim PPI. I was selfemployed for 20 years and had my own business, I took out a private pension and I think I was paying PPI insurance. I was told that I needed it in case I couldn't work and then I would not be able to make my pension payments.

Can anyone help?:)

magpiecottage

Jazzy14 wrote: »

Hi, Not sure if I can claim PPI. I was selfemployed for 20 years and had my own business, I took out a private pension and I think I was paying PPI insurance. I was told that I needed it in case I couldn't work and then I would not be able to make my pension payments.

Can anyone help?:)

You cannot have PPI for pensions, it is for loans.

What you have is Waiver of Premium, which pays your contribution for you if you fall ill.

Considered to be good advice.

dunstonh

Jazzy14 wrote: »

Hi, Not sure if I can claim PPI. I was selfemployed for 20 years and had my own business, I took out a private pension and I think I was paying PPI insurance. I was told that I needed it in case I couldn't work and then I would not be able to make my pension payments.

Can anyone help?:)

You were not paying PPI on the pensions. Not possible. What you describe is waiver of contribution (or waiver of premium as it was sometimes known). Very different to PPI. For example, your employment status of self employed/employed has nothing to do with your ability to claim.

Even today, it is still best advice for advisers to recommend it and those that choose not to have it have to have their reasons documented in the report. It is rare for anyone not to have a need for Waiver.