PPI Reclaims not covered by the FOS

SonOf

muddlemand wrote: »

This just caught my eye. Do you mean that the FOS *can* consider PPI claims when the adviser was regulated by the OFT?

No. The earlier body is the ABI and you are only looking at bank products and insurance company salesforces sold products. A very very small number of cases may have fallen under the MCCB but as the company no longer exists, you are never going to get access to the FOS. The FOS only consider complaints where the company is still trading today. Step two would be whether the company was authorised at the time or a member of a qualifying body.

The OFT have no input here whatsoever.

When you see the FOS decisions on cases where it falls under their remit, they nearly always find no evidence of wrongdoing. However, they do frequently then look at the overall suitability. As the vast majority of the population are underinsured in respect of life assurance and/or CIC, it is rare for them to consider a sale unsuitable.

muddlemand

SonOf wrote: »

No. The earlier body is the ABI and you are only looking at bank products and insurance company salesforces sold products. A very very small number of cases may have fallen under the MCCB but as the company no longer exists, you are never going to get access to the FOS. The FOS only consider complaints where the company is still trading today. Step two would be whether the company was authorised at the time or a member of a qualifying body.

The OFT have no input here whatsoever.

When you see the FOS decisions on cases where it falls under their remit, they nearly always find no evidence of wrongdoing. However, they do frequently then look at the overall suitability. As the vast majority of the population are underinsured in respect of life assurance and/or CIC, it is rare for them to consider a sale unsuitable.

Oh, I know what I did - I was thinking the FOS dealt with claims where the firm has ceased trading. I had it backwards, it's the FSCS that do that. Sorry.

I'm glad i've learnt this about life cover, how much it should be and how much it generally is. It doesn't apply to me since becoming unable to work, so it isn't one of the things I've tried to learn about since becoming single. But this knowledge will no doubt be helpful to my son in future.

This is why i love forums, they're more like group conversations where you (usually) have some very knowledgeable people in the room - so much more informative than trying to find specific answers on the internet.