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'Non-Advised' Query
Sheever
Posts: 2 Newbie
My bank have declined a PPI claim on my credit card but offered me a sum based on commission they made (Plevin-related?). Not sure how the sum stacks up versus a successful claim to be honest.
The bank response letter states the PPI was sold on a 'non-advised' basis and a staff member would have simply run me through it at the time. However, the PPI section on the actual application form (basically a yes/no tickbox which they're keen to point out I did tick!) opens with the following: "We recommend that you protect your repayments with our specially designed PPI..."
Can this be 'non-advised' when the paper form I signed up to reads as it does? Worth pursuing or a flimsy approach?
The bank response letter states the PPI was sold on a 'non-advised' basis and a staff member would have simply run me through it at the time. However, the PPI section on the actual application form (basically a yes/no tickbox which they're keen to point out I did tick!) opens with the following: "We recommend that you protect your repayments with our specially designed PPI..."
Can this be 'non-advised' when the paper form I signed up to reads as it does? Worth pursuing or a flimsy approach?
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Comments
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Can this be 'non-advised' when the paper form I signed up to reads as it does? Worth pursuing or a flimsy approach?
Non-advised has lower regulatory requirement. I am an IFA. I place things under advice. So, I have to have a stronger audit trail and consider existing prodcuts etc. Non-advised doesnt have to do that. Most PPI is sold non-advised.
The FOS have backed away from the written statements like "we recommend..." Early complaints used to be successful on that point but common sense kicked in now you dont see as many successes.
As long eligibility is correct, then the "we recommend" is usually fine and doesnt make it advised.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.0 -
Thanks for the advice. Feels like I'm stretching with it. Will likely accept the sum they have offered and let it go. Something for nothing really as it is.0
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My bank have declined a PPI claim on my credit card but offered me a sum based on commission they made (Plevin-related?). Not sure how the sum stacks up versus a successful claim to be honest.
The bank response letter states the PPI was sold on a 'non-advised' basis and a staff member would have simply run me through it at the time. However, the PPI section on the actual application form (basically a yes/no tickbox which they're keen to point out I did tick!) opens with the following: "We recommend that you protect your repayments with our specially designed PPI..."
Can this be 'non-advised' when the paper form I signed up to reads as it does? Worth pursuing or a flimsy approach?
Plevin will be substantially less than a refund - it's a refund of any commission over the 50% that was set in the Plevin case - given that a full refund of PPI includes all the commission you can see it would logically be less anywaySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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