Not FSA/FCA-regulated

K10

We have tried to reclaim MPPI which we have paid for years until recently, but having been referred back by two different companies who have subsequently taken over from the original company, we now find they were not FSA/FCA - Regulated at the time we first took out the insurance. So it appears we cannot claim! :mad:

We have both been in long-term employment which would have paid 6-12 mths wages in the event of illness, so now believe it was mis-sold.

Is there anything we can do?

dunstonh

So it appears we cannot claim!

Correct. Insurance became regulated from January 2005. So, anything sold prior to that date is unregulated unless the firm was a member of the ABI or GISC. That is mainly the banks and insurers. Not mortgage brokers.

We have both been in long-term employment which would have paid 6-12 mths wages in the event of illness, so now believe it was mis-sold.

That doesnt make it missold. The FOS routinely reject MPPI complaints with 12 months sick pay. Its a good reason with unsecured short term debt but not a good reason with long term secured debt.

Is there anything we can do?

No. On the plus side, you would probably have failed anyway. Most MPPI complaints are rejected and most broker sold MPPI is rejected. The PPi issue is not generally seen as a mortgage broker issue. Under 1% of PPI complaints are about mortgage brokers and the uphold rate is only around 16%. And with your complaint reason not being valid, you can be happy that you would not likely have seen anything even if it had been post regulation.

Nasqueron

If the seller was not regulated, then no


MPPI is a good product, for a 25 year mortgage 6-12 month sick pay is not sufficient. What if you lost your job?