First Plus or Ocean Finance PPI Reclaim

About two years ago I wrote to First Plus Financial Services and Ocean Finance to try and reclaim mis sold PPI policies.
Ocean Finance is no longer a valid business and therefore there is no one to claim from.
First Plus refused to accept that PPI was mis sold because it was sold through a broker.
I contacted FOS and they said there is nothing they can do as Ocean was not regulated by them.
Regarding First Plus, the FOS stated that First Plus are correct and nothing can be done, I should contact my broker.
So, my broker was Sterling Direct and they are not trading any more!
I suppose my question is ..... these financial institutions or brokers had insurance, so even though they are not trading anymore why cannot I still claim?

Comments

  • -taff
    -taff Posts: 15,172 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Because there is no one to complain to.
    If it was sold post 2005 you may be able to complainn to the FSCS.
    Non me fac calcitrare tuum culi
  • societys_child
    societys_child Posts: 7,110 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I suppose my question is ..... these financial institutions or brokers had insurance, so even though they are not trading anymore why cannot I still claim?
    Presuming you mean you wish to complain that someone mis-sold you a PPI policy, then any complaint goes to whoever you believe mis-sold it to you, not First Plus, they didn't sell you anything.
  • SonOf
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    I suppose my question is ..... these financial institutions or brokers had insurance, so even though they are not trading anymore why cannot I still claim?

    They would be paying the PI premiums whilst they were trading and getting cover for doing so. However, once they stop trading and stop paying the premiums, then cover stops. However, PI insurance is only required on areas of regulation. It did not apply in areas that were not regulated at that time. So, the 2005 date mentioned earlier is important.
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