PPI before 14th January 2005 -is it possible or is my case too difficult??

mancpgs

Hi,



I have pursued with MSE's excellent advice and templates my various PPI with great success but one of my polices, however, has proven to be very difficult to pursue even though I have all the paperwork. I have E mailed MSE and they have suggested using the forum for any further help mainlt because my plociy was sold to me so long ago...



Details as below:


I took out my mortgage in 1994 and I was told I had to have mortgage protection cover as part of my mortgage deal and a representative at the time contacted me to sell me this product. I was told in no uncertain terms that the policy was compulsory . Without this policy I was told my mortgage would not proceed. However, since then I was told my policy was never compulsory so I cancelled my policy straight away.



A few years ago I then began the process of pursuing the PPI with MSE's help as it seemed to be a perfect example of mis-selling of insurance. Although I took the original policy out with a company called Deacon they subsequently became called Jubilee who also now do not seem to exist (possibly Cadogan?) and I believe are underwritten by Lloyds....confused?! me too!! No one seemed to want to take on responsibility for my policy.



Undeterred I contacted the Financial Ombudsmen who said go to the Financial Services Compensation Scheme (FSCS). However straight away the FSCS said they did not accept any cases before the 14th January 2005 so there was nothing they could do and advised to go to the Financial Ombudsman! - so as you can see I ended up in a very long winded circular conversation! :mad:



As a last resort I contacted Lloyds as they are the underwriters of the policy . After many letters and phone calls I finally got what i think is a good response as below:


Further to our telephone call yesterday, I write to summarise our conversation in order to assist you to make a decision as to what further action you may consider to be appropriate.
1. Your policy was purchased from an unregulated broker in 1994.
2. You informed me that you believe that unregulated broker is no longer trading.
3. Accordingly, I understand that your approaches to various regulatory authorities (the FCA, FOS and FSCS) have not assisted you.
4. Lloyd’s is a marketplace with no legal or contractual obligations to policyholders and no ownership, management or control over any of the independent insurers operating in the market.
5. Lloyd’s does not regulate brokers and therefore has no standing or authority to intervene in a complaint against a broking firm.
6. Lloyd’s does however, have a regulatory obligation to provide a consolidated complaints service for consumers who hold a policy underwritten by any of the independent insurers operating in the Lloyd’s market. Nevertheless, such complaints must be in respect of (mis)interpretation of a policy wording or, most commonly, allegations of the unfair denial of a claim, so I regret that an allegation of mis-selling would fall outside our scope and remit. This is because neither Lloyd’s, nor the insurer, Jubilee, were in any way involved in the sales process by an unregulated broker some 24 years ago.
7. For the above reasons, I regret that Lloyd’s itself has no standing to assist you further in this matter.
8. We discussed your options at this stage and I gave you my personal opinion that, devoid of effective regulatory intervention, you must consider what legal remedy may be available to you. I suggested that you may wish to utilise a specialist PPI collections agency, as I am not an expert in that specific field.
9. To assist in that regard, I gave you permission to copy this message to whomsoever you consider it appropriate in order to further your endeavours.
I trust that the above will be sufficient for your purposes.
Yours sincerely,
xxxxxs



This was very useful but just wondered if this is indeed correct and that there is nothing more I can do to pursue this as it has been going on for some time...more really for peace of mind rather anything else so that I can finally draw a line over it all once and for all!



I still think I was mis-sold this policy with my mortgage but I seem to have hit a brick wall!


Any help or further thoughts much appreciated!


Thanks


Pete

[Deleted User]

It's time to forget about this one.

SonOf

I took out my mortgage in 1994 and I was told I had to have mortgage protection cover as part of my mortgage deal and a representative at the time contacted me to sell me this product. I was told in no uncertain terms that the policy was compulsory . Without this policy I was told my mortgage would not proceed. However, since then I was told my policy was never compulsory so I cancelled my policy straight away.

In 1994 it would have been mandatory to have life assurance with a mortgage. However, lenders started dropping this requirement in the mid to late 90s with the last stragglers into the early 2000s.

It is unlikely a young bank clerk would remember the requirements that existed before their time.

Also, life assurance is not PPI.

as it seemed to be a perfect example of mis-selling of insurance.

Compulsory insurance is not missold. Nothing you have said suggests any misselling.

No one seemed to want to take on responsibility for my policy.

They dont need to. The broker that sold it was not regulated at the point of sale.

I still think I was mis-sold this policy with my mortgage but I seem to have hit a brick wall!

It doesnt look like you were missold. It doesnt sound like PPI but life assurance. It was sold years before regulation.

You give up as you have no-one to complain to. You are just wasting your time by approaching irrelevant third parties. Its a shame you didnt post here before. it would have saved you a lot of effort.