PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

egg are a bank and have been authorised by the FSA since 01.12.2001, so you can take your complaint to the FOS if you don't get any joy

So if a company is a bank then it is within their jurisdiction from the date that they were authorised by the FSA then??? I thought it still went on the FSA 14th January when they took over the insurance sales from the GISC???
Please let me know on this one Tiggrae as i do not understand??

marshallka

tiggrae wrote: »

egg are a bank and have been authorised by the FSA since 01.12.2001, so you can take your complaint to the FOS if you don't get any joy

This is for sale made July 2004I thought for any insurance complaint it had to be either when they were a member of the GISC or when the FSA took over 14th January, 2005???? Are you saying this is different for the banks???

di3004

Helloooooooo:D

Just to let you know the postie walked right passed my house after 1pm.......:mad: , so nothing.

Have been busy trying to sort some car insurance quotes for my son....:rolleyes: , need to sort it out quick because he is paying for the car tomorrow or Friday deadline.....:rolleyes: , he is in work and I had forgotten all about it yesterday - and the quotes so far as ridiculas !!

I will be back lata.:D

marshallka

Rang the ombudsman today again to see if they can tell me if any of my complaints are going to actually be within their jurisdiction as i want to know either way. They cannot say but wouldn't it be better to have a team that put the ones through that they can actually look into and then they can write to the ones that they cannot look into in order for people to try be other means of complaining. ie the courts. I know they have a massive backlog and i am not asking for them to conclude the matter but just to tell me if it is going to be something they can handle...:huh:

tiggrae

marshallka wrote: »

This is for sale made July 2004I thought for any insurance complaint it had to be either when they were a member of the GISC or when the FSA took over 14th January, 2005???? Are you saying this is different for the banks???

The FOS was set up by The Finance Services & Markets Act 2000 - Part XVI - This specified that you could make a complaint against the organisations which came under their Compulsory Jurisidiction (Section 226) - there are Compulsory Jurisidiction Rules for regulated activities - Regulated activities are under Section 22 of the ACT and are as follows - BUT THESE ONLY APPLIED TO THOSE ORGANSIATIONS WHICH CAME UNDER COMPULSORY JURISDICTION OF THE FOS - MAJORITY OF MIS SELLING FIRMS ONLY CAME UNDER THE COMPULSORY JURISDICTION OF THE FOS ON 15.01.2005

As you will see b & c deal with effecting contracts of insurance and carrying out contracts of insurance - therefore, any complaint for mis selling OR unfair contract terms within insurance contracts can only be made against companies if they came under the jurisidiction of the FOS as the time of sale or the unfair contract was enforced.

regulated activity(taken from the FSA Handbook on handling disptues)
(in accordance with section 22 of the Act (The classes of activity and categories of investment)) any of the following activities specified in Part II of the Regulated Activities Order (Specified Activities): (a) accepting deposits (article 5);
(aa) issuing electronic money (article 9B);
(b) effecting contracts of insurance (article 10(1));
(c) carrying out contracts of insurance (article 10(2));
(d) dealing in investments as principal (article 14);
(e) dealing in investments as agent (article 21);
(f) arranging (bringing about) deals in investments (article 25(1));
(g) making arrangements with a view to transactions in investments (article 25(2));
(ga) arranging (bringing about) regulated mortgage contracts (article 25A(1));16, 24
(gb) making arrangements with a view to regulated mortgage contracts (article 25A(2));16, 24
(gc) arranging (bringing about) a home reversion plan (article 25B(1));15
(gd) making arrangements with a view to a home reversion plan (article 25B(2));15
(ge) arranging (bringing about) a home purchase plan (article 25C(1));15
(gf) making arrangements with a view to a home purchase plan (article 25C(2));15
(gg) operating a multilateral trading facility (article 25D);25
(h) managing investments (article 37);
(ha) assisting in the administration and performance of a contract of insurance (article 39A);24
(i) safeguarding and administering investments (article 40); for the purposes of the permission regime, this is sub-divided into: (i) safeguarding and administration of assets (without arranging);
(ii) arranging safeguarding and administration of assets;

(j) sending dematerialised instructions (article 45(1));
(k) causing dematerialised instructions to be sent (article 45(2));
(l) establishing, operating or winding up a collective investment scheme (article 51(1)(a)); for the purposes of the permission regime, this is sub-divided into: (i) establishing, operating or winding up a regulated collective investment scheme;
(ii) establishing, operating or winding up an unregulated collective investment scheme;

(m) acting as trustee of an authorised unit trust scheme (article 51(1)(b));
(n) acting as the depositary or sole director of an open-ended investment company (article 51(1)(c));
(o) establishing, operating or winding up a stakeholder pension scheme (article 52 (a)26 );
(oa)25 providing basic advice on stakeholder products25 (article 52B);8
(ob) establishing, operating or winding up a personal pension scheme (article 52(b));26
(p) advising on investments (article 53); for the purposes of the permission regime, this is sub-divided into: (i) advising on investments (except pension transfers and pension opt-outs);
(ii) advising on pension transfers and pension opt-outs;

(pa) advising on regulated mortgage contracts (article 53A); 16, 24
15(pb) advising on a home reversion plan (article 53B);
15(pc) advising on a home purchase plan (article 53C);
(q) advising on syndicate participation at Lloyd's (article 56);
(r) managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's (article 57);
(s) arranging deals in contracts of insurance written at Lloyd's (article 58);
(sa) entering into a regulated mortgage contract (article 61(1));16, 24
(sb) administering a regulated mortgage contract (article 61(2)); 16, 24
15(sc) entering into a home reversion plan (article 63B(1));
15(sd) administering a home reversion plan (article 63B(2));
15(se) entering into a home purchase plan (article 63F(1));
15(sf) administering a home purchase plan (article 63F(2));
(t) entering as provider into a funeral plan contract (article 59);
(u) agreeing to carry on a regulated activity (article 64);
which is carried on by way of business and relates to a specified investment applicable to that activity or, in the case of (l), (m), (n) and (o), is carried on in relation to property of any kind.

You can check at what date an organisation came under the FOS's compulsory jurisdiction by reference to the FSA Register. They will look at those organisations that were members of the GISC because the only reason the GISC is no longer running is that under the FSMA 2000 there can only be one organisation which deals with complaints, as the majority of GISC members were not under the jurisdiction of the FOS but the GISC dealt with complaints, it was decided to bring everyone under Compulsory Jurisdiction and to close down the GISC

marshallka

Thanks for that Tiggrae, is this what singlep was on about then. I am glad this is the case but how do we find out who were under the compulsory jurisdiction. I note that mosts banks dates for the FSA were 2001 so maybe that is something to go by if they are banks. Does that mean we can make complaints against banks with PPI misselling before the 14th January,, 2005 and even if they were not GISC members??

tiggrae

marshallka wrote: »

Thanks for that Tiggrae, is this what singlep was on about then. I am glad this is the case but how do we find out who were under the compulsory jurisdiction. I note that mosts banks dates for the FSA were 2001 so maybe that is something to go by if they are banks. Does that mean we can make complaints against banks with PPI misselling before the 14th January,, 2005 and even if they were not GISC members??

The FSA Register has the date of registration for every company coming under their (& the FOS's) Compulsory Jurisdiction

and the question of complaints against banks - yes of course you can !!!

The question has ALWAYS been about jurisdiction !

marshallka

tiggrae wrote: »

The FSA Register has the date of registration for every company coming under their (& the FOS's) Compulsory Jurisdiction

and the question of complaints against banks - yes of course you can !!!

The question has ALWAYS been about jurisdiction !

So if they were registered under the FSA on a certain date then its just as good as if they were GISC registered... Singlep told me different in a post a while back..Do you have to make the complaint about something else then and not misselling of PPI...

see post 4876

tiggrae

marshallka wrote: »

So if they were registered under the FSA on a certain date then its just as good as if they were GISC registered... Singlep told me different in a post a while back..Do you have to make the complaint about something else then and not misselling of PPI...

see post 4876

just look at the list of regulated activites - that is the definative list which you can take a complaint to the FOS for, against an organisation who came under compulsory jurisdiction - this came into being under statutory instrument in February 2001 (to be enacted under Schedule 19 of the FMSA 2000) SI 2001/544

therefore there are only 2 questions, does your complaint come under the list of regulated activities and did the organisation come under the jurisdiction of the FSA / FOS when the event took place (or were members of the GISC)

lynnierow

di3004 wrote: »

Hi there
When did you take out this loan ?
And who with ?
Thanks.

We can then get back with some answers.;)

Di.
x

Hi,

It was taken out with Citibank about 4 years ago - I was told we could not take out the loan unless we had PPI - I had success claiming back my bank charges but as I am paying them a reduced monthly payment I don't know if it would work. Thanks.