PPI Reclaiming discussion Part II

Tron_ess

All -

Re your issues with Companies like Freedom and Click (Brokers)... you need to establish:
who sold you the loan
who underwrites the loan
who sold / advised you on the insurance (if an advised sale)
who underwrites the insurance.

To advise/sell insurance in the uk - they must be regulated with FSA. Freedom Finance are indeed regulated. Basically if your complaint is about "how" the product was sold then it sits with the Broker.
If the complaint is about the product itself ('the what') then complaint normally to the insurance providers (normally the lender or lenders insurers).

Re Sec 75 claims - this does not cover the Broker/Lender/Insurer relationship as some here seem to be trying to ascertain. Unless the broker is also an appointed rep of the lender - then its the brokers responsibility to comply with their own regulated requirements. When dealing with Brokers - bare in mind that they are YOUR agents and owe you a fiduciary duty.

di3004

Tron_ess wrote: »

All -

Re your issues with Companies like Freedom and Click (Brokers)... you need to establish:
who sold you the loan
who underwrites the loan
who sold / advised you on the insurance (if an advised sale)
who underwrites the insurance.

To advise/sell insurance in the uk - they must be regulated with FSA. Freedom Finance are indeed regulated. Basically if your complaint is about "how" the product was sold then it sits with the Broker.
If the complaint is about the product itself ('the what') then complaint normally to the insurance providers (normally the lender or lenders insurers).

Re Sec 75 claims - this does not cover the Broker/Lender/Insurer relationship as some here seem to be trying to ascertain. Unless the broker is also an appointed rep of the lender - then its the brokers responsibility to comply with their own regulated requirements. When dealing with Brokers - bare in mind that they are YOUR agents and owe you a fiduciary duty.

In my case here it was Click that arranged the loan, but this was in July 2004, they were not actually under Jurisdiction then, and Endeavour were the lenders, also then not covered, we were not happy with the rebate settlement with Endeavour and settled a 25 year loan with these almost 24 years earlier, (In 2005).;)
Even though the FOS will not deal with the mis selling side because they were not covered when we had taken out this product, the consumer consultant from the FOS did state they maybe able to look at the complaint about the unfair rebate settlement as Endeavour were then regulated at the time in Nov 2005 when we settled this.

They state as they are 2 different complaints, mis selling and that of a unfair rebate settlement.;)

Tron_ess

di3004 wrote: »

Hi there Tron_ess
Hope your good.

I am waiting for a response from Endeavour now.
They have under a week left to respond, then its off to the FOS otherwise.

Not getting any luck with Click though, as you may be aware they said they would respond last Friday, then informed us they were unable to but will for Monday (today), I have kept on and nothing !!
Also wrote/spoke to the AFB too this afternoon and was told there was nothing they can do, even though the director of Click is also a director of the AFB !!!

AFB a waste of time really - they're fairly toothless anyway.

As mentioned previouly - keen to understand who "sold" you the policy and the loan. Was it Click or the Company in GIB. Unless you were transferred at some point - the same "person" sold you the PPI and Loan so one of them did wrong! One didn't have authority to sell PPI, the other didn't have CCA license to broker a loan.
This is why I suggested doing more digging.

Tron_ess

di3004 wrote: »

In my case here it was Click that arranged the loan, but this was in July 2004, they were not actually under Jurisdiction then, and Endeavour were the lenders, also then not covered, we were not happy with the rebate settlement with Endeavour and settled a 25 year loan with these almost 24 years earlier, (In 2005).;)
Even though the FOS will not deal with the mis selling side because they were not covered when we had taken out this product, the consumer consultant from the FOS did state they maybe able to look at the complaint about the unfair rebate settlement as Endeavour were then regulated at the time in Nov 2005 when we settled this.

They state as they are 2 different complaints, mis selling and that of a unfair rebate settlement.;)

lol - was busy writing while you posted

di3004

Tron_ess wrote: »

AFB a waste of time really - they're fairly toothless anyway.

As mentioned previouly - keen to understand who "sold" you the policy and the loan. Was it Click or the Company in GIB. Unless you were transferred at some point - the same "person" sold you the PPI and Loan so one of them did wrong! One didn't have authority to sell PPI, the other didn't have CCA license to broker a loan.
This is why I suggested doing more digging.

Arh I see thanks.;)
what would be the best route into this then?, because even though I have some paperwork Click when clicking in the company number in companies house it states dissolved, and nothing else, I did request a SAR from Click just to get gather more info and was told they had nothing to give ??:rolleyes:

di3004

Tron_ess wrote: »

lol - was busy writing while you posted

Lol, our posts are crossing.

I do have some underwritng paperwork, this just states HFC bank, think this was supplied from Endeavour though, its all so confusing and not knowing how to go about this is very frustrating......:rolleyes:
Some Click paperwork, but hardly anything.
I do remember speaking to someone from Click because we did also have her email addy where Click was added in within.

Tron_ess

di3004 wrote: »

In my case here it was Click that arranged the loan, but this was in July 2004, they were not actually under Jurisdiction then, and Endeavour were the lenders, also then not covered, we were not happy with the rebate settlement with Endeavour and settled a 25 year loan with these almost 24 years earlier, (In 2005).;)
Even though the FOS will not deal with the mis selling side because they were not covered when we had taken out this product, the consumer consultant from the FOS did state they maybe able to look at the complaint about the unfair rebate settlement as Endeavour were then regulated at the time in Nov 2005 when we settled this.

They state as they are 2 different complaints, mis selling and that of a unfair rebate settlement.;)

Ok - kinda makes sense now. I had thought this one was post 2005.

Ye - the misselling will be against Click - but pre 05 you're looking at them applying GISC standards which weren't particularly strenous. I expect you'll get the "FOB" off from Click.

You may get more joy with EPF re the rebate issue though, as FSA/FOS have been fairly clear that even if sold pre 05, they should review the rebate models and offer a "fair" rebate. I think EPF was something like Rule of 78 against 20-25%. Its likely a straightline rule of 78 would be deemed fair.

Rule of 78 can be used in insurance because they argue more risk earlier in Policy. Trust this makes sense.

On the Click point - as I previously suggested - you seem to have done your background on this. It wouldn't hurt to place ltr to FSA. Indivuals of FSA authorised firms have to be authorised themselves to hold "controlled Functions" - directors are required to do so. Basically a complaint about the way the company directors have seemingly worked to prevent themselves facing liabilities - and FSA should consider their ability to hold controlled functions as their integrity is questionable.

Tron_ess

di3004 wrote: »

Lol, our posts are crossing.

I do have some underwritng paperwork, this just states HFC bank, think this was supplied from Endeavour though, its all so confusing and not knowing how to go about this is very frustrating......:rolleyes:
Some Click paperwork, but hardly anything.
I do remember speaking to someone from Click because we did also have her email addy where Click was added in within.

EPF are owned by HFC - who are themselves owned by HSBC.
As mentioned HFC were fined because of the practices of EPF ... so i'd push on this one as you should get some joy.

di3004

Tron_ess wrote: »

Ok - kinda makes sense now. I had thought this one was post 2005.

Ye - the misselling will be against Click - but pre 05 you're looking at them applying GISC standards which weren't particularly strenous. I expect you'll get the "FOB" off from Click.

You may get more joy with EPF re the rebate issue though, as FSA/FOS have been fairly clear that even if sold pre 05, they should review the rebate models and offer a "fair" rebate. I think EPF was something like Rule of 78 against 20-25%. Its likely a straightline rule of 78 would be deemed fair.

Rule of 78 can be used in insurance because they argue more risk earlier in Policy. Trust this makes sense.

On the Click point - as I previously suggested - you seem to have done your background on this. It wouldn't hurt to place ltr to FSA. Indivuals of FSA authorised firms have to be authorised themselves to hold "controlled Functions" - directors are required to do so. Basically a complaint about the way the company directors have seemingly worked to prevent themselves facing liabilities - and FSA should consider their ability to hold controlled functions as their integrity is questionable.

Marvellous thanks Tron_ess.;)
To know though that the same director still runs this company is so maddening as he founded Click in 2000 or 2001, also read up on his profile online.:rolleyes:
I did write to the FSA last week, just waiting for a response now.
I will let you know what they come up with.;)

Thanks.

di3004

Tron_ess wrote: »

EPF are owned by HFC - who are themselves owned by HSBC.
As mentioned HFC were fined because of the practices of EPF ... so i'd push on this one as you should get some joy.

Yes I have read plenty of this in the media, and hoping this will be resolved soon.:D Thanks again, I am so grateful for your help and feedback here, you have been amazing.;)