PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

each claim I submit for someone I always put they had just become aware of it - if it's 3 loans and 2 are outside the jurisdiction dates I always put all 3 account numbers down, but put the date of the last taken out as the date the mis selling took place - if you try to put that date as being prior to coming under their jurisdiction they will automatically reject it - you've got to try to slip these things in but there is no guarantee any recommendation will be made to uphold the initial 2

Thats what i did. Put the latest loan date on then mentioned the others on the complaint form.

tiggrae

tiggrae wrote: »

each claim I submit for someone I always put they had just become aware of it - if it's 3 loans and 2 are outside the jurisdiction dates I always put all 3 account numbers down, but put the date of the last taken out as the date the mis selling took place - if you try to put that date as being prior to coming under their jurisdiction they will automatically reject it - you've got to try to slip these things in but there is no guarantee any recommendation will be made to uphold the initial 2

scratch the previous I've just come across this

COMPULSORY JURISDICTION
Current extent: events before 1 December 2001
2.1 The Financial Ombudsman Service’s compulsory jurisdiction in relation to
complaints about events before 1 December 2001 is established by the Act
and the Transitional Order. It covers:

Firms, and their activities, that were covered by any of the eight former

complaint-handling schemes (listed in paragraph 1.1 of this paper)
immediately before 1 December 2001 whether or not these firms and activies are now regulated by the FSA

these are the 8 schemes

five ombudsman schemes – the Banking, Building Societies, Insurance,
Investment and Personal Investment Authority Ombudsman Schemes

three other schemes – the Financial Services Authority’s Complaints

Investigator, the Securities and Futures Authority Complaints Bureau and
the Personal Insurance Arbitration Service.

How the hell do you find out who was covered by these !!!!!

marshallka

tiggrae wrote: »

scratch the previous I've just come across this

COMPULSORY JURISDICTION
Current extent: events before 1 December 2001
2.1 The Financial Ombudsman Service’s compulsory jurisdiction in relation to
complaints about events before 1 December 2001 is established by the Act
and the Transitional Order. It covers:

Firms, and their activities, that were covered by any of the eight former

complaint-handling schemes (listed in paragraph 1.1 of this paper)
immediately before 1 December 2001

these are the 8 schemes

five ombudsman schemes – the Banking, Building Societies, Insurance,
Investment and Personal Investment Authority Ombudsman Schemes

three other schemes – the Financial Services Authority’s Complaints

Investigator, the Securities and Futures Authority Complaints Bureau and
the Personal Insurance Arbitration Service.

whether or not those firms and activities are now regulated by the FSA

So that means that for certain firms complaints before 1st December 2001 can be looked into then??

tiggrae

marshallka wrote: »

So that means that for certain firms complaints before 1st December 2001 can be looked into then??
[/left]

by the looks of it yes, first time I've seen this - but how do you know if they were covered by any of the 8 and how far back can you go ??? Just goes to show you don't know everything (or all that much :eek: !!!)

it then goes on to say


Current extent: events

from 1 December 2001

2.2 The Financial Ombudsman Service’s compulsory jurisdiction in relation to
complaints about events from 1 December 2001 is established by the Act and
the Rules. It is limited to the activities of FSA-regulated retail firms, and their
appointed representatives, but includes some of these firms’ activities that
are not regulated by the FSA.
2.3 It covers about:

9,500 ‘live’ firms

18,500 ‘dormant’ or ‘dead’ firms

31,000 appointed representatives of investment firms

2.4 The firms comprise:

banks and building societies

insurance companies and Lloyd’s

investment product-providers

investment intermediaries

2.5 Broadly, it covers the following FSA-regulated activities carried out by those
firms:

accepting deposits

providing insurance policies

providing investment products

arranging, and advising on, investment products

2.6 Additionally, it covers the following non FSA-regulated activities carried out by
those firms:

providing mortgages

providing other loans (apart from point-of-sale credit)

providing credit cards (but not storecards)

providing ancillary banking services (e.g. cash machines)

Likely future extensions to other firms

2.7 Additional firms are expected to become subject to the Financial Ombudsman
Service’s compulsory jurisdiction when the government makes their activities
subject to regulation by the FSA:

Credit unions: Those in England, Wales and Scotland – about 650 in all -
will be covered from the beginning of July 2002.

Electronic money institutions: Some of these will be subject to regulation
from 27 April 2002, but the regulatory regime does not come into full
effect until 27 October 2002.

Residential first-mortgage* lenders that are not banks or building
societies: These were due to be regulated from autumn 2002. But that
has now been deferred, probably until the second quarter of 2004.

Residential first-mortgage* intermediaries: These are due to be
regulated, probably from the second quarter of 2004.

Insurance intermediaries: These are due to be regulated, probably from
the second quarter of 2004.
[* Broadly, mortgage contracts subject to FSA-regulation will be first
mortgages made or varied after the date of regulation where at least 40% of
the property is for occupation by the borrower or a member of the borrower’s
immediate family.]
2.8 In each case, the Financial Ombudsman Service’s compulsory jurisdiction
would cover complaints about events from the date the firm became subject
to regulation by the FSA. The compulsory jurisdiction is unlikely to cover
events before the date the firm became subject to FSA regulation.

marshallka

tiggrae wrote: »

by the looks of it yes, first time I've seen this - but how do you know if they were covered by any of the 8 and how far back can you go ??? Just goes to show you don't know everything (or all that much :eek: !!!)

it then goes on to say


Current extent: events

from 1 December 2001

2.2 The Financial Ombudsman Service’s compulsory jurisdiction in relation to

complaints about events from 1 December 2001 is established by the Act and

the Rules. It is limited to the activities of FSA-regulated retail firms, and their
appointed representatives, but includes some of these firms’ activities that
are not regulated by the FSA.
2.3 It covers about:

9,500 ‘live’ firms

18,500 ‘dormant’ or ‘dead’ firms

31,000 appointed representatives of investment firms

2.4 The firms comprise:

banks and building societies

insurance companies and Lloyd’s

investment product-providers

investment intermediaries

2.5 Broadly, it covers the following FSA-regulated activities carried out by those

firms:




accepting deposits

providing insurance policies

providing investment products

arranging, and advising on, investment products

2.6 Additionally, it covers the following non FSA-regulated activities carried out by

those firms:




providing mortgages

providing other loans (apart from point-of-sale credit)

providing credit cards (but not storecards)

providing ancillary banking services (e.g. cash machines)

Likely future extensions to other firms

2.7 Additional firms are expected to become subject to the Financial Ombudsman

Service’s compulsory jurisdiction when the government makes their activities
subject to regulation by the FSA:

Credit unions: Those in England, Wales and Scotland – about 650 in all -

will be covered from the beginning of July 2002.

Electronic money institutions: Some of these will be subject to regulation

from 27 April 2002, but the regulatory regime does not come into full

effect until 27 October 2002.

Residential first-mortgage* lenders that are not banks or building

societies: These were due to be regulated from autumn 2002. But that

has now been deferred, probably until the second quarter of 2004.

Residential first-mortgage* intermediaries: These are due to be

regulated, probably from the second quarter of 2004.

Insurance intermediaries: These are due to be regulated, probably from

the second quarter of 2004.

[* Broadly, mortgage contracts subject to FSA-regulation will be first
mortgages made or varied after the date of regulation where at least 40% of
the property is for occupation by the borrower or a member of the borrower’s
immediate family.]
2.8 In each case, the Financial Ombudsman Service’s compulsory jurisdiction
would cover complaints about events from the date the firm became subject
to regulation by the FSA. The compulsory jurisdiction is unlikely to cover
events before the date the firm became subject to FSA regulation.

Was this on FOS site or not.. I can't find it?? Found this

http://66.102.9.104/search?q=cache:oLpImQqmchEJ:www.fos.org.uk/publications/vj/ej_feedback_dec02.pdf+financial+ombudsman+service+COMPULSORY+JURISDICTION+before+1st+december,+2001&hl=en&ct=clnk&cd=3&gl=uk

tiggrae

marshallka wrote: »

Was this on FOS site or not.. I can't find it??

yes, it's a consultation document (also says the transitional arrangements could be scope for confusion ) - you're not kidding

https://www.financial-ombudsman.org.uk/publications/guidance/extending-our-jurisdiction.pdf

di3004

Updated August 2008

FSA consults on Payment Services Directive Handbook changes::

http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/097.shtml

marshallka

tiggrae wrote: »

yes, it's a consultation document (also says the transitional arrangements could be scope for confusion ) - you're not kidding

www.financial-ombudsman.org.uk/publications/guidance/extending-our-jurisdiction.pdf

So it has not happened then or has it?? Is it now passed and happening??

tiggrae

marshallka wrote: »

So it has not happened then or has it?? Is it now passed and happening??

which bit - the bits I put on here are the ones which were already in place - the document then goes onto to talk about for example insurance intermediaries coming under their jurisdiction - which the document says will probably be the last quarter of 2004.

marshallka

tiggrae wrote: »

which bit - the bits I put on here are the ones which were already in place - the document then goes onto to talk about for example insurance intermediaries coming under their jurisdiction - which the document says will probably be the last quarter of 2004.

So complaints about banks (are they insurance intermediaries??) should always be within jurisdiction even before Dec 2001 if they were in one of the other 8 schemes??