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  • FIRST POST
    • Deej321
    • By Deej321 16th May 19, 8:20 AM
    • 8Posts
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    Deej321
    RSA say can't consider complaint as insurance sold by estate agent belonging to another business
    • #1
    • 16th May 19, 8:20 AM
    RSA say can't consider complaint as insurance sold by estate agent belonging to another business 16th May 19 at 8:20 AM
    Hi! I've been paying ppi since 2000! It will be tied to my first mortgage through the derbyshire building society now owned by nationwide. However the money showed a reference on my statement as First Assist. A bit of quick digging led me to Cigna (owner of first assist) who put me onto RSA, who told me they can't consider my complaint!

    They say:

    The insurance was sold by an estate agent belonging to Sequence UK which was legally considered a seperate business. Sequence estate agents were not appointed representatives of RSA for the sale of PPI which means we are not responsible for the policy sale.

    Any pointers?! I'll buy you a drink!
    Last edited by Deej321; 16-05-2019 at 8:24 AM.
Page 1
    • Moneyineptitude
    • By Moneyineptitude 16th May 19, 8:41 AM
    • 23,624 Posts
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    Moneyineptitude
    • #2
    • 16th May 19, 8:41 AM
    • #2
    • 16th May 19, 8:41 AM
    Unfortunately, you have addressed your complaint to the wrong people. However, even if you had sent it to the Estate Agent who actually sold you the PPI, the complaint would not have to be considered as such sellers were not regulated in the year 2000.

    A consolation may be to realise that mortgage PPI is still retailed today and is a very useful insurance covering probably the largest financial arrangement you will make in your lifetime.

    Sorry, but you won't be buying any celebratory drinks..
    • Moneyineptitude
    • By Moneyineptitude 16th May 19, 8:52 AM
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    Moneyineptitude
    • #3
    • 16th May 19, 8:52 AM
    • #3
    • 16th May 19, 8:52 AM
    RSA owned Sequence when you took out your policy in 2000, but then sold it, just an interesting fact:
    Originally posted by mar4848
    Indeed.
    Irrelevant to the OP, though, who needed to complain to the actual seller of the insurance...
    • dunstonh
    • By dunstonh 16th May 19, 9:02 AM
    • 98,329 Posts
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    dunstonh
    • #4
    • 16th May 19, 9:02 AM
    • #4
    • 16th May 19, 9:02 AM
    Any pointers?
    You give up.

    Estate agent advisers were not regulated until January 2005. This is 5 years prior to regulation.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 16th May 19, 9:08 AM
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    Moneyineptitude
    • #5
    • 16th May 19, 9:08 AM
    • #5
    • 16th May 19, 9:08 AM
    RSA told OP that it was sold by an estate agent belonging to Sequence UK, I just find it a bit strange that they are claiming that they were not appointed representatives of RSA.
    Originally posted by mar4848
    Why would that be "strange"?
    It just means the Estate Agent was free to choose to sell PPI from any provider..
    • dunstonh
    • By dunstonh 16th May 19, 9:15 AM
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    dunstonh
    • #6
    • 16th May 19, 9:15 AM
    • #6
    • 16th May 19, 9:15 AM
    RSA told OP that it was sold by an estate agent belonging to Sequence UK, I just find it a bit strange that they are claiming that they were not appointed representatives of RSA.
    Not strange at all. Over the years a range of banks and insurers have owned estate agents, IFA firms etc. it does not mean the parent company carries liability.

    Ownership and appointed rep are two totally different things. indeed, an estate agent couldnt be an appointed rep of RSA as RSA dont have the product range.
    Last edited by dunstonh; 16-05-2019 at 9:46 AM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 16th May 19, 7:22 PM
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    Moneyineptitude
    • #7
    • 16th May 19, 7:22 PM
    • #7
    • 16th May 19, 7:22 PM
    you may get plevin for later years.
    Originally posted by mar4848
    Mortgage PPI does not reach the 50% tipping point for a Plevin refund.

    Odd that you have gone so quickly from seeking advice on this forum to actually giving it.

    Please be sure of your facts before posting, it's otherwise unfair to those seeking help.
    • dunstonh
    • By dunstonh 16th May 19, 7:56 PM
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    dunstonh
    • #8
    • 16th May 19, 7:56 PM
    • #8
    • 16th May 19, 7:56 PM
    I wouldnt give up if I was you OP, even if there were no regulations in 2000, you may get plevin for later years.
    Its not a haggling competition. If it is pre-regulation and not a bank or tied salesforce then you give up because it is pre-regulation. No matter how many times you keep asking.

    its one thing to be enthusiastic but there is no point giving out bad information.

    Plevin requires the commission to be in excess of the tipping point (50%) and for the debt to be still in force and PPI premiums paid after 2008 (and on the original mortgage - not a remortgage to another lender). MPPI commission was typically between 15-30%. The banks also had profitshare and it is that which just takes them over. However, estate agents/brokers did not have profitshare so they would be under the tipping point.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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