Who regulated before the FSA.

[hellhasnofury]

Hello All,

I am interested as to who monitered and regulated before the FSA took over in 2005.

I had an interesting conversation with the FSA helpline yesterday, they dicussed the notion that before they took over the regulating of financial institutes, it was a bit of a shambles,

Any thoughts?

[angry cat]

PPI which came under General Insurance was not regulated prior to the FSA becoming the Regulator for this (quasi) insurance.

However, agents or intermediaries had to (I believe) belong to the GISC - General Insurance Standards Council who had a code of practice to follow and...of course the selling of this general type of insurance was shambolic. Presumably that is why the FSA started their investigations with a mystery shooping investigation together with the fact that the CAB made a super complaint to the OFT

All of my own PPI was sold to me in association with credit cards and did not meet the full requirements of the GISC code, the insurance put me at risk! it ultimately failed.

The above is simply my own opinion.

Love AC

[hellhasnofury]

Originally Posted by angry cat

PPI which came under General Insurance was not regulated prior to the FSA becoming the Regulator for this (quasi) insurance.

However, agents or intermediaries had to (I believe) belong to the GISC - General Insurance Standards Council who had a code of practice to follow and...of course the selling of this general type of insurance was shambolic. Presumably that is why the FSA started their investigations with a mystery shooping investigation together with the fact that the CAB made a super complaint to the OFT

All of my own PPI was sold to me in association with credit cards and did not meet the full requirements of the GISC code, the insurance put me at risk! it ultimately failed.

The above is simply my own opinion.

Love AC

Thanks for that info,

I had a letter stating that a companys offer of goodwill was based merely on making their customers happy. The fact that before the fsa came to power they were not legally bound to give customers quotes for loans with ppi.

Very interesting.

[reidnet]

And is it not still a bit of a Shambles these days ..lol

The gestures of goodwill , to keep their customers happy, My Backside, Gesture of Goodwill is to get you off their back and keep you quiet.
Strangely they hand out this goodwill just before court, None of them have been bold enough to stand up in court But I am hoping that GE Money will stand up in court.. Now that will make an interesting day out for me and a few others and of course the Press..lol. Perhaps GE are being the way they are with me because of who I am and what I am doing to highlight this massive rip off market, then again GE seem to mess others about too, using Bullying Tacticts ,Scare Tactics and they seem to think they are above the courts and try to get their own way all the time, of course you would not expect anything less from this outfit.

Ian

[rks99]

This may be worth a look

http://www.thisismoney.co.uk/ask-an-expert/insurance/article.html?in_article_i d=417870&in_page_id=136

loan payment protection insurance

rks