Thread: select finance ppi

Hello jane,

Hi everyone
In 2004 we bought our council house through select finance. The rep got round to insurance and told us it was expensive but it always helps the application look good,my hubby had a good job so the rep said i should have it,no information was given to us at that time,hed been here for ages. In 1996 and 2002 id had 2 mild strokes and was put on medication for hypertension for life.I had bouts of depression and weeks off sick with the blood pressure also. When my brother read through the insurance he told me it was useless as if they wanted my medical history it would mean they wouldnt pay because i have an existing condition and id been ill previously.Ive just had a letter back from select that says "they were regulated by the mortgage code compliance board at the time of sale and my complaint falls under their non eligible comlplaints procedure as it relates to accident,sickness and unemployment cover and not the actual mortgage contract, the transitional rules that apply to non investment insurance contracts from 14 feb 2005 for referal to the fos are not available as select financeltd was not a member of the general insurance standards council."
I m now totally baffled or is that the whole point of this letter. Where do i go now, has anyone had any dealings with select or better still does anyone have the slightest idea what theyre on about.

Thanks Jane

The general pointer of the letter is that they are saying they were not regulated by anyone at the time you started your mortgage with insurance and therefore you are inelligible to make a claim for mis-selling.
I have checked the FSA register and this is what turned up.


Current status: Authorised Effective Date: 31/10/2004 Tied Agent:
Undertakes Insurance Mediation:
Registered under Money Laundering Regulations:
Address: 439 Stapleton Road
Bristol
Avon
BS5 6NA
Phone:
Fax:
Email:
Website:
44 0117 952 0801
44 0117 952 0804
enquiries@select-finance.com
Select Finance (UK) Ltd
Notices: Unable to hold client money


Regulator Name Firm reference number Effective From To
300584 - Select Finance (UK) Ltd


Financial Services Authority 300584 31/10/2004
IMO this would go against their letter if this is the company you dealt with they were clearly regulated from 31 Oct 2004 so you should speak to the FOS for advice.

It seems apparent though that this was a case of mis-selling.

I would however talk to the FOS...
Links that may help with your claim for Mis-sold PPI
Financial Ombudsman Service

http://www.financial-ombudsman.org.u...-insurance.pdf

to explain the response you have had from select finance if you get no joy you may have to start Court proceedings but you will need to ensure you have all the documentation on the mortgage and insurance together with your medical history. A Subject access request may be a good starting point.
Data Protection Act 1998 - Subject access request

Ask for everything here is a good link to read through...

PPI - Some Notes for Claimants..

To check out select finance use this link to the FSA Register.

FSA Register

Just type in the firm name - select finance and the results pop up you can then use the results for more links on the company names, addresses, individuals, regulators using the links which are all in red.

Hope this helps get you started.

IMO you were mis-sold and they were regulated by the FSA in 2004.

aa

Thanks aa

We started the mortgage process in April 2004 and the house was complete by August 2004,so Im even more confused now with -
Current status: Authorised Effective Date: 31/10/2004 Tied Agent:

I'll take your advice and speak to the fos tomorrow.

Thanks Jane

When you say complete do you mean fully paid for or just contracts exchanged?

Ok, I would still go to the fos for advice. They could offer to take on your complaint. Timing is the thing but the FOS have taken on complaints prior to 2005 but not fully sure what their rules are. They do seem to have a degree of flexibility.

Nothing ventured nothing gained as they say.