Fos & gisc/abi

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I have heard it mentioned that the FOS will investigate a pre-2005 PPI claim IF the company in question was a member of ABI or GISC.

 

Is there any truth in this?

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Ok managed to answer my own question lol

 

http://www.out-law.com/page-10509

 

The guidance applies to complaints about the sale of all types of PPI contract, whatever the basis on which it was sold and irrespective of whether the policy is still in force, was cancelled during the policy term or ran its full term (DISP App 3.1.1G).

For banks and insurers, the new regime covers complaints about PPI sales going back to 1st December 2001.

Brokers and intermediaries, however, have only been subject to FSA regulation since 14th January 2005. The FSA has confirmed that DISP applies to complaints against intermediaries about earlier sales if the intermediary was a member of the General Insurance Standards Council (GISC) at the time of the sale and the subject matter was covered by its rules.

Although the GISC code did not include many of the more detailed provisions now found in ICOBS, the FSA is satisfied that its general principles are sufficiently similar to those in the Handbook.

Sections in the final amended DISP text that have been given the status of "evidential provisions" will, however, only apply as guidance to complaints about pre-2005 sales (DISP App 3.10). Guidance is illustrative, but not binding, whereas compliance with an evidential provision will be taken as evidence that the firm has complied with FSA requirements.

For non-GISC sales (which would be outside the scope of DISP), complainants have to rely on common law principles, such as negligence or (where the broker was acting as agent of the insurer) the duty of utmost good faith or the general law on misrepresentation.

 

Might be of some help to the Chartered Trust/Black Horse pre-2005 PPI claims, where by they seem to be gloating that the FOS can't investigate.

 

Upon investigating my ppi documents that came with my SAR, it states that Financial Insurance Company Limited were the underwriters of the PPI and THEY were GISC members. Before 2001 (Chartered Trust) they quote compaining to ABI.

 

Also Financial Insurance Company Limited looking on the FSA Register have been FSA regulated since 2001.

 

Hope this helps!

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Excuse my ramblings as thoughts come into my head lol, but would this

 

For non-GISC sales (which would be outside the scope of DISP), complainants have to rely on common law principles, such as negligence or (where the broker was acting as agent of the insurer) the duty of utmost good faith or the general law on misrepresentation.

 

 

mean CT/BH were acting as brokers for the PPI?

 

If so are there any common law principals that can be quoted?