Income Protection Policies

[JGJ]

I am currently browsing through a miriad of documents, received after a SAR request to a financial institution, re a mortgage loan to a close relative whereupon, I have found a doc relating to a Single Premium Disbursment Income Protection/Term Life.in the sum of close to £1000.

Is this doc relating to PPI or purely a life ins policy??

 

All information advice will be gratefully received.

 

"EXEMPLO DUCEMUS"

[ims21]

Hi

 

Have a read here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?355991-HSBC-Flexilife-Income-Payment-Protection&p=3936355&highlight=income+protection#post3936355

 

and here

 

http://www.which.co.uk/money/insurance/reviews-ns/income-protection/what-is-income-protection/

 

 

Much I think will depend on the type of policy.

 

However, if it was mis-sold then a reclaim should be put in.

[JGJ]

ims21,

 

Thank you for your info it is all good. A little more reading by me first, but I am sure we will be making a claim.

 

"EXEMPLO DUCEMUS"

[JGJ]

ims21,

 

After reading through the files returned to me, re our Full SAR request, these paragraphs seem rather suspect to say the least and all advice for my response will be gratefully received.

 

We have enclosed all the personal data relating to the above account, which we hold about your client. This is held within a relevant filing system and we are obliged to disclose this under the Data Protection Act 1998. Information not held within a relevant filing system, has not been provided under this Subject Access Request. Your request for a copy of the underwriting sheet and commission figures is denied, as it does not specifically identify your client.

 

If there is any other information which you think we may hold about you and you require this information, please write to us with the following information to assist us in locating it.

..A brief description of the document.

.. The date of the document(if you have this)

 

We may then be in a better position to disclose this information to you.

 

 

"EXEMPLO DUCEMUS"

[JGJ]

Re above post#4

 

Has anyone had this form of response as a result of a SAR request from any of the financial institutions etc.

All information advice will be gratefully received.

 

"EXEMPLO DUCEMUS"

[JGJ]

Anyone have any comments re post #4

All comments/info will be gratefully received.

 

"EXEMPLO DUCEMUS"

[ims21]

Not sure why you want the underwriting sheet?

 

They wouldn't normally provide this anyway.

[JGJ]

After doing a re-check of my docs, returned re our SAR request, out pops the "underwriting sheet" in all its glory, with the full partics re the Single Premium Disbursement Income Protection /Term Life Policy.

Time to crack on and send the Mis-sold letter off to them.

 

"EXEMPLO DUCEMUS"

[JGJ]

Hello All,

Have received a response from the company involved which is GE MONEY, stating that the claim is 35 days out of time??

 

Single premium disbursment income protection policies, are in principal the same as PPI. claims.

 

They surely are not time restricted,as time plays no factor in this complaint, but are activated when you realise that when they send info re your SAR letter, you become "aware" that you have been mis-sold the product.

 

Me thinks another letter to them requesting them to stop taking the P**S and cough up monies and interest due.

 

All info/advice will be gratefully received.

 

 

"EXEMPLO DUCEMUS"

[ims21]

So have they tried to pull the six year limitation bit?

 

If so write back to them and tell them that it does not apply for the reasons you have stated.

 

Did they by any chance say that you could forward to the fos if you don't agree?

 

GE are a tough nut to crack.

[JGJ]

ims21,

 

Yes they are stating out of time and yes for the FOS route.

 

"EXEMPLO DUCEMUS"

[JGJ]

Hi all,

Re my post#9

 

Received a letter from GE stating that they are unable to uphold my complaint due to.

 

1) The fact that the event of my complaint occurred over 6yrs ago and as such, are not required to investigate the matter further under the "Limitations Act 1980"". As 6yrs is a reasonable time to have logged a complaint following an event.

 

They do not mention, or reject the claim for any other reason, except the time factor, the totally incorrect assumption that the claim is out of time.

 

They have further advised me that the complaint is now closed and that if I do not agree with their final response to take it up with the CAB within 6 months.

 

Another little snippet is that my complaint falls "outside of the jurisdiction" of the FOS and that they the FOS, will not be able to investigate my concerns. This is contradicting a previous letter I received.

 

Surely The mere fact that the Data Protection Act 1998 clearly states that re "SAR," ALL info Must be Disclosed and surely it has absolutely no correlation to the "Limitation Act 1980" at all.

 

As usual all advice/info will be gratefully received.

 

"EXEMPLO DUCEMUS"

Edited October 9, 2012 by JGJ
Missing text

[JGJ]

Anyone had dealings with GE Money??

 

"EXEMPLO DUCEMUS"

[benhunt]

Sorry to hear that JGJ. My partner just left NatWest after working there for 20 years, and absolutely hates the PPI claim culture that's all over the TV/radio.

 

It seems to be a formality to get a refund, but she is confident that she never once sold a PPI policy to anyone who didn't need it.

 

Sounds like there's not much you can do about the 6-year limit though. I didn't know about that.

[ims21]

OK so check with fos first....give them a call and get their opinion as to whether they will take it on.

 

If not then court is still open to you but the onus of proof of mis-selling (civil burden on the balance of probability) will be on you as the claimant.

 

If going the court route then the six year fob-off is challenged using S32(1)© Limitations Act 1980.

 

benhunt - Welcome to CAG.

 

While your wife's experiences may be different, there is no doubt that banks systematically mis-sold products to customers (AKA victims) even to the extent of selling products which they knew were of no use whatsoever. This was done purely as a revenue and profit generating exercise. To achieve this they offered commissions and bonuses to sales staff and so the sales were driven by greed and not driven by taking the best interest of the customer into consideration.

 

It is now payback time for the banks and about time too.

[benhunt]

There's a lot of anti-bank sentiment at the moment, for sure.

 

They do pay massive bonuses to the boy's club. But not every seller was mis-selling.

 

PPI feels like a way for the Government to spank the banks... but it has made no difference to the big boys. They still got their bonuses, while all NatWest's customer advisers effectively had theirs cut completely.

[JGJ]

Hi all,

 

Time scale surely does not commence, until after "you realise" or "you discover" via a SAR request and info received from bank etc. that PPI has been unknown to yourself loaded into an agreement, up front or otherwise and has attracted unknown to yourself, premium and interest on a product, that would be of no use to yourself in the event of a claim and it is one of the elements of mis-selling that the banks etc are having to "acknowledge" that "millions" of policies were indeed mis-sold by the ruthless sales orientated, bonus led banking staff, with not an iota of fairness shown towards their customers, this mis-selling is fraud in any other area of business.

 

All comments/advice will be gratefully received.

 

"EXEMPLO DUCEMUS"

[JGJ]

Hello all,

 

Well herein lies the response from the FOS after approx 2years awaiting,re our claim for mis-selling of a, "Single Premium Disbursement Income Protection Policy"

 

Dear Mr.

 

I write to you in respect of the above complaint.I am the adjudicator responsible for PPI mis-sale complaints that we have currently set up against Sterling Life Limited.

 

Before this service can consider a complaint we must ensure that it falls within our jurisdiction. The jurisdiction of the Financial Ombudsman Service is set out in the DISP section of the Financial Conduct Authority Handbook. These rules set out which complaints we can and cannot consider..

 

We have established that the seller of this policy- Midland and General Direct (now known as "GE Money")- was not covered by the Financial Ombudsman Service )or any of our predecessor schemes) at the time of the sale.

 

As I understand it, Mr and Mrs **** have complained that their single premium disbursement income protection and term life policies were mis-sold to them, in conjuction with a secured loan in May 2004. At that time, GE Money did not fall within our jurisdiction in other words, we have no power to take this complaint forward against that business.

 

As a potential alternative and last resort, we have been investigating whether we can take such complaints forward against any other firm within our jurisdiction, such as the Insurance companies that actually provided the cover, to see if they could be held legally responsible for the sale of this policy. We think this is the appropriate thing to do in the context of PPI (Payment Protection Insurance) because the regulator (Financial Conduct Authority) has already found systemic failings in the way such products were generally sold. It is not unknown for some policies to be described as income protection, while actually offering cover similar to PPI; for example covering monthly loan repayments for a limited period in the event of the insured's inability to work due to illness or unemployment. However, during the course of my enquiries, it has come to my attention that Mr and Mrs **** selected to take out life cover only.As such , it appears that income protection and PPI, was not sold alongside the loan. Whereas PPI is not individually underwritten based on the policyholders circumstances, life cover is tailored to take account of the applicant's specific risk factors- for example, their health, lifestyle and employment status. PPI is also a short term, renewable product; whereas life cover is a long term commitment by both insurer and insured.

 

Accordingly, I am sorry to say that we cannot progress this complaint any further as it does not relate to an insurance sale that was either regulated or covered by a predecessor scheme- and it does not concern the sale of income protection and/or PPI.

 

Therefore, I am writing to confirm that I will now close Mr and Mrs **** complaintand notify Sterling accordingly.

 

WHAT HAPPENS NEXT

 

If you have any new information that you think means that the ombudsman service would look at this complaint, please let me know by 6th February 2014. Once Iv'e considered what you have said,I'll get in touch again to talk about the next steps. In every case,both the consumer and the business have the right to ask an ombudsman to make a final decision.

 

Otherwise, you don't need to do anything more. I'm very sorry not to help any further. But please let me know if you have any questions about what I've said.

 

Yours Sincerely,

**** ********

Adjudicator.

 

On contacting them by landline, my question to them was, if no one is apparently culpable, where has the upfront sum of just under £1000 gone to and for what reason was it taken. No policy or any docs whatsoever have ever been received from any company in regards to the claim.

 

All comments/Advice will of course be gratefully received.

 

"EXEMPLO DUCEMUS"

[JGJ]

Anyone with any comments or advice.

 

"EXEMPLO DUCEMUS"

[ims21]

So you phoned them after you received the letter and asked this question

 

On contacting them by landline, my question to them was, if no one is apparently culpable, where has the upfront sum of just under £1000 gone to and for what reason was it taken. No policy or any docs whatsoever have ever been received from any company in regards to the claim.

 

What was their reply?

 

Was this actually a Life Insurance policy?

 

If it was and things were as the fos suggest, then there would surely have been an interview to get the details they mention about lifestyle, health etc. Did that happen?

 

I think that the only way forward on this now would be the court route for which I refer you to a post above but you need to find out whether this was actually a life insurance policy or not.

[JGJ]

ims21,

 

Thank you for your reply.

 

FOS reply was simply that as it falls outside of their jurisdiction they cannot take any action against GE Money.

 

I am having to re-check all the docs we received from the SAR request,unfortunately I do not have them to hand, as they are with my relatives from whom the complaint emanated.

 

I remember that the GE Money final response letter, stated that as the account started over six years ago and as such they were not required to investigate the matter further, quoting the Limitations Act 1980 and that the complaint falls outside of the FOS jurisdiction.

I will update as soon as I receive any further info.

 

"EXEMPLO DUCEMUS"