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Who regulated before the FSA.


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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,:eek:

 

Any thoughts?

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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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

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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 :eek: with ppi.

 

Very interesting.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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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

Lloyds TSB -PPI - Full refund . 05/09/06 :D:p (As Seen on TV) :p

Halifax settled in Full.. :D 22/09/06

TSB First Claim SETTLED IN FULL 19/10/06 :D

Second Claim to Lloyds TSB - Settled in Full

Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07

PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.

 

 

 

If my post has helped you, please click the scales! :grin:

 

Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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