Welcome Finance - This company needs to be banned.

[Dipply75]

Hi Post, Andie, am waiting on an e-mail on the exact status of an authorised agent, what this entails and the responsibilities involved for the agent and the insurer...will advis asap.

 

Welcome put in black and white on their FSA reglulation advice sheet:

What will you pay us for our services - There is no fee payable.

 

This sheet is given for you to decide if their services are right for you. This gives no indication that they have a financial interest in selling you that policy, in fact it implies the opposite...no fee payable.

 

NU have decided the will happilly accept the dirty mone from this but cold not care less what is happening on their authorised behalf.

 

And the ENITRE thing is run from a non-existent Dept 33, that doesn't actually keep records of anything or anyone (how do they pass an FSA audit or account to HMRC then??)

 

We need Dr Who

[mojo8]

Just seen this pop up

 

BRIEF-Cattles makes subordination document available

BRIEF-Cattles makes subordination document available - Forbes.com

 

Looks light on details but there are contact numbers and hints of new info. Anyone fancy picking up a phone?

 

Oh and for those interested, don't forget you can make yourself some nice alerts

Google Alerts

 

 

Well if they have £500 million to pay back in july its time to batten down the hatches as we will probrably face a barage of phone calls and letters in attempt to get money in... i mean they rang me last night asking for this months payment...half way through the month.

[mojo8]

Hi Post, Andie, am waiting on an e-mail on the exact status of an authorised agent, what this entails and the responsibilities involved for the agent and the insurer...will advis asap.

 

Welcome put in black and white on their FSA reglulation advice sheet:

What will you pay us for our services - There is no fee payable.

 

This sheet is given for you to decide if their services are right for you. This gives no indication that they have a financial interest in selling you that policy, in fact it implies the opposite...no fee payable.

 

NU have decided the will happilly accept the dirty mone from this but cold not care less what is happening on their authorised behalf.

 

And the ENITRE thing is run from a non-existent Dept 33, that doesn't actually keep records of anything or anyone (how do they pass an FSA audit or account to HMRC then??)

 

We need Dr Who

 

 

That sheet thay have given you is an "initial disclosure document" and they have to give you that by law. Its to advise you that they are regulated by the FSA and that they offer certain products and use limited insurers. It will also state that you will recieve no advice from them but they may ask some questions to narrow down the selection of products offered. What they are stateing is that there is no fee for this advice..... what they havent been doing is following it up with the needs and demands statement to determin suitability for any insurance and that is a big no no as it proves that they have durable medium that records if you asked for insurance or not... so potentially any insurance has been mis-sold. On my car finance agreement (not with welcome) i have finance gap which is shown on my needs and demands and on the accompanying letter it tells me that 0.66p is premium tax, of wich they are obliged to disclose to me so NU and DG must get this not disclosing thing from "WE THINK WERE ABOVE THE LAW" book...WRITTEN BY WELCOME FINANCE

[andie_303]

hmmm what is the fsa regulation sheet of which you speak? oh I see another piece of paper I should have got but didn't. shall we add that to the list? dipply can you send me a copy?

[Dipply75]

That sheet thay have given you is an "initial disclosure document" and they have to give you that by law. Its to advise you that they are regulated by the FSA and that they offer certain products and use limited insurers. It will also state that you will recieve no advice from them but they may ask some questions to narrow down the selection of products offered. What they are stateing is that there is no fee for this advice..... what they havent been doing is following it up with the needs and demands statement to determin suitability for any insurance and that is a big no no as it proves that they have durable medium that records if you asked for insurance or not... so potentially any insurance has been mis-sold. On my car finance agreement (not with welcome) i have finance gap which is shown on my needs and demands and on the accompanying letter it tells me that 0.66p is premium tax, of wich they are obliged to disclose to me so NU and DG must get this not disclosing thing from "WE THINK WERE ABOVE THE LAW" book...WRITTEN BY WELCOME FINANCE

 

LMAO, th book that shall become an obituary Thats it..initial disclosure document, I think yo have told me that twice now and I keep forgetting!

 

On the one we have (that was posted I may add) it states:

 

We will advis and make a recommendation for you after we have assessed your needs.

 

Apparently our need was to part with as much money as possible.

 

Anyone dealing with SAR's for NU, read this...it has a dedicated address and Tel number...may be orth trying!

 

Norwich Union Ebroking: e-services: Register Form: Terms

[Dipply75]

Will get one to you Andie, may be 2moro though, I have to go and use my mums scanner, still can't find the plug for min!

[mojo8]

LMAO, th book that shall become an obituary Thats it..initial disclosure document, I think yo have told me that twice now and I keep forgetting!

 

On the one we have (that was posted I may add) it states:

 

We will advis and make a recommendation for you after we have assessed your needs.

 

Apparently our need was to part with as much money as possible.

 

Anyone dealing with SAR's for NU, read this...it has a dedicated address and Tel number...may be orth trying!

 

Norwich Union Ebroking: e-services: Register Form: Terms

 

 

It shouldnt really state that... what it should say is that

you will not recieve advice from us.

We may ask questions to narrow down the selection of products that we will provide details on....

now here is the funny bit...

You will then need to make your own choice on how to proceed...... if only.

 

i think that initial disclosure and needs and demands is going to play a big part in reclaiming money back or rendering agreements unenforcable.

[mojo8]

Will get one to you Andie, may be 2moro though, I have to go and use my mums scanner, still can't find the plug for min!

 

 

Andie..if they dont give you that sheet....then straight away they are in breach of the FSA`s regulations as ist contains all the Key Facts.......... Where i work, we have to give that to the customer before we discuss any info on insurance or finance and thats the fsa basic requirement

[Dipply75]

It shouldnt really state that... what it should say is that

you will not recieve advice from us.

We may ask questions to narrow down the selection of products that we will provide details on....

now here is the funny bit...

You will then need to make your own choice on how to proceed...... if only.

 

i think that initial disclosure and needs and demands is going to play a big part in reclaiming money back or rendering agreements unenforcable.

 

Aha, you are right, it is this that will snooker them. I as reading up on this and there are 2 types of sales, Advised and Non-advised.

 

Welcome sem to be trying to mix both...they state on the initial disclosure that they will assess your needs and advise (advised sale) yet their demands & needs is a basic brief desciption of each policy type....thats all you have to go on (and no personal info assessed whatsoever) to base a decision on (non-advised sale).

 

If they claim to have assessed yor suitability and advised you their insurance covers you then let them prove that. Like you said, in a durable medium, lets see them provide a single personal fact about any of us or a completed questionnair of any kind....Then lets see them prove the sale was fair, unbiased and in our best interests, actually provide some proof of this.

 

Sorry, reading so much of this just now, regurgitating automatically!

[postggj]

on auto pilot dipply

 

keep it comming

[mojo8]

Aha, you are right, it is this that will snooker them. I as reading up on this and there are 2 types of sales, Advised and Non-advised.

 

Welcome sem to be trying to mix both...they state on the initial disclosure that they will assess your needs and advise (advised sale) yet their demands & needs is a basic brief desciption of each policy type....thats all you have to go on (and no personal info assessed whatsoever) to base a decision on (non-advised sale).

 

If they claim to have assessed yor suitability and advised you their insurance covers you then let them prove that. Like you said, in a durable medium, lets see them provide a single personal fact about any of us or a completed questionnair of any kind....Then lets see them prove the sale was fair, unbiased and in our best interests, actually provide some proof of this.

 

Sorry, reading so much of this just now, regurgitating automatically!

 

 

dipply,

if you are up for a good read then this will give you a really good understanding of what we are talking about; section 5.2 is the part on needs and demands.

http://www.fsa.gov.uk/pubs/hb-releases/rel73/rel73icobs.pdf

get stuck into that.

[Dipply75]

Will do Mojo!

 

Post, read this, keeping in mind they claim you do not pay a fee for their service, and thy mention no commission:

 

ICOBS 4.3 Fee disclosure

 

 

ICOBS 4.3.1 06/01/2008 (1) A firm must provide its customer with details of the amount of any fees other than premium monies for an insurance mediation activity.

(2) The details must be given before the customer incurs liability to pay the fee, or before conclusion of the contract, whichever is earlier.

(3) To the extent that an actual fee cannot be given, a firm must give the basis for calculation.

 

ICOBS 4.3.2 06/01/2008 The fee disclosure requirement extends to all such fees that may be charged during the life of a policy. Their definition of Fee is: any payment or remuneration offered or made by a client to a firm in connection with designated investment business or with any other business of the firm, including (where applicable) any mark-up or mark-down.

[Dipply75]

There we are Mojo:

 

Statement of demands and needs

 

ICOBS 5.2.2 06/01/2008 (1) Prior to the conclusion of a contract, a firm must specify, in particular on the basis of information provided by the customer, the demands and the needs of that customer as well as the underlying reasons for any advice given to the customer on that policy.

(2) The details must be modulated according to the complexity of the policy proposed.

 

This details a demands & needs statement relevant to that individual customer, dtailing their actal demands & needs and their reasons for the advice given to THAT customer - not a generic 'one fits all' statement just describing the products and asking you to sign the bottom.

[Dipply75]

While I am at it, one of the basic points the FSA has crackd up about is the customer not bing told they can 'shop around' for PPI. If Welcome had actually listed NU as the insurer on th documentation, like their initial disclosre document states they will, you would concievably then have been abl to approach NU direct for a quote.

 

Wonder how much the price difference would have been

[andie_303]

Dipply, Postggj, JonCris and Stewie (if you ever come back to us!)

 

Have a VERY important date tomorrow - Check your inboxes make sure you have room for a message - need help!!

[traz39]

just been on lse they expecting bad news tomorrow

[andie_303]

I heard predictions of more than the £750mil they initially predicted - more like £900mil - no wonder they're asking for payments mid month

[traz39]

they wanted more off me cheeky b------ders

[andie_303]

ha ha - shame i've been all geared up for a call since the 1st - bought a recorder and everything and nothing!!

[traz39]

lol u think of everything dont u

[andie_303]

I do where these are concerned!! That link you posted the other day - happening tomorrow

[traz39]

??????????????

[andie_303]

the link from MSE

[traz39]

yey with u now one of them days what u think will happen

[traz39]

u think they will go under and we wont have to pay them anymore money:D