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FOS/GISC/FLA/Underwriters/Insurers of PPI

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  • FOS/GISC/FLA/Underwriters/Insurers of PPI

    Would like to add some information in regards of loan regulates & details of Underwriters/Insurers of PPI.

    When a loan business was not regulated by the Financial Service Authority (FSA), depending on the year, General Insurance Standards Council (GISC) were another regulator.

    The FSA taken over GISC from 14 January 2005. However, not every business were covered by GISC as it was not compulsory back then.

    So if you made a complaint to a company regulated/registered by GISC, and if it was rejected by a final decision made, you should receive a letter from the business to confirm you have rights to complain to the Financial Ombudsman Service (FOS), even companies that were GISC regulated, but GISC more-so covered banks than any outside lenders where there were very few.

    If the complaint was rejected, and on the grounds that it was not FSA/GISC regulated, the final letter should confirm another business called Financial Leasing Association (FLA) again though not all were covered by these either.

    The FLA is a direction you can try, and depending if your able to provide any further information that the business you originally complained to, the FLA will consider if the case will be looked into further or not.

    If the FLA agree, they will send the complaint with the further information you provided to them to the Higher dept (Management) of the business you originally complained to, to get looked at again.

    The FLA should let you know either way within a week, and suggest other avenues if they think appropriate if the complaint is not passed back to the business you complained to.

    Failing the above, another avenue is the Underwriter/Insurer who were possibly regulated, as they generally have to be to be dealing with Insurance.

    The Financial Ombudsman Service usually suggests this avenue if all else fails.

    Underwriters/Insurers still have some responsibility of when the policy was sold to the customer.
    When they have Intermediaries/Advisers selling insurance products on their behalf, the policies are referred back to the Underwriters.

    The Underwriters have a duty to check and make sure that the policy was sold correctly, and to ensure it suits Customer's requirements.

    It is understood that Underwriters/Insurers do have a liability when Insurance products are sold, even if they were/are not present at the selling of the product.

    The duties of the Underwriter include, evaluating an individual before issuing an Insurance policy.
    It is a very important duty that an Insurance Underwriter must perform, must analyse the client's risk before issuing the policy, for example, such as Current Health Problems.

    Underwriters/Insurers should analyse Insurance Applications determine whether they should be accepted or rejected.

    If you do end up going to the Underwriter, the chances are they will still try to state that as they were not the ones responsible for selling the product, they may try rejecting.
    But as they were possibly regulated, you can complain to the FOS, who will be willing to take it on, and then investigate any liabilities the Underwriter/Insurer had, of when the policy was sold to you, but it may just take some time.
    Last edited by di30; 8 October 2012, 17:51.

  • #2
    Re: FOS/GISC/FLA/Underwriters/Insurers of PPI

    I seem to be reading of more success recently, of success via Underwriters, even though they complaints have gone as far as the FOS.