We have only ever done a handful of PPI policies and have not been authorised for general insurance now for more than five years. We took that decision because we are a B2B mortgage and loans master broker. It is not our job to sell insurance to the broker’s customer. However, we get about half a dozen “complaints” a week from claim companies which are absolutely certain that their customer was missold PPI after we did not outline the terms, told them it was compulsory, did not tell them it was added to the loan etc, etc.
Not surprisingly, about 99.9 per cent of them never even had PPI.
How does a professional, regulated firm get away with representing their client without even getting some basic factssuch as “Have you actually got any PPI?” sorted out first? A solicitor would ascertain if there was any injury or loss before pursuing someone in an accident claim, so why can’t the claim firms be made to do the same? Each “complaint” of course takes time to deal with and some of the firms want us to confirm in writing that the PPI was never sold.
I do not see why we should waste any money on postage when there is no complaint so it is an email or nothing from us. If you went in to an electrical store and complained about the baked beans you bought and they said “we don’t sell baked beans” and you asked them to confirm that in writing, the men in white coats would be round in no time. The entire claims industry is a farce. Disappointingly, many of the firms appear to be owned and run by former brokers and IFAs,many of whom were selling endowments, pensions and PPI in the past.
Rob Derry, Brunel Mortgages & Loans