View more on these topics

Letter of the week: Fighting back against claims avalanche

On 3 August I received the dreaded claims management complaint letter for PPI.

The questionnaire that had been “answered” by the complainant was vague, to say the least. When did you take out PPI? Can’t remember. How was it sold to you? Can’t remember. Did the financial business give you advice? – Oh Yes! How did you pay for it? Note sure. And so on. From virtually no information, apart from a name address and birthday, the company in question gleaned eight failures in our sales process.

I responded on the 13 August by saying that we could not identify the client from the information supplied, and could they give us more detail to assist our investigation. Meanwhile I asked for an explanation of how they identified the shortcomings with little or no information and added that I would be reporting the matter to the police if I felt the claim was spurious. This ,clearly, did not worry them as no reply was forthcoming. So, I called and left two messages on 17th and 18th September , both of which were also ignored.

On 12 November I complained to the Ministry of Justice who asked me to send them a copy of the paperwork so they could check to see if the company was operating within “the guidelines”. I asked the MoJ when they would let me know the results of said complaint. “We don’t tell you”. Pardon? “We don’t tell you”. I sent a copy of the paperwork to them anyway, not holding out much hope.

On 14 November I wrote (recorded, naturally) to state that the claim clearly had no foundation and, therefore, my time had been wasted unnecessarily. I enclosed an invoice for £120 and said that I would be taking County Court action if it was not settled within seven days.

I also pointed out that my action should encourage them to research the basis of any claims they submit to ensure they could be dealt with in accordance with FSA rules.

Result? I received a cheque on the 22 November. The accompanying letter stated that they had been supplied with incorrect information by the lender in question.

No explanation, however, of the incredible feat of investigation that identified a catalogue of failures. No surprise there then.

Anyone of the banks may have made a payment, I suspect, on a commercial basis so it is no wonder that the avalanche of “no downside ” claims continues.

Meanwhile I urge all right minded IFAs to treat these people with the contempt they usually deserve – I know that I will.

Steve Foreman

GraingerCo Financial Services
Tunbridge Wells


Accord Mortgages launches third 10-day sale of 2012

Accord Mortgages has launched six new fixed rate mortgages for 10 days only, with rates starting from 2.59 per cent. The products are all available up to 70 per cent loan-to-value and have a £995 fee. Accord is offering a 2.59 per cent two-year fixed rate, a 2.79 per cent three-year fixed rate and a […]

BNY Mellon announces Insight range restructure

BNY Mellon has announced a number of mergers of Insight Investment funds to better position the boutique for the post-RDR world. BNY Mellon head of UK wholesale Scott Goodsir says: “These proposed changes are designed to capitalise on Insight’s core investment expertise and provide our intermediary clients with strategies that help investors through the investment […]

Cherry Reynard MM blog

Has Artemis future-proofed its business?

Artemis was a fund management group built by fund managers. At the time, many of the qualities on which it built its business were rare – fund managers investing in their own funds, not being constrained by bureaucracy and investing with conviction. After its launch in 1997, its ascent was dramatic, but it was hit […]

Richard Tugwell MS Cover Index

Virgin Money plots relaunching Virgin One style current account mortgage

Virgin Money says it is considering bringing back a current account-style mortgage similar to the Virgin One Account that was launched in the mid to late 1990s. In 1997 Virgin Direct, which was the previous name for Virgin Money before it was rebranded in 2002, launched The Virgin One account as a joint venture with […]

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. Well done Steve, these leaches need bringing to heel!

  2. Matt Worthington 3rd December 2012 at 1:58 pm

    Agree with the above post, well done Steve.

  3. I have a claim being signed off by my PI people atm so let’s keep it vague. I received an endowment complaint the other week, for a policy that matured 5 years ago and which paid out 130% of the target sum insured.

    I will also be sending in a claim agaiinst the claims company.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm