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.
GraingerCo Financial Services