Unfortunately, there is no clear answer to this. However, we can break down a PPI claim into a number of categories.
Policies sold after January 2005
If your PPI policy started after January 2005, you will have no problem complaining to the provider (and possibly starting a PPI Claim) as all PPI sales were regulated by the FSA by that date.
Policies sold Pre January 2005
Specific FSA regulations regarding mediation of insurance did not apply before 2005. However, the FSA’s Principles for Business did, and most providers were signed up to the General Insurance Standard Council (GISC) Code.
This, and the Association of British Insurers (ABI) Code, which predated the GISC, means that the provider can be held to account for mis-selling PPI.
However, whilst this applies to most banks, building societies and credit card providers, it doesn’t apply to providers of consumer credit.
This means that intermediaries like Norton Finance, loans.co.uk and Central Trust, consumer finance companies (e.g. Blackhorse and Welcome Finance) and car dealers are not covered by these regulations prior to 2005. The Financial Ombudsman Service (FOS) also does not have jurisdiction to adjudicate these claims. So a PPI claim in this area would be tricky.
Where sale pre-dates 2005 and the provider was not covered by regulation or membership of a standards code, it is possible to complain to underwriter of the PPI.
We have successfully taken claims against underwriters to the FOS
Policies which ended over 6 years ago
FSA regulated businesses are not required to keep documents longer than 6 years, and will often reject claims out of hand if they cannot trace the account.
However, if you still have the original loan documentation or loan account number, and the policy was sold by a bank, building society or credit card provider then you stand a good chance of success!
Our oldest successful claim dates from 1994 (the loan ended in 1997).
Contact us now if you think that you should make a PPI claim.