FOS have confirmed that Welcome Financial Services were members of GISC

[TANZARELLI]

The FOS have today confirmed that Welcome Fiancial Services were previously members of the General Insurance Standards Council (GISC) prior to being regulated by the FSA and the FOS having jurisdiction over them.

Initially the FOS had said that WFS were not members of GISC prior to becoming regulated by the FSA so they didn't have whats know as retrospective jurisdiction to be able to look at the first loan mis-selling or the second loan mis-selling. I argued that I had documents to prove that at the time of inception for the second loan WFS were members of GISC so they agreed to look into the second loan but not the first.

However today they have provided me with contridictory info from the internal database showing that WFS were infact members of GISC prior to my taking the first loan out in March 2004.

For anyone wishing to pursue a claim against WFS using the FOS for mis-selling then if your loan was taken out between 27th Feb 2003 and 14th Jan 2005 when the FSA became regulators of Insurances then the FOS will investigate your claim for you.

I will try to post up the screen print which was sent via email from someone at the FOS today but it might be to big to add.

[TANZARELLI]

Re: FOS have confirmed that Welcome Financial Services were members of GISC

For information about the FOS and retrospective jurisdiction:

firms within our jurisdiction

From 14 January 2005, the following activities
became regulated by the Financial Services
Authority (and therefore fell within our
jurisdiction):

dealing in insurance contracts as agent

arranging deals in insurance contracts

advising on insurance contracts

assisting in the administration and
performance of insurance contracts.
This means that many firms which carried out
such activities and were previously outside
our jurisdiction – such as insurance brokers –

are now covered by the ombudsman scheme.
We also have jurisdiction over firms that have
been granted interim permission by the
Financial Services Authority to carry out

general insurance mediation activities.

There are a few specific exceptions to this
extension of our jurisdiction:

travel agencies – when the insurance is
sold as part of a package holiday

retailers – when selling extended
warranties on some goods, such as
refrigerators and televisions

loss adjusters – but not loss assessors

who act for customers in relation to
insurance claims;

and

the handling of insurance claims on behalf

of insurers under a delegated authority.

retrospective jurisdiction

As well as having jurisdiction over complaints
about events occurring on or after 14 January
2005, the Financial Ombudsman Service
also has a limited

‘retrospective’ jurisdiction.
This covers some complaints about events that
occurred before 14 January 2005. The
retrospective jurisdiction comes about
because of provisions set out in a statutory
instrument informally known as The Mortgage

& General Insurance Transitional Order.

http://www.financial-ombudsman.org.u...news/43/43.pdf