Tweet
Please accept my apologise for any inconvenience this may be causing.
I have completed numerous extensive searches on our systems with the information you have provided and I am unable to locate any details for you.
One of the main reasons we may no longer hold your details, is we are only required to keep documents/records for 6 years after the agreement has ended.
Should Payment Protection Insurance have been added to your loan that was taken out before 1st June 2000, the policy would have been purchased prior to Welcome Finance’s voluntary membership of the General Insurance Standards Council (GISC) which began on 27th February 2003. The (then) Financial Services Authority agreed that any non-regulated insurance sales (that is, those sold prior to Welcome Finance’s membership of GISC) are the responsibility of the insurance underwriter. Due to the date on which your policy may have been purchased, your PPI mis-sale complaint would then be referred to the underwriters of the insurance for it to be considered. Unfortunately Welcome Finance does not hold records of underwriter agreements prior to June 2000 due to the time elapsed since the policy would have been sold and as such we are unable to confirm the details or provide you with information about the underwriter of your policy.
When selling insurance policies, Welcome Finance was acting as an agent of the insurance underwriter under a signed contract. The earliest contract signed by Welcome Finance and an insurance underwriter of which we have retained a copy is dated June 2000. In terms of your complaint for PPI mis-sale, as the insurance underwriter does not seem to have had a written contract with Welcome Finance, it considers itself to be outside of any regulatory liability obligations.
I understand that this may not be the outcome you were hoping for but I trust that I have explained my rationale appropriately.
Should you wish to consult with the Financial Ombudsman Services, you can also contact them at your convenience.
I have completed numerous extensive searches on our systems with the information you have provided and I am unable to locate any details for you.
One of the main reasons we may no longer hold your details, is we are only required to keep documents/records for 6 years after the agreement has ended.
Should Payment Protection Insurance have been added to your loan that was taken out before 1st June 2000, the policy would have been purchased prior to Welcome Finance’s voluntary membership of the General Insurance Standards Council (GISC) which began on 27th February 2003. The (then) Financial Services Authority agreed that any non-regulated insurance sales (that is, those sold prior to Welcome Finance’s membership of GISC) are the responsibility of the insurance underwriter. Due to the date on which your policy may have been purchased, your PPI mis-sale complaint would then be referred to the underwriters of the insurance for it to be considered. Unfortunately Welcome Finance does not hold records of underwriter agreements prior to June 2000 due to the time elapsed since the policy would have been sold and as such we are unable to confirm the details or provide you with information about the underwriter of your policy.
When selling insurance policies, Welcome Finance was acting as an agent of the insurance underwriter under a signed contract. The earliest contract signed by Welcome Finance and an insurance underwriter of which we have retained a copy is dated June 2000. In terms of your complaint for PPI mis-sale, as the insurance underwriter does not seem to have had a written contract with Welcome Finance, it considers itself to be outside of any regulatory liability obligations.
I understand that this may not be the outcome you were hoping for but I trust that I have explained my rationale appropriately.
Should you wish to consult with the Financial Ombudsman Services, you can also contact them at your convenience.
