Hamilton/HFC/Endeavour - Reclaim PPI

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

HSBC is the owner of HFC Bank asd stated here:

http://www.hsbc.com/1/2/newsroom/new...ce-venture#top

Also a paragraph from the link....


As well as creating a joint venture, HSBC intends to sell Hamilton Insurance Company Ltd and Hamilton Life Assurance Company Ltd to companies within the Aviva group. The Hamilton companies are currently owned by HFC Bank Limited, a subsidiary of US-based HSBC Finance Corporation.

[pompeyfaith]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

HSBC is the owner of HFC Bank asd stated here:

http://www.hsbc.com/1/2/newsroom/new...ce-venture#top

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

are HFC and HSBC linked in some way?

Hi TDS

Yes to what I am aware HSBC are members of the same group with HFC, am still doing more digging, and have emailed the CEO of HSBC just to see what he may come back with.

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Email also sent to HSBC to the CEO.

Anyone any experience with this group?

are HFC and HSBC linked in some way?

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Just adding some further details, not sure if its relevant to my case but in case I need to go back to it at some point.

http://www.creditfinancecentre.co.uk...insurance.html

HAMILTON INSURANCE
The Hamilton Insurance companies was established in the early 1980's. They provide a range of creditor insurance products to various insurers, credit card companies, nance co's , banks & mortgage providers.

In 2007 Aviva Life Insurance completed the acquisition of Hamilton Insurance Company Ltd and Hamilton Life Assurance Company Ltd from HFC Bank plc ("HFC"), a subsidiary of HSBC Finance Corporation.
Hamilton Insurance underwrites plans from numerous Companies - including plans from Synergy Protect Insurance.
As announced from 4/2008, the Aviva Life Insurance brand will become dominant as they decide to drop the 200 year old Norwich Union brand. Norwich Union had merged with CGU, which itself was formed from the merger of General Accident and Commercial Union in 1998. Upon merging they formed CGNU Life Insurance Group which went on to become the Aviva group.

Hamilton Insurance Ltd currently offers various protection policies including Mortgage Loan & Income Payment Protection Insurance (MPPI). Mortgage Protection Insurance ASU protects people from falling behind with their mortgage repayments with unemployment redundancy cover.

Looking in 2011 to compare Hamilton Life Insurance against other Uk Insurers

> Need a Competitive Life or Critical Illness Insurance Quote ?

Article on:Hamilton Insurance ~ for more information visit.www.aviva.co.uk*
( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Some time ago when I did write to Hamilton, it was Aviva that got back to me, and they said they taken over Hamilton, FOS are aware of this, and I remember getting a response saying they were not taking any responsibility, so maybe that is the issue, yet if HFC done the underwork on Hamilton's behalf these can still be pursued upon, because the only ones we did speak to in regards of the sale of the loan/ppi was that of Click, they then got Endeavour to ring us and sort out how much and said insurance is included as part of the loan, then they said HFC would be getting back to go over the details of the loan with each myself and hubby before it went fully ahead.

Anyway, here below is more info in regards of Aviva taking over Hamilton.

http://www.aviva.co.uk/media-centre/...n-companies-a/

Aviva completes acquistion of Hamilton companies and enters new distribution agreements

Article date: 2007-11-01 00:00:00.

Aviva plc ("Aviva") announces that it has completed the acquisition of Hamilton Insurance Company Ltd and Hamilton Life Assurance Company Ltd from HFC Bank plc ("HFC"), a subsidiary of HSBC Finance Corporation. The Hamilton companies, which provide a range of creditor insurance products, had gross assets of £180 million and £176 million respectively as at 31 December 2006.
In addition, Norwich Union Insurance, the UK general insurance arm of Aviva, has signed five year agreements to underwrite creditor business for HFC Bank and some of its subsidiaries, and to provide home, protection and travel insurance products to 10.2 million of HSBC Bank plc's ("HSBC") UK customers. These agreements are expected to generate up to £1.7 billion in gross written premiums for Norwich Union Insurance over the next five years.
The new agreement between Norwich Union and HSBC takes effect from today (1 November 2007) and replaces plans to create a joint venture.
Igal Mayer, chief executive of Norwich Union Insurance, said: "This is a strategically important opportunity, which will enable Norwich Union to provide HSBC's customers with market-leading products. We've realised significant value from our 23 year relationship with HSBC; the new five year agreements create an opportunity for us both to build on that successful formula and further develop our profitable relationship."

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

And here.......

http://www.competition-commission.or...nd_app_2_7.pdf

2. HFC Bank Ltd (HFC) distributes SMPPI, PLPPI and retail credit PPI though the brands ‘Beneficial Finance’ via branches, ‘Sterling Credit’ and ‘Endeavour Personal Finance’ by telephone, Internet or brokers, and through arrangements with retail partners.

HSBC, M&S Money and First Direct branded PPI was largely underwritten by third parties but a limited portion was underwritten in-house.21 The majority of HFC’s PPI business was underwritten in-house until the sale of Hamilton Insurance Company and Hamilton Life Assurance Company to Aviva.22 LifeChoices is underwritten inhouse.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

And more........


http://www.competition-commission.or...nd_app_7_1.pdf

Vertical integration

2. Further, vertically-integrated distributors demonstrated that switching to an independent underwriter was feasible in practice. On 1 November 2007, HSBC, which had previously underwritten a proportion of its PPI business in-house, entered into a five-year agreement with Aviva (Norwich Union) to provide home insurance, PPI and travel insurance products for HSBC’s UK consumers. In addition, HFC, a subsidiary of the HSBC Group, sold its in-house underwriting business, Hamilton Insurance Company and Hamilton Life Assurance Company, to the Aviva group.8 This indicated that barriers to switching were not insurmountable and that the vertically-integrated distributors could switch to third party supply of underwriting services, given sufficient financial incentives.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

On further researching.

http://www.bank.org.uk/beneficial-bank/

The corporate history and reasoning behind the Beneficial Finance bank is rather convoluted. It's a subsidiary of HFC, otherwise known as the Household Finance Corporation. If you've heard of HFC at all, it'll be because they've lent you money- neither HFC, Household nor Beneficial Finance bank actually offer bank accounts.

Instead, HFC handles credit agreements for stores such as Curry's or Dixons, and they also own Hamilton Direct Bank, who do loans over the phone and the internet. Beneficial's position is rather odd; because HFC already own a branch network, called the Household Bank, with around 130 branches. Household sells almost exactly the same products as Beneficial, and one has to wonder how long the two will remain separate. HFC and all its constituents are now a part of HSBC

Remember we noted that neither Household nor Beneficial operate bank accounts? They only have two serious products: loans and credit cards. If you walk into a branch of Beneficial Finance bank, it's because you need to borrow, so don't expect to see savings or investments at the counter. Some insurance schemes are offered too, but only in the sense of covering loans or credit card security.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Just hope he's a good CEO, we could do with more like antonio via Lloyds lol.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Email also sent to HSBC to the CEO.

Anyone any experience with this group?

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

I have actually emailed the Team manager who sent this most recent letter to ask what was going on, and have asked they get back to me as a matter of urgency as I need to know what to do about this case.
Hope to hear something by Monday now.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Perhaps an email to the FOS asking to explain the confusion.

Hi PF, hope your enjoying your birthday!
Yes will email on this.

What I find strange as well is the numbered reference is the same, but the last 4 after the /slash where normally its the Adjudicators name initials that follow, is different.

Surely the Team Manager and Adjudicator would communicate on cases.
And yet this letter states they are in touch with the insurers in so many words and that it will take more time and so on.

[pompeyfaith]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Perhaps an email to the FOS asking to explain the confusion.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

I am scratching my head with wonder here.......

Today a letter arrived in regards of Hamilton from the FOS (Team Manager), although it was dated 01 June 2011, where the Adjudicators letter of his decision of Hamilton was 02 June 2011, (he drafted it the Friday before 27 May 2011.

This letter has the same reference number XXXXXXXXX/different here though.

Dear Mr & Mrs

YOUR COMPLAINT ABOUT HAMILTON INSURANCE COMPANY LTD

I am writing to let you know that we are continuing to look into whether we can consider your complaint against the underwriter of your PPI/Policy/ies.

We are in contact with the underwriter but because of the complex issues involved, it will be some time before this matter is decided.

We will continue to keep you updated on our progress and will write to you again no later than 31 August 2011.

Thank you for your patience.

Yours sincerely

Team Manager.