HFC / HSBC PPI Mis Sell - Why FCA and not FOS?

[JonP]

Hi everyone,

Brief summary of a long PPI miss sell complaint to HFC on a single premium PPI attached to a 42 month loan taken out in December 2003 to buy goods. Loan paid in full over 42 month term by direct debit.

1. Sent SAR to HFC - returned cheque and said they have no information.

2. Complained of PPI miss sell quoting loan account number - They replied and said they have no information.

3. Sent HFC a copy of the loan agreement showing PPI - Long delay.

4. Received letter from HSBC this time - HSBC saying the claim had been esculated to them. HSBC Informed me they cant investigate my complaint further because they need verification of the number of PPI premiums i actually paid. They say if i provide this information they will investigate and if upheld any refund will be determined on the number of premiums i can show were paid.

5. They close their letter saying i can complain to FLA.

The FLA website says I can only complain if i have new information not provided to HSBC.
I dont have copies of bank statements and the bank account i had then with RBS is closed.

Is there a reason i cant take this to FOS? Does anyone have any thoughts or am i at a dead end?

The letter i have from HSBC does not say its their final response but it does say WITHOUT PREJUDICE SAVE COSTS. Whatever that means.

I would appreciate ANY thoughts. Thank you in advance.

[di30]

Re: HFC / HSBC PPI Mis Sell - Why FCA and not FOS?

Hi everyone,

Brief summary of a long PPI miss sell complaint to HFC on a single premium PPI attached to a 42 month loan taken out in December 2003 to buy goods. Loan paid in full over 42 month term by direct debit.

1. Sent SAR to HFC - returned cheque and said they have no information.

2. Complained of PPI miss sell quoting loan account number - They replied and said they have no information.

3. Sent HFC a copy of the loan agreement showing PPI - Long delay.

4. Received letter from HSBC this time - HSBC saying the claim had been esculated to them. HSBC Informed me they cant investigate my complaint further because they need verification of the number of PPI premiums i actually paid. They say if i provide this information they will investigate and if upheld any refund will be determined on the number of premiums i can show were paid.

5. They close their letter saying i can complain to FLA.

The FLA website says I can only complain if i have new information not provided to HSBC.
I dont have copies of bank statements and the bank account i had then with RBS is closed.

Is there a reason i cant take this to FOS? Does anyone have any thoughts or am i at a dead end?

The letter i have from HSBC does not say its their final response but it does say WITHOUT PREJUDICE SAVE COSTS. Whatever that means.

I would appreciate ANY thoughts. Thank you in advance.

Hi and welcome

I note your letter stated the FLA who is the Financial leasing association.

What year did you take out your loan?
If before Jan 2005, its possible they business were not regulated by the FSA now taken over by the FCA, and the FOS (Financial ombudsman service) are only able to take on complaints if they were regulated by the FSA or GISC at the time it was actually sold to you.

Basically, this is known (to have rejections) if they were not regulated and FLA will take a look at your complaint, but only if you have new information sent to them that the business you complained to have not already had from you.

I note you said about the SAR request, have you tried doing this with HSBC instead? (Even though they work together) I believe they also have separate Data protection units, it maybe worth a shot.

So, what year did you purchase the loan and settle it?

If you do not have the loan account number, you may find this on any old banking statements who you banked with, so you could also SAR your bank where you repaid the loan and this would help you on the repayments of what you actually paid, and the account number should be shown on the statement next to the monthly repayment and name of the business/lender who lent you the loan and taken your money.

However, if this fails, and if you did take this to the FOS (and they were not regulated by the FSA), the FOS will not be able to adjudicate it but suggest the underwriter/insurer of the policy. HSBC should disclose who these were and being an insurer they would have possibly been regulated.

What I would do is though, is try getting hold on bank statements with a SAR, some banks are more lenient than others, where the main of them go back to 6 years, some will receive DATA going all the way back from the 90's, I did with Lloyds TSB, and it was the statements that helped on mine of tracking down loans, account numbers, name of lenders etc
Then once you receive the info forward these on to HSBC, if they still reject, let us know and we can help you with a letter to your insurer.

Hope this helps.

[di30]

Re: HFC / HSBC PPI Mis Sell - Why FCA and not FOS?

.......Hi there again, missed that part on re-reading, that you hold no statements due to the account closed. That should not matter, my lloyds account was closed and their data protection unit still provided me with details etc.

[JonP]

Re: HFC / HSBC PPI Mis Sell - Why FCA and not FOS?

Di,
Thanks for the advice. i think I am going to SAR HSBC now to see what they hold.

The loan was taken out with HFC in December 2003 when I purchaseda computer from Evesham Technology. I dont know if HFC were regulated by FSA or GISC in December 2003? I guess not as HSBC clearly say I can take my complaint to FLA (which I cant :-( and they know)

[Theoldbag]

Re: HFC / HSBC PPI Mis Sell - Why FCA and not FOS?

Do you still have the bank acc number and sort code for RBS?

If so SAR them for your statements.

I did ( acc closed 1998) and got all my statements back to 1994. They were v helpful and got statements within couple of weeks

I think there was a contact name and tel number on the sar letter - i can dig it out for you if reqd.

[JonP]

Re: HFC / HSBC PPI Mis Sell - Why FCA and not FOS?

Thanks for this info and offer, really appreciated.

The template i used also listed statements. They've had my SAR for 5 days now :-). Dont you just love royal mail recorded delivery but hate the cost of it.

All i can do is wait. Will post back an update as soon as i get a response....