PPI 1997

[Jessica]

Hello,

I was mis-sold PPI in 1997. Can I claim back the money I've paid? I was told it was not possible to make a claim for PPI taken out before 2005.

Is this true, and why is this?

thanks!!

[enaid]

Re: PPI 1997

Hello Jessica and welcome to Beagles.

Regulation of PPI did not begin until Jan 2005, therefore the FOS will not take up your case.
I have read though that it may be worth a shot with the FOS as too the actual policy being of no use to you at all ie you were self employed or similar.
Who was the PPI with ?

[Jessica]

Re: PPI 1997

hi enaid,

thanks for your reply - it was a GE storecard (Debenhams) - I was employed by the council at the time and had a good sickpay scheme in case I was off work sick.

Were there rules in place before 2005? After looking at other posts here, I could go to court about this instead of complaining to the FOS if there were rules covering PPI.

[enaid]

Re: PPI 1997

PPI - rules before 2005

Before 14 January 2005, most firms or advisers selling PPI would be covered by a code of practice set by one of three trade bodies:

• The Association of British Insurers (ABI)
• The General Insurance Standards Council (GISC)
• The Finance and Leasing Association (FLA)

All three codes of practice required advisers to provide information at the time the insurance was taken out, to help you decide if the policy was suitable for you.
Essentially, advisers and firms were required to cover the same points as they do according to the current rules.
No extra requirements for advice

The main difference between sales before and after regulation is that all sales before regulation were 'non-advised', as the 'advised' regime didn't come in until regulation was introduced.
So, even if your policy was sold to you before 14 January 2005, if the adviser didn't cover the points under 'all sales' on the PPI – the rules page, then you may have been mis-sold .