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RCL ME, who do not sell investment products or give investment advice, offer a professional mediation service which is dedicated to obtaining a successful resolution on claims for clients who have been mis-sold private equity policies.
If a policy is deemed to have been mis-sold to our client, we first correspond with the person or company responsible for the sale of the said policy. They are permitted to investigate our claim of mis selling for a duration not exceeding eight weeks. At that point in time they are required to respond to us with their findings. Should their determination at this time agree that the policy was indeed mis-sold? It is their responsibility to calculate the deficit value and make financial redress accordingly.
The onus is on the complainant to prove on the balance of probability that they were mis-sold the policy. Settlement of cases is done without any kind of trial or hearing, and therefore how the evidence is gathered and presented is crucial. When at this first stage, we send the client our comments and where appropriate, a technical analysis. Compensation when offered can only be accepted or declined by the client.
If the initial approach proves unsuccessful we take the matter to the next stage which is to process the claim with the Financial Ombudsman’s Service (FOS). This is an impartial arbitration system run by the government that binds the financial industry. The decisions of the FOS govern the companies responsible for the marketing and sale of such investments and insurance policies.
Should the Policy Provider now not be trading or has become bankrupt. We can process a complaint to The Financial Services Compensation Scheme. They only consider policies sold after the introduction of the legislation.
The first thing to bear in mind is once the complaint is received by the company, deadlines, and the consequences of failing to meet them, start. In order to gain maximum investigation time, we therefore obtain disclosure of the relevant documents; we extract the crucial information necessary to formulate the best possible complaint. The timetable then proceeds as follows:
● We will immediately write to your Insurance Company registering your complaint and confirming our status as your authorised representative.
● Within 4 weeks of the Insurance Company receiving the complaint, they must advise of the claim position and a projected timescale.
● Within 8 weeks they are required to give a final response or give reasons for any further delay and indicate when they expect to be able to provide a final response.
● We will continue to press for a final decision within an acceptable timescale by continued correspondence. In general anything over 12 weeks can be considered unreasonable.
● At any point after this, if we are dissatisfied, we can refer the complaint to the Financial Ombudsman Service.
● Within 6 months of an unacceptable final decision or a failure to keep to the 8 week deadline RCL ME must lodge the complaint with the Financial Ombudsman Service. This will be presented in an acceptable format.
Failure to adhere to this strict timetable will preclude the client’s ability to have their complaint adjudicated by the Financial Ombudsman Service. However the client’s ability to pursue legal redress in the courts remains intact.
Please note that the Ombudsman (FOS) will only receive one application for each policy complaint.
● Contact us for a claim pack.
● Return paperwork. with relevant copies of the point of sale documents i.e. PPI contract you signed.
● Claim process We keep you updated about your PPI claim.
● Your PPI award or offer explained. Cheque for you!
● Pay my invoice Ways to pay.