Is it French law that one has to have Payment protection insurance with a mortgage?We have a french mortgage with GE money on a property in France and this has included PPI . We were never asked if we wanted that . We did not even realise we were being charged until a few years ago .can we claim this back as having been missold. We are uk residents .
We have asked the bank directly and they have said it is obligatory with their mortgages
Thank you for your question.
There is no requirement under French law, but it may lawfully be made a condition of your mortgage. However, your bank cannot impose a choice of insurance provider on you.
I would suggest that you look at the terms of the insurance policy and see whether you can put an end to it. If so, then you should see an independent financial adviser (courtier en assurance) who can help you get a better deal.
I'm afraid you won't be able to lodge a claim against the bank for mis-selling you the product unless you can show that the choice was imposed on you. In that case, you would need to raise it with the company first and then if you are not satisfied with their response raise it by way of complaint to the insurance regulator.
I hope this answers your question. Please don't forget to click accept. Thanks in advance.
Lawyer with Maîtrise en droit & Licence spéciale en droit européen.
Thank you for you response . Just want to know if as uk citizens this all still applies and also who are the insurance regulators in France .
Yes, this applies to all, not just French citizens.
If you do decide to raise a complaint, you should first approach the French insurance products mediator: http://www.ffsa.fr/
If that does not help, you should complain to the French insurance regulator which is called the Autorité de Contrôle Prudentiel (ACP):
I hope this answers your question. I'd be grateful if you could click accept. Thanks in advance!
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