'WORTHLESS' CAR WARRANTY WARNING
13 Feb 2012 Last updated at 02:11 ET
Financial regulators are questioning the fall of a automobile warranties firm which they contend has left a little customers with meaningless policies.
A BBC Wales review found a little policies sole by Motorcare Elite (2008) were not corroborated by underwriters.
The Llantwit Major-based firm was set up by Harby Panesar, who appeared on TV when he outlayed a reported £20,000 on his daughter’s birthday party.
Now bankrupt, he insists the policies were scrupulously underwritten.
The BBC Wales consumer affairs programme X-Ray found that Motorcare Elite (2008) sole automobile relapse warranties to automobile dealers who sole them on to consumers.
The company pronounced they were corroborated by insurance underwriters, though after the firm collapsed it emerged that a little policies were not corroborated by insurance and were worthless.
‘No trace’
Continue celebration of the mass the categorical story
“Start Quote
If you were a customer of engine relapse insurance firm Motorcare Elite, there is the probability you were sole a policy which has right divided incited out to be worthless”
End Quote Financial Services Authority
The Financial Services Authority (FSA) has released a matter saying: “If you were a patron of engine relapse insurance organisation Motorcare Elite, there is the probability you were sole a policy which has right divided incited out to be worthless.
“Information we have seen suggests that when Motorcare sole a little policies to customers, it may have unsuccessful to scrupulously register their sum and premiums.”
A three-month review by X-Ray found that the company appeared to have done up the names of insurance underwriters.
Some policies were corroborated by a association called Marine and General Insurance Company Ltd at an address in the city of London.
But researchers for the programme could find no snippet of the company.
Adrian Reynolds from Cwmcarn was a plant of the fall of Motorcare, having paid for a £700 life-of-ownership policy for a Nissan pick-up lorry paid for at auction.
When Mr Reynolds attempted to claim for repairs costing more than £1,200 he found underwriters Alpha Insurance had no record of the policy he had paid for.
They pronounced they had never underwritten life-of-ownership policies.
His mother Beverley said: “We are mad meditative that we have not got something that we have paid for and worked hard for.”
Another customer, Andrew Rafferty, from Hirwaun, Rhondda Cynon Taf, pronounced he faced prolonged delays when he claimed on his warranty in Jan 2011.
‘Marked as paid’
When the association collapsed in Mar he was told that Motorcare annals showed his claim had already been paid.
Mr Rafferty told X-Ray: “It makes me very indignant to consider there are people like him (Mr Panesar) out there receiving income from working-class people who have worked for this money.”
Alpha Insurance pronounced it had justification that “Motorcare administered claims which, while noted as paid in their recovered records, are settled to be superb by claimants.”
Motorcare is right divided in murder and Mr Panesar, a former jail officer, has been spoken bankrupt.
He pronounced he was incompetent to verbalise about the company’s affairs since of the FSA investigation.
When confronted by the programme, Mr Panesar pronounced right divided was “not the right time” to insist the issues lifted by the programme, nonetheless he did contend policies were scrupulously underwritten.
Mr Panesar still lives in a oppulance home in the Vale of Glamorgan which was featured in a heavenly body TV programme about his daughter in 2009.
She appeared in an part of the MTV array My Super Sweet sixteen UK, braggadocio about the family’s wealth.
It featured the residence on a six-acre estate, with stables and ponies costing as most as £20,000.
The family had a swift of cars and was shown spending £1,300 on designers garments in a shopping debauch for their daughter, who was fourteen at the time.
X-Ray is on BBC One Wales on Monday thirteen Feb at 19:30 GMT
car – Yahoo! News Search Results
13 Feb 2012 Last updated at 02:11 ET
Financial regulators are questioning the fall of a automobile warranties firm which they contend has left a little customers with meaningless policies.
A BBC Wales review found a little policies sole by Motorcare Elite (2008) were not corroborated by underwriters.
The Llantwit Major-based firm was set up by Harby Panesar, who appeared on TV when he outlayed a reported £20,000 on his daughter’s birthday party.
Now bankrupt, he insists the policies were scrupulously underwritten.
The BBC Wales consumer affairs programme X-Ray found that Motorcare Elite (2008) sole automobile relapse warranties to automobile dealers who sole them on to consumers.
The company pronounced they were corroborated by insurance underwriters, though after the firm collapsed it emerged that a little policies were not corroborated by insurance and were worthless.
‘No trace’
Continue celebration of the mass the categorical story
“Start Quote
If you were a customer of engine relapse insurance firm Motorcare Elite, there is the probability you were sole a policy which has right divided incited out to be worthless”
End Quote Financial Services Authority
The Financial Services Authority (FSA) has released a matter saying: “If you were a patron of engine relapse insurance organisation Motorcare Elite, there is the probability you were sole a policy which has right divided incited out to be worthless.
“Information we have seen suggests that when Motorcare sole a little policies to customers, it may have unsuccessful to scrupulously register their sum and premiums.”
A three-month review by X-Ray found that the company appeared to have done up the names of insurance underwriters.
Some policies were corroborated by a association called Marine and General Insurance Company Ltd at an address in the city of London.
But researchers for the programme could find no snippet of the company.
Adrian Reynolds from Cwmcarn was a plant of the fall of Motorcare, having paid for a £700 life-of-ownership policy for a Nissan pick-up lorry paid for at auction.
When Mr Reynolds attempted to claim for repairs costing more than £1,200 he found underwriters Alpha Insurance had no record of the policy he had paid for.
They pronounced they had never underwritten life-of-ownership policies.
His mother Beverley said: “We are mad meditative that we have not got something that we have paid for and worked hard for.”
Another customer, Andrew Rafferty, from Hirwaun, Rhondda Cynon Taf, pronounced he faced prolonged delays when he claimed on his warranty in Jan 2011.
‘Marked as paid’
When the association collapsed in Mar he was told that Motorcare annals showed his claim had already been paid.
Mr Rafferty told X-Ray: “It makes me very indignant to consider there are people like him (Mr Panesar) out there receiving income from working-class people who have worked for this money.”
Alpha Insurance pronounced it had justification that “Motorcare administered claims which, while noted as paid in their recovered records, are settled to be superb by claimants.”
Motorcare is right divided in murder and Mr Panesar, a former jail officer, has been spoken bankrupt.
He pronounced he was incompetent to verbalise about the company’s affairs since of the FSA investigation.
When confronted by the programme, Mr Panesar pronounced right divided was “not the right time” to insist the issues lifted by the programme, nonetheless he did contend policies were scrupulously underwritten.
Mr Panesar still lives in a oppulance home in the Vale of Glamorgan which was featured in a heavenly body TV programme about his daughter in 2009.
She appeared in an part of the MTV array My Super Sweet sixteen UK, braggadocio about the family’s wealth.
It featured the residence on a six-acre estate, with stables and ponies costing as most as £20,000.
The family had a swift of cars and was shown spending £1,300 on designers garments in a shopping debauch for their daughter, who was fourteen at the time.
X-Ray is on BBC One Wales on Monday thirteen Feb at 19:30 GMT
car – Yahoo! News Search Results