Hi everyone,
I like many many others have fallen foul of the National Warranty Company. As it turns out the National Warranty Company is not just inadequate in paying out claims to their customers they are inadequate in following their obligations as a holder of a Financial Services License (AFSL) issued to them by ASIC.
I see that a number of people have complained to the ACCC and other toothless bodies. I’m afraid to say that we have all been barking up the wrong tree. If your claim is older than 21 days you can MAKE A COMPLAINT TO THE FINANCIAL OMBUDSMAN SERVICE (FOS) 1300 78 08 08.
My friend is a financial planner and he has suggested to me that they have a number failings under their obligations as an AFSL holder. He has suggested that I complain and that my complaint will almost certainly be viewed favourably by the various bodies.
He has suggested:
Step 1. Contact FOS (Financial Ombudsman Service). 1300 78 08 08 – FOS are the financial ombudsman and the majority of the time they find in the persons favour. National Warranty or Davantage, whomever the warranty is supplied through have to pay FOS for the handling of all complaints against them, this handling fee in itself can cost in excess of $5,000 – and if the loose they will have to pay your damages on top of that. Either way win or lose they have to pay FOS considerable sums for handling the complaint. If National Warranty are smart they will settle your case and pay your warranty claim which they should have rightfully done in the first place.
Step 2. Contact ASIC (Australian Investment and Insurance Commission). 1300 300 630 – Make a formal complaint. If at anytime you feel that National Warranty have misled or deceived you in anyway make sure you let ASIC know all about it.
Step 3. You may also complain to APRA for good measure. I am not sure how useful they are 1300 55 88 49.
Some key points I have discovered about this company and some of my experiences when dealing with them. If you have experienced anything like the below and decide complain to FOS and ASIC they are likely to take you very seriously.
I was never issued a PDS (Product Disclosure Statement) I was never issued an FSG (Financial Services Guide) My claim was rejected on the basis of servicing, servicing however would have had no effect on the failure. So it should be payable. The contractual terms are unachievable. It is deceiving and misleading and FRAUDULENT to issue a product which a refund, claim or otherwise is effectively inaccessible The terms in the agreement are over technical and complicated At no time was I told that National Warranty was a holder of an AFSL. Furthermore it is not stated anywhere on their website. Only Davantage’s AFSL number is referenced “National Warranty Company is the trading name of Davantage Group Pty Ltd (ABN 35 161 967 166AFSL 438157)” YOU SHOULD ALWAYS KNOW WHO YOU ARE DOING BUSINESS WITH. This is clearly Misleading and Deceptive and against almost every rule in the book!! After much “googling” I found that National Warranty has its own ABN and AFSL number 290572. If you did not know that National Warranty was an actual company not just a “trading name” and if you did not know that National Warranty held its own financial services license; AND if you are still confused as to whom you are dealing with “Davantage” or “National Warranty Company” MAKE sure you let ASIC know that as well. 1300 300 630 At no point was I told by National Warranty that I could make a complaint to FOS, nowhere in their literature or website does it provide FOS’ contact details or inform anyone that they can make a complaint. This is an obligation under their AFSL. COMPLAIN to FOS! and if National Warranty have not told you that you can complain to FOS do not forget to mention this to FOS and ASIC. 1300 78 08 08
Some weblinks
FOS - http://www.fos.org.au/resolving-disputes/before-you-lodge-a-dispute.jsp
ASIC – www.asic.com.au
Please continue to share on this thread with any experiences that you have had with National Warranty and any success that you have with complaining to FOS and ASIC. The more everyone shares the quicker this company will stop scamming everyone!