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Archive for tag: PPI Timeline

The PPI Timeline

As we all battle to claim back PPI compensation, it can be easy to forget how and where the whole PPI mis-selling saga was brought to light. And so, as Payment Protection Scotland work on claiming back your PPI premiums, why not browse through the lengthy timeline and see where the whole thing started…

1998 - 2005

The consumer organisation Which? first raised issues surrounding PPI back in 1998 in an article in its magazine. Following this, newspaper such as The Daily Telegraph and The Sunday telegraph also realised there were issues with product, as well as with the way it was being sold.

2005

At the start of the year, the Financial Services Authority (FSA), now called the Financial Conduct Authority, took over the regulation of general insurance; it placed PPI at the top of its investigation list.

A few months later, the Citizens Advice Bureau issues it 'Protection Racket' report and makes a super complaints to the Office of Fair Trading over PPI sales. By the end of the year, the FSA issues its first report that concurs there are poor selling practices linked with PPI and along with other findings, they write to chief executives of financial institutions and banks highlighting their concerns.

2006

Towards the end of the year, things start to happen now that investigations have been concluded. Some smaller firms are fined and there are enforcement notices issues to 24 financial companies and banks. The Office of Fair Trading, having dealt with the super complaint from the previous year, find there is sufficient grounds to refer the case to the Competition Commission.

2007

This year started with a bang with several large, and well-respected banks and lenders being fined incredibly fines for wanton mis-selling of PPI, including the Liverpool Victoria insurance provider and companies such as Land of Leather, who sell financial credit products on their items.

2008

Ten years on from the complaints raised by Which?, the PPI mis-selling scandal really gather pace, with more fines and reports being issued highlighting the poor selling practices of banks and lenders. Which? adds further fuel to the fire by publishing a report that shows 2million are paying for a policy that they would never be able to claim on.

But the banks are dragging their heel and land themselves in more hot water; as a result, the Financial Ombudsman Service asks the FSA to investigate how firms and banks are handling PPI complaints.

Further reports add more damning evidence to the PPI scandal and more banks and lenders are fined for their role in the mis-selling debacle.

And the saga continues to rumble, with banks attempting to use the court system to resolve themselves of blame and not pay customers back BUT, the rights of the customer have won through!