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Archive for tag: Plevin Case

PPI, Deadlines and the Plevin Case

You may remember that some time ago, a consumer won a ruling against the company that sold her PPI for failing to disclose the amount of commission they were being paid for selling her a payment protection insurance (PPI) policy.

Many financial experts have been left wondering how the outcome of this case will affect PPI claims made in the past and those to come. It could mean that customers are entitled to yet more PPI compensation.

Financial Conduct Authority

The Financial Conduct Authority (FCA) is the baking industry regulator and as yet, they have yet to release full guidance on the Plevin case and its impact on PPI claim, past and future ones.

The FCA has been consulting on a PPI complaints package, looking to end PPI claims for compensation but also to understand the impact of the Plevin ruling.

The FCA have been consulting on;

  • The approach to fairness and redress in PPI claims
  • To reflect any previous rebates when customers cancelled PPI to be considered when reflecting the final PPI payment
  • To address and clarify how firms and banks assesses fairness and redress where commission or profit-share rates vary

Putting a deadline in place

Previously, the FCA would not entertain the notion of a PPI deadline simply because the numbers of customers yet to make a claim was significant. Some critics argue that the case has not changed with only 40% of people who have a claim have yet to do so. That leave 60% of people with a PPI compensation claim yet to claim their money back.

Andrew Bailey the head of the FCA says that "Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity".

With the impact of the Plevin case yet to be measured, it would seem that the June 2019 deadline for new PPI compensation claims looks set to stick.

What this means for you

As a consumer who was possibly mis-sold PPI, you need to be clear about whether you intend to make a claim for compensation or not.

Once the deadline has passed, you will have no form of redress to claim your money back. This could be anything from a few hundred pounds to thousands of pounds.

Can you afford to let this money slip through your fingers? Why not contact a reputable and trusted claim management company specialising in PPI compensation claims? Contact Payment Protection Scotland today.