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Asking the question about PPI

Many of us have heard of Payment Protection Insurance (PPI), it is, after all, the largest scandal to have happened in the history of the UK financial services industry. Not so many of us know the details. A quick recap: PPI is a type of insurance that covers the repayments for 12-24 months on a loan, mortgage or other credit agreement if the customer is loses their job or is not able to make repayments because of sickness or injury. After a large scale investigation by the Financial Services Authority (now called the Financial Conduct Authority), it was found that many policies were improperly sold to customers and that many regulations were not met. This discovery lead to the PPI scandal coming to light and the matter proceeding to the highest courts, where it was ruled that anyone who was mis-sold PPI should be able to claim their money back – the premiums paid plus compensation. To date, thousands of people have made claims to get back their money, and many more are set to do so. The banks and […]

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Ever asked yourself – Have I got PPI?

Are you one of those people who have ever asked themselves – have I got PPI? Any sensible person would of course, knowing that thousands of pounds could be owing to them from the banks. Read on to find out why… The Financial Services Authority (FSA) was first led to investigate payment protection insurance (PPI) selling tactics in 2005, after receiving a number of complaints from customers. Their investigation showed that tactics which went against regulations were being used on a huge scale to sell PPI policies. These findings led to a tightening of regulations to give consumers better protection and a number of lenders being fined. The investigation also led to customers who had been mis-sold PPI gaining the right to make a PPI reclaim case and get back all charges associated with the policy. This was ruled by the UK High Court. For these reasons therefore, in the past few years, the PPI scandal has been big news. PPI reclaims cases are still being launched in their thousands by customers who were mis-sold payment protection insurance, and combined […]

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