Tag Archives: PPI
In the light of the implementation of IDD, the CMA is proposing to amend the Payment Protection Insurance Market Investigation Order 2011 (Order). Currently, the Order requires PPI providers to send policyholders and Annual Review document, which contains specified information, including a policy summary. The CMA proposes that the Order should mandate that the reference […]
Following its consultation in July 2018 on handling complaints about regular premium PPI, the FCA has published finalised guidance that confirms that firms should assess PPI commission disclosures not only at point of sale, but on an on-going basis. The FCA is also consulting on new rules that would require firms that sold relevant products […]
FCA has published its H1 2018 complaints data, which show that firms received more than 4 million complaints in the period. This was a 10% increase from the previous period. Nearly all the complaints were made to 235 of the more than 3,000 firms which recorded complaints. PPI accounted for 42% of complaints, and then […]
On 24 October, the FCA published a report on the progress of its consumer communications campaign and supervisory work regarding the 29 August 2019 deadline for PPI complaints. The report looks at: The PPI campaign so far and how consumers are responding to it; The FCA’s supervisory work to ensure firms are helpful and accessible […]
The Financial Ombudsman Service (FOS) has published a statement, following its October 2016 Consultation Paper and December 2016 Feedback Statement on complaints data publication. The Feedback Statement included FOS’s commitment to work with stakeholders to explore a new measure of cases received per 100 FCA-reportable complaints, and to report some resolved PPI complaints by volume only […]
FCA is consulting on new guidance on handling complaints about regular premium PPI, to deal with an uncertainty which has arisen since the post-Plevin rules. The Plevin judgment and the rules that followed it say that if a lender fails to disclose at point of sale a large commission payable out of the PPI premium […]
The latest complaints data from FCA shows 3.76m complaints were received by firms in the second half of 2017. This is a significant increase on the previous half year, with 1.55 million complaints relating to PPI – 40% more than the previous half year and the highest level for over 4 years. Similarly, firms paid […]
The latest edition of Ombudsman News highlights: FCA’s PPI complaints deadline awareness campaign, and the common questions FOS gets from people looking to complain about PPI. FOS has seen a significant increase in people contacting it about PPI in the last quarter. From here on, it says its workload will depend on how fairly firms […]
FOS has published feedback to its consultation on changes to the time limits for PPI complaints. It merely confirms the amendment to the Voluntary Jurisdiction in line with FCA’s changes to the Compulsory Jurisdiction. The relevant instrument took effect at the end of August.
FOS has published individual complaints data for H1 2017, relating to businesses in relation to which FOS both received and settled at least 30 cases during the period. FOS says these firms comprise around 95% of the total cases it handled. The highest levels of complaint related almost entirely to PPI claims, with the only other significant […]
The FCA has today launched its PPI campaign with a television advert in order to raise awareness of the two year deadline to make a complaint about payment protection insurance. The deadline, which has been introduced by the FCA in order to prompt people to check whether they had PPI and whether they want to make a complaint, ends […]
The Ministry of Justice has published guidance for claims management companies when they handle cases relating to Plevin. The guidance mainly explains what FCA’s expectations are and stresses that CMCs must not mislead clients about likely levels of redress. It also cautions against referring complaints to FOS without properly engaging with the relevant financial business […]
The FCA has today announced that it will soon be launching a campaign to inform people of the 29 August 2019 deadline for making a complaint about PPI. The campaign will contribute to the regulatory and supervisory work the FCA has already done around PPI and will continue to do. The campaign, which will be […]
This week FOS published its regular newsletter in which it discussed: a rise in consumer credit complaints; statistics on complaints received in the first quarter of 2017/2018; and an update on PPI and the FCA’s new rules and guidance FOS’ Annual Review The annual review published earlier in the summer by FOS identified that complaints about […]
In March 2017 FCA announced it was introducing a 29 August 2019 deadline for all PPI complaints to be submitted to firms or ombudsman services (subject to limited exceptions). This rule comes into effect on 29 August 2017 and applies to firms within the FOS’ compulsory jurisdiction (CJ). However, this rule currently will not apply to firms that […]
FOS has published its annual review for 2016/17, a period which it described as ‘immensely demanding’. Similarly to previous years, FOS reported that much of its activity focused on PPI complaints, but this should finally reduce with the August 2019 time limit for potential claims. The rules and guidance following the Plevin judgement will come into […]
We have written an article on the new timescale for handling PPI complaints, the FCA’s customer communications campaign and its new rules on writing to customers whose complaints have previously been rejected and the consequences of the Plevin decision.
FCA has published the first set of complaints data (covering the second half of 2016) that firms have reported since last year’s rule changes that give firms 3 days to address a complaint to a consumer’s satisfaction but the data reflects all complaints. Because of the change in complaints captured, the figure (3.04m) is higher […]
We have prepared a commercial insurance timeline which highlights key legislation, regulation, cases and other developments that impact on the industry. This timeline covers developments from March 2017 onwards.
FCA has published a policy statement on PPI complaints, setting out feedback on its consultation paper and final rules and guidance. Alongside this, FCA published an information sheet outlining the new basis for making a PPI complaint and updated its webpage on how to claim back money on the sale of PPI. The consultation, which […]
FOS is consulting on its plan and budget for the year ahead. It expects record numbers of PPI complaints, with a steady level of complaints in the banking, insurance and investment sectors. It plans to keep the case fees the same as for the past 5 years – so there is a £550 fee per […]