Simon Shipley has a long-term health condition, would never have been able to claim on PPI policies, and yet was sold the insurance on a mortgage and two loans. Some of the policies ran for more than a decade. It was when PPI was mentioned on youth TV hit Love Island that Guy Anker, managing editor of Moneysavingexpert, realised that the scandal had put consumer rights firmly into the mainstream.
Moneysavingexpert, and its founder Martin Lewis, were at the forefront of the campaign for PPI compensation and the subject has been one of its biggest concerns for visitors to the website ever since.
Mr Anker says that the scandal has been at the heart of the public's distrust of banks - in a more tangible way than the banking crisis of a decade ago. Martyn James, of consumer website Resolver, says PPI was was an example of "a dramatic loss of trust". Now, he says, consumers have "a willingness to question former symbols of authority". As a nation we are no longer willing to put up with being treated badly and are increasingly vocal about it," he says. Yet the PPI compensation scheme has been muddied, according to Mr Anker, because claims companies have "acted so appalling, they have created a scandal in itself".
Claims management companies CMCs make claims on behalf on consumers, but then take a cut of any compensation payouts - as much as a third in the past. Everyone has received a call, text, or email about claiming PPI. A whole industry grew up, with firms offering to make claims for PPI compensation payouts on consumers' behalf.
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England This advice applies to England: England home Advice can vary depending on where you live. Next steps Complain about mis-sold PPI.
It was supposed to cover payments on loans if customers fell ill or lost their jobs. In , the Guardian reported how Barclays had been making profits from PPI and other examples quickly followed. Selling PPI was very profitable for banks. The consumer panel, which represents consumer interests at the FCA, questioned the deadline. In its submission to the FCA about a time bar, it pointed out that 5. This is because they have already been contacted by their banks and, if they are covered by existing rules, will already have the clock ticking on a three-year time limit for claims.
Given the cold-calling from claims management companies CMCs it might seem improbable that anyone who was mis-sold a policy has not already made a claim. You must complain to the ombudsman within six years of the event complained about, or three years after you first became aware that you may have grounds for complaint, whichever is longest. For example, if you were sold PPI in , you may still be able to take your complaint to the Financial Ombudsman Service if you only became aware of the possible mis-selling last year.
If your PPI policy has expired, you may still be able to claim, as the provider still may have broken the rules on mis-selling. The sale of PPI policies are predicted to shrink dramatically; some banks have even stopped selling them altogether.
Separately, the Competition Commission is bringing new rules that will stop lenders selling PPI at the point where they grant a loan. Discover ways to avoid being scammed and find useful consumer tips and hints. BBC One Watchdog. Main content. Related links:.
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