With the deadline to claim for payment protection insurance (PPI) less than a year away, PPI complaints have reached a new high. We want you to make sure that you’re not missing out.
PPI is still the most complained about financial product to the Financial Conduct Authority (FCA). This year, PPI complaints have reached a new high.
In the last 10 months alone, £3.7bn in mis-sold PPI has been returned to consumers.
The huge increase in PPI complaints is a result of the FCA’s campaign to raise awareness of the PPI deadline. The campaign, with ads featuring Arnold Schwarzenegger, began at the start of 2018.
Since the campaign started, 3.7m complaints have been made. This is a huge increase of 63 percent, which shows many people have been leaving it late to claim.
Financial Conduct Authority executive director of supervision, retail and authorisations Jonathan Davidson said: “We are encouraged by the results of the first 10 months of the campaign.
“Since 2011 more than £30bn in redress has been received by consumers.
As well as compensation for mis-sold PPI, you might be eligible for PPI+ compensation.
Even if you’ve been rejected before your adviser may have taken an unfair level of commission on the sale of the PPI policy. If they did this without you knowing, they’ve mis-sold you and you would be due compensation.
Any commission level above 50 percent of the policy is deemed unfair by the FCA. Your bank should refund this money.
Earlier this year, a PPI court case saw a landmark decision made by the judge. Instead of only the amount above the 50 percent commission, the entire 76 percent of the commission was awarded to the claimant. This huge decision means that our clients can receive large payouts as we always fight to get the maximum possible compensation.
At APJ, we have seen a similar rise in PPI+ cases as our clients successfully reclaimed the unfair level of commission on their insurance.
Have you had a loan, mortgage or other credit agreement? You might be eligible for PPI+ compensation. Get in touch with our team of experts today for advice and support.