Payment protection insurance
Update – 29 September 2009
We are consulting on proposed new rules and guidance to improve firms’ handling of payment protection insurance (PPI) complaints. We propose that they come into force by the beginning of 2010. The consultation sets out:
- guidance for firms on the fair assessment and redress of complaints related to sales of PPI; and
- rules requiring firms to reassess complaints rejected since 14 January 2005 – which may include complaints on sales before 14 January 2005.
This consultation shouldn’t stop you from complaining about your PPI policy if you have concerns about how it was sold to you.
For details on how to make a complaint see If things go wrong.
When these rules and guidance are agreed, we will publish further information on this page about how they may affect you and your PPI complaint.
We have also announced an agreement with a number of firms to review their past branch-based sales of Single Premium Unsecured Personal Loan PPI (SP UPL PPI).
Firms will be writing directly to customers who were sold SP UPL PPI from 1 July 2007. If material detriment is found, firms will then review all such sales made since 14 January 2005, (the date FSA began regulating the sale of PPI).
If you have concerns about how you were sold PPI, this review should not stop you from making a complaint.
Related information:
What should I do if I have a complaint?
If you have a complaint about the PPI you have been sold, you should first complain to the firm that sold you the policy, to give them a chance to put things right. If your complaint is about a claim, you should complain to the insurance company. If you're not happy with the outcome you may be able to take the complaint to the Financial Ombudsman Service – see If things go wrong.
For more information from the Financial Ombudsman Service, download their Payment protection insurance factsheet – see Related links.