MSE News: PPI reclaim deadline set for August 2019

Former_MSE_Faye

The regulator has announced a final deadline of 29 August 2019 for consumers to reclaim mis-sold PPI...

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'PPI reclaim deadline set for August 2019'

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Alpine_Star

It's disappointing that the FCA haven't required firms to write to customers who haven't complained telling them that their PPI policies were subject to 50%+ commission as in most cases the firm will know and the customer wouldn't.

Nasqueron

Alpine_Star wrote: »

It's disappointing that the FCA haven't required firms to write to customers who haven't complained telling them that their PPI policies were subject to 50%+ commission as in most cases the firm will know and the customer wouldn't.

I'm sure Dunstonh has the figures on how many products / what type were subject to this and how much commission, but by and large Plevin is irrelevant as you don't get a payout if you won your complaint and the majority have won either via autopay, complaint wins or at the FOS. I can't imagine there are too many people who have yet to complain. It's only if you lost would it be an issue and there are plenty of examples on here of people being contacted after a rejected case being told to wait on Plevin. Do remember also it's only a refund of money over the 50% commission

dunstonh

Surprised that MSE hasnt mentioned the Plevin ruling in the article. I know Plevin is not going to affect as many people but it is important and we are starting to see providers act on this. The first one on the forums was mentioned this week (although rejected as it was credit card PPI and under 50% commission). Although the article says "More follows" at this point.

I'm sure Dunstonh has the figures on how many products / what type were subject to this but by and large Plevin is irrelevant as you don't get a payout if you won your complaint and the majority have won either via autopay, complaint wins or at the FOS, it's only if you lost would it be an issue and there are plenty of examples on here of people being contacted after a rejected case being told to wait on Plevin. Do remember also it's only a refund of money over the 50% commission

It is likely to be mainly on loans/single premium PPI. Most MPPI is around 20-35%. Credit cards could get over just over 50% with some but a rejection on plevin this week stated it was around 30%. The FCA is requiring all firms to write to previously rejected complainants who are eligible to complain in light of Plevin to explain the new basis for complaining. However, they are not automatically looking at old rejected complaints. It requires the individual to say they want it looked at again. And if they do request it, it is only on the Plevin ruling that it is looked at. Not the whole thing all over again. (exception being complaint rejections made after the FCA started the consultation which have been queued up pending the plevin outcome. They will automatically be looked at)

Alpine_Star

Nasqueron wrote: »

I'm sure Dunstonh has the figures on how many products / what type were subject to this and how much commission, but by and large Plevin is irrelevant as you don't get a payout if you won your complaint and the majority have won either via autopay, complaint wins or at the FOS. I can't imagine there are too many people who have yet to complain. It's only if you lost would it be an issue and there are plenty of examples on here of people being contacted after a rejected case being told to wait on Plevin. Do remember also it's only a refund of money over the 50% commission

My point is that there will be people who were sold PPI (whether mis-sold or not) who didn't know that their premiums included 50%+ commission and as such wouldn't realize that they had cause to complain.

Nasqueron

Alpine_Star wrote: »

My point is that there will be people who were sold PPI (whether mis-sold or not) who didn't know that their premiums included 50%+ commission and as such wouldn't realize that they had cause to complain.

The Plevin ruling though is only applicable for people who have PPI and were subject to the > 50% commission (as Dunstonh has said, it's not that many - those with single premium PPI would be expected to win a PPI complaint) and as I said anyone who complained and won wouldn't be subject to it. As such you're looking at a very small number of people who were rejected before that (and even then there are example on the forum of people being written to out of the blue by the banks after a rejection mentioning plevin). There can't be many people who have had PPI and have not yet complained and even fewer who were unaware they can complain given the CCLs, sites like this, adverts from CMCs etc etc

Complaining about PPI on the basis of the commission possibly being over 50% is silly anyway - complain about the PPI full stop and if it's rejected ask them about Plevin

Alpine_Star

Nope you still haven't got it. Never mind.

Mersey_2

Plevin & Alpine star's point is mentioned by Martin Lewis in the article.

dunstonh

Mersey wrote: »

Plevin & Alpine star's point is mentioned by Martin Lewis in the article.

The article had further information added from its initial release.

Nasqueron

Alpine_Star wrote: »

Nope you still haven't got it. Never mind.

Nah I fully understand your point, it's just only a very small number of people who would be affected

Complain about PPI = win = Plevin doesn't apply
Complain about PPI = lose = Plevin may apply in a small number of cases but certainly not the majority as the commission was rarely over 50%
Not complained about PPI = just complain about PPI, ignore Plevin unless your complaint is rejected by the firm and FOS

Realistically what should happen is all firms who have rejected a complaint should check if Plevin applies and if so, contact the complainer (which there is evidence they are doing). Firms are already writing to people if they had PPI and haven't complained in order to allow the 3 year rule to kick in - CCLs have been going out for a while

MCGONIS

I have been waiting many months after my complaint to Santander about a former Debenhams card was refused. They said they would keep the complaint open until the announcement on undisclosed commissions was made and look at again. At least now, it will bring the matter to a close one way or another. (hopefully in my favour!)