MSE News: FCA rule change could mean more are able to reclaim PPI commission

Former_MSE_Megan_F

More consumers may be able to reclaim cash if they paid high levels of commission on PPI and weren't reminded of this throughout their policy, under a new rule proposed by the regulator...

Read the full story:
'FCA rule change could mean more are able to reclaim PPI commission'

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hannahp

Thanks Megan F,
I shall follow these developments with interest :T

dunstonh

Although only expected to make a very small difference. Even the FCA say that in the document.

It only applies to regular premium PPI.
Only applies if you had it after on or after April 2007.
Likely to only apply to bank sold PPI (due to regular premium PPI typical commission being below the tipping point and its only the profitshare that takes it over. Profitshare was mainly used by banks. Some brokers retailed it on initial indemnified commission basis but they were already captured in the original rules and not affected by this).
Only some firms were treating it as the point of sale and not whole period. We have seen some bank decisions on this site that were already treating it how the FCA are proposing.

So, for it to apply, you are in quite a small catchment.

[Deleted User]

hannahp wrote: »

I shall follow these developments with interest :T

In your earlier thread you state that you are out-of-scope for Plevin. So follow this with interest by all means, but it won't mean a refund unless your PPI continued after April 2007.

Sorry.

hannahp

Moneyineptitude wrote: »

In your earlier thread you state that you are out-of-scope for Plevin. So follow this with interest by all means, but it won't mean a refund unless your PPI continued after April 2007.

Sorry.

Thanks :A I Didn't realise that :o