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

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Former_MSE_Megan_F
Former_MSE_Megan_F Posts: 418 Forumite
Newshound!
in Reclaim PPI & other insurance
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...
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'FCA rule change could mean more are able to reclaim PPI commission'
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Comments

  • hannahp
    hannahp Posts: 930 Forumite
    Tenth Anniversary 500 Posts Combo Breaker
    Thanks Megan F,
    I shall follow these developments with interest :T
    :happylove Those who bring sunshine into the lives of others cannot keep it from themselves. :happylove
  • dunstonh
    dunstonh Posts: 119,702 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    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
    hannahp Posts: 930 Forumite
    Tenth Anniversary 500 Posts Combo Breaker
    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:o
    :happylove Those who bring sunshine into the lives of others cannot keep it from themselves. :happylove
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