PPI on PBA
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withinreason1
Posts: 1 Newbie
Hi,
I have just used a Claims Management Company to recover compensation for miss sold PPI on a Packaged Bank Account. The CMC want to charge me 33% of the recovered amount.
Under the Financial Guidance and Claims Act 2018 there is a cap of 20% for recovery fees.
When I challenged the CMC on this, they maintain that the 2018 Act only applies to PPI on mortgages and not on PBA's.
I have read as much of the Act as I could but could find no definition that separated mortgage PPI from PBA PPI.
Has anyone come across anything similar?
Does anyone know if the Act is specifically about mortgages and not PBA's?
Any help would be greatly appreciated.
I have just used a Claims Management Company to recover compensation for miss sold PPI on a Packaged Bank Account. The CMC want to charge me 33% of the recovered amount.
Under the Financial Guidance and Claims Act 2018 there is a cap of 20% for recovery fees.
When I challenged the CMC on this, they maintain that the 2018 Act only applies to PPI on mortgages and not on PBA's.
I have read as much of the Act as I could but could find no definition that separated mortgage PPI from PBA PPI.
Has anyone come across anything similar?
Does anyone know if the Act is specifically about mortgages and not PBA's?
Any help would be greatly appreciated.
0
Comments
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The Financial Guidance and Claims Act 2018 gave the FCA powers to introduce a cap on fees for PPI claims.
Are you sure that the CMC hasn't simply won a refund of your PBA fees?0 -
Did you sign the contract with them before the rule was passed?0
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PBA fees are not PPI. There was another thread about this yesteray where the CMC were charging 42% for other relcaims/complaints apart from PPI.Shampoo? No thanks, I'll have real poo...0
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PBA fees are not PPI. There was another thread about this yesteray where the CMC were charging 42% for other relcaims/complaints apart from PPI.
It is possible, though unlikely, that they had PPI on an account that happened to also be a PBA (e.g. overdraft PPI). PBA did co-exist with the PPI selling period (first was launched by Lloyds in the 1990s) though they didn't really become popular until the early 2000s so someone could conceivably had reason to complain about PPI on a PBA.
That said, I imagine you are correct and it was a PBA complaint0 -
I agree this is the most likely scenario.
Are you sure that the CMC hasn't simply won a refund of your PBA fees?
It is concerning that the OP apparently doesn't know what the complaint was about, but I guess that goes some way to explain why CMCs have made such huge profits over the years....0
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