PPI Timeline

cavemanbiggles wrote: »

Interested if anybody can recall the year when the first PPI mis-selling claims were submitted. Was it the same time as the bank charges or later? I know the problems with PPI were highlighted in the early 00's, just wondered what date people were given the green light to start submitting claims.

It was June 2008 after fifteen months of investigation that the Competition Commission reported that PPI policies only paid out an average of 11% of what was paid in.This is is by far the lowest of any major insurance. But it was the Court Case of 2011, which the Banks instigated and then lost, that really opened the complaint floodgates. Earlier than this, people had submitted complaints and were either refused point blank or offered a goodwill payment without the lender admitting liability.