Plevin & PPI

Does anyone know if you have already been awarded a PPI claim, can you claim again under Plevin, after yesterdays decision?
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  • Nasqueron
    Nasqueron Posts: 8,631
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    Richba wrote: »
    Does anyone know if you have already been awarded a PPI claim, can you claim again under Plevin, after yesterdays decision?

    No

    Plevin is only an issue if you were rejected, if you won your case you have already had all your money back so the commission is irrelevant
  • sun73
    sun73 Posts: 498
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    What about complaints that were initially rejected then upheld in late 2015?
    Can someone explain what the FCA statement meant by that? Is there a different rule, or a specific date in 2015 for cases that were only upheld after it?
  • Nasqueron
    Nasqueron Posts: 8,631
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    sun73 wrote: »
    What about complaints that were initially rejected then upheld in late 2015?
    Can someone explain what the FCA statement meant by that? Is there a different rule, or a specific date in 2015 for cases that were only upheld after it?

    As per previous statement, if you get a refund of your PPI there is nothing to come from Plevin, Plevin is only an issue if you were rejected AND there was commission as part of the PPI over 50% - you would not get any more money
  • puglover_3
    puglover_3 Posts: 43 Forumite
    Hi all. I had a MPPI claim against Nationwide which was not upheld (which I still don't agree with!!) back in 2013. Can anyone advise of how I would go about making a new complaint based on the Plevin rule please.
  • dunstonh
    dunstonh Posts: 116,040
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    puglover wrote: »
    Hi all. I had a MPPI claim against Nationwide which was not upheld (which I still don't agree with!!) back in 2013. Can anyone advise of how I would go about making a new complaint based on the Plevin rule please.

    You dont make a new complaint. You contact them stating that they rejected your complaint in 2013 and that you have become aware of the FCA ruling regarding Plevin and would like them to review your case to see if a part refund applies.

    I wouldnt hold your breathe though. Most MPPI was less than 50% (typically between 17.5% and 37.5%). Single premium MPPI could be higher (above the 50% level) but Nationwide never retailed single premium MPPI. So, unless they were taking well above the norm when it comes to regular contribution MPPI, you would not expect a partial refund. By all means give it a try. So far, we have only had one post from someone with a case looked at with Plevin and that was card card PPI and we in the 30% range. So, no part refund made.
    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.
  • Agricolae
    Agricolae Posts: 380 Forumite
    I would just add here that the FCA is including profit share as well as commission in "Plevin" complaints.

    My reading of the rather lengthy and dry FCA policy statement is that MPPI policies tended to be low commission/high profit share, so this may change the landscape somewhat.
  • puglover_3
    puglover_3 Posts: 43 Forumite
    Thank you for your help and and advice. I am a little nervous of how to approach this with Nationwide and what to say. Should I ask them to review the original case based on the Plevin ruling and for them investigate the commission and profit share element on this MPPI?
    OR
    Should I wait until more information has been released from the FCA?

    Many thanks
  • dunstonh
    dunstonh Posts: 116,040
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    Should I wait until more information has been released from the FCA?

    The FCA issued its consultation nearly a year ago and its final ruling more recently was virtually unchanged from the initial proposals. So, information is not an issue.

    Just ask them to look at your case under the recent Plevin ruling from the FCA. A simple single sentence. Dont mention profit share as that is not something that applies here and not something you need to worry about.
    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.
  • Does anyone know if I can start a fresh mis-selling claim based on the Plevin case?
    My claim was rejected due to time barring by Santander, however, they are still looking into it on the basis of Plevin.
    My understanding is that you only get one refund. The recent post on MSE states (On a £10,000 loan over five years, your 'Plevin' compensation would typically be £500 (if you're due all the PPI back for other mis-selling, you don't get both). that you only get one, but, this would appear to be unfair if you are rejected for getting PPI refund of thousands, and can only claim hundreds based on the Plevin based refunds. Surely mis-selling is mis-selling which ever form it takes, why should one refund path lead to thousands, and, another path lead to hundreds?
  • dunstonh
    dunstonh Posts: 116,040
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    Does anyone know if I can start a fresh mis-selling claim based on the Plevin case?

    No you can't. That is not what it is about.
    My claim was rejected due to time barring by Santander, however, they are still looking into it on the basis of Plevin.

    The timebar still stands. Plevin is a secondary consideration.
    My understanding is that you only get one refund.

    Or nothing. Plevin is not about refunding the premium. It only applies to rejected complaints (not those upheld) and only if the commission on the policy exceeded 50%. If it did, then the execess above the 50% is refunded. i.e. if the commission was 55% then you would get a 5% refund. If the commission was 23% then there would be no refund.
    Surely mis-selling is mis-selling which ever form it takes, why should one refund path lead to thousands, and, another path lead to hundreds?
    Plevin is not about mis-selling. It is about a recent court case and has a specific outcome.
    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.
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