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PPI FAQs: How Far Back Can I Claim PPI?

This is a question that we regularly get asked by our clients. Most people believe that PPI was first sold throughout the late 1990s onwards, but in fact PPI has been known to have been sold as early as the 1980s.

In general lenders are required by law to keep records of customer’s accounts information for a minimum period of 6 years from the date of when the account was last active/open.

If your account was last active in excess of 6 years then the banks may not always have information related to any services that you may have took out with them, including PPI.

Due to the PPI scandal, which became mainstream news between approximately 2009 to 2010, most banks had begun to change their internal procedures and sales tactics when selling finances such as loans, credit cards and mortgages. PPI was then subsequently banned from being sold to consumers at point of sale.

How We Can Help You Claim

If you have taken out any finances as described above in the period from the late 1990s all the way to 2010, we can help you check whether you have had any PPI attached to your finances and then assist you to claim back any PPI that you believe to have been mis sold.

How the PPI Mis Selling Came to Light

  • 1998: the issue of PPI being a poor value product was raised by Which? Magazine
  • Jan 2005. The FSA stated that PPI review would be a priority
  • Sept 2005 Citizens Advice published a report identifying the problems in the PPI market and issued a Super Complaint to the OFT (office of fair trading)
  • Nov 2005 the FSA its first report on PPI and identified improper sales practices and lack of compliance following mystery shopper exercises
  • Oct 2006 the FSA issued a report showing more poor compliance in the market. 24 companies highlighted
  • Oct 2006 The OFT issues a report on PPI stating intention to refer the issue to the Competition Commission
  • Jan/ Feb 2007 Fines are imposed on the major PPI providers for treating customers unfairly
  • Feb 2007 The OFT made a formal referral regarding mis selling of PPI to the Competition Commission
  • April 2008 The C C publishes 3 papers highlighting more problems in the PPI market
  • May 2008 Which? Magazine publishes research into how PPI was being sold alongside loans. up to 2 million may have been sold a PPI policy they may never be able to claim
  • Jul 2008 The FSA investigate how firms were dealing with PPI complaints
  • Sept 2008 Which? Publishes a report showing people being duped into buying PPI as advised they will be approved for credit
  • Jan 2009 The Competition Commission recommend banks selling loans should not sell PPI at the same time
  • Feb 2009 The FSA wrote a second letter to the bank chief execs asking for them to stop selling single premium PPI with loans
  • May 2009 The FSA banned sales of single premium policies
  • Oct 2010 The banks led by the British Bakers Association request a judicial review of the new guidelines arguing they imposed rules retrospectively
  • Jan 2011 The PPI judicial review began in the British high court
  • April 2011 The High Court Judge, justice Ouseley, ruled in favour of the FSA and FOS with the banks given 21 days to appeal the ruling
  • May 2011 Bank members of the BBA decide not to appeal against the High Court ruling. These include HSBC, RBS and Barclays
  • May 2011 PPI compensation provisions between the banks and the FSA begin to filter through. PPI mis selling fines imposed by the FSA
  • The FSA has fined over 20 firms for poor PPI sales practices.

These include:

-Carcraft (fined £91,000)          – Swinton (fined £770,000)

-LV (fined £840,000)                – Land of Leather (fined £840,000)

-Capital One (£175,000)

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