The couple were awarded the full commission costs they paid - 76 per cent of the premium plus accrued interest. The ruling goes further than the Financial Conduct Authority rules, which state that if over 50 per cent of your PPI costs were commission and the lender didn't declare it, you're due back the difference.
Bank loans with PPI have typically averaged 67 per cent commission and lenders rarely declared it. The ruling at Manchester county court doesn't change the rules for awarding compensation, it does open the door for further claims based off the scale of commission paid for a PPI.
The FCA rules known as "Plevin", after a previous ruling, remain unchanged but the case could lead to the reopening of previously rejected cases.
Anyone who's already received compensation for PPI will not be able to revive their case or obtain further compensation. The "Plevin" ruling said that if you weren't mis-sold you could still make a claim if over 50 per cent of your PPI costs was commission and the lender didn't declare it.
Rather than pay to use a third party service or claim management firm, you can file a PPI claim yourself. Find out if you have a PPI policy - Check your loan or credit documentation to see if it refers to anything like "payment cover","loan protection" or "ASU accident, sickness and unemployment insurance. The more information and proof you can include with your claim, the more likely the bank will uphold your complaint.
Many of the banks have falsely rejected some customers PPI claims. Last year, Barclays bank admitted an error after wrongly telling customers they did not have PPI. It said that it has notified all of the customers who were affected. Since the emergence of the PPI scandal, many of the banks have been set fines by the Financial Conduct Authority for not handling cases correctly.
This means the banks reject many legitimate claims. If your claim was rejected, you can claim again under the Plevin ruling. This means that you are complaining about high levels of commission on your PPI policy. She argued that if she knew about the high level of commission at the time of sale, she might not have bought the PPI policy. However, the FOS has a huge backlog of claims and it may take months, if not years before your claim is resolved.
Has your PPI claim been rejected? Canary Claims is a no-win, no-fee [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period. We can gather all the necessary evidence, refer your claim to the FOS on your behalf and guide you through the entire process. We have helped thousands of people claim back money due to mis-sold PPI. Reclaim your PPI today. Use this guide to Why Reclaim PPI?
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