PPI has been sold for years, so here’s how the time line breaks down:
1998: Mis-selling scandal was highlighted because of the very poor quality of the product, due to the return from the costs.
2005: The Citizens Advice Bureau issued a number of complaints about the mis-selling of the financial product known as Payment Protection Insurance.
Nov 2005: The FSA issued a provisional report regarding the selling of PPI and this report spoke of the concern regarding the deception that had been committed by the number of lenders and banks who had been selling PPI.
2006: The FCA fined a few small lending companies. Borrowers who had been wrongly sold PPI began claiming back.
2007: The FSA fined even more companies for millions of pounds.
2009: In May the FSA banned the sale of single premium PPI policies and in September they also announced very strict steps in order to protect the borrowers.
2010: Banks sough a judicial review of the new measures by claiming that they imposed standards retrospectively. Sales of PPI banned.
2011: High court begins in January and it then leads to the High Court judge ruling against the banks.
2011 – Present: Since the rulings in 2011, there have been millions of people who have successfully claimed back the money that they were owed.
If you think you were one of the millions of people who were mis-sold a PPI policy, then contact us and we can guide you through the claiming process.