New rules set out by the Competition Commission to introduce competition into the payment protection insurance (PPI) market come into effect today.
Payment Protection Insurance
The regulator has banned the sale of PPI policies at the point of sale until seven days after the credit sale and has ruled that there must be a seven day gap between a PPI quote being issued and the sale. Quotes must set out the cost of the policy along with details of the cover provided and supply information in marketing material about the cost and key messages, for example making it clear that PPI is optional and available from other providers.
The regulator has also ruled that providers are obligated to provide information about claims ratios to any person on request and are prohibited on the selling of single-premium PPI policies. Insurers must also provide an annual review setting out the cost of PPI and including a reminder of the consumer’s right to cancel.
Peter Davis, spokesman of Competition Commission, said: ‘Insurance to cover periods of unemployment, sickness and following accidents can serve a significant need. The Competition Commission has worked hard to document the serious failings of competition in PPI markets and subsequently establish a package of significant market interventions whose aim is substantially to improve the operation of these markets. The culmination of all of that work is a legally binding document which sets out a framework of rules designed to encourage greater competition in future and hence better outcomes for consumers.’
The order takes effect from 6 April 2011, though the main obligations will be introduced in two phases, 6 April and 1 October, to coincide with annual government common commencement dates for new legislation and regulations and also to allow sufficient implementation time for providers.
Nell Mooy, spokesman for British Insurance welcomed the changes, but said the implementation should be immediate.
PPI Claims News
LLoyds TSB PPI Claims Information
At Lloyds TSB we are committed to making it as easy as possible to resolve your complaint. We’d like to discuss the details of your case with you directly so your concerns can be resolved as quickly as possible. You can write to us at Lloyds TSB, PPI Customer Services, BX1 1LT or call us on 0845 601 2683 (lines open 8am to 6pm, Monday to Friday and 9am to 2pm Saturday)
PPI Claims are falling according to regulator
Complaints about PPI Claims have fallen for the first time in three years according to the Financial Conduct Authority (FCA). In the 1st half of 2013 1.8 million PPI complaints were recieved compared to 2.2 million PPI complaints recieved in the previous 6 month.
However reports like these need to be questioned based on figures reported previously from the FCA within the 1st half of the year. FCA reports which seem to contradict these new findings such as the monthly PPI claims payout figures indicate PPI claims rising OR that claims are increasing in value
PPI Claims – Leicester, UK
Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of payment protection Insurance (PPI) products by the banks in Leicester. We are happy to review these PPI products and to claim compensation for our clients where appropriate.
We will work with you to ensure that you get the correct PPI settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling. We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.
PPI Claims On Your Barclaycard: How to Claim & FAQ’s
Understand how to make a claim on PPI, otherwise known as Payment Protection Insurance and the process involved should you wish to reclaim PPI on your Barclaycard.
Maple Leaf Financial has over 10yrs experience in dealing with PPI claims. If you have any problems making a PPI Claim on your Barclaycard, we are here to assist you. We include information below on
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
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