Mis-Sold Payment Protection Insurance (PPI)

 
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The Claims Management Regulator

The Ministry of Justice (http://www.justice.gov.uk) defines the Claims Management Regulator as the following:

"The Claims Management Regulator is responsible for regulating businesses that handle certain types of claims for compensation in relation to personal injury, financial products/services (such as mis-sold payment protection insurance), employment matters, criminal injuries, industrial injuries disablement benefit and housing disrepair."

Regulation

In England and Wales, as of 23 April 2007, an individual or a corporation may not, unless exempt or otherwise in receipt of a waiver, provide claims management services by way of business unless authorised by the Claims Management Services Regulator. It is a crime for an unauthorised person to provide or offer claims management services, or to pretend to be authorised. Offenders are punishable, on summary conviction, by a fine of up to level 5 on the standard scale or 51 weeks' imprisonment. If convicted on indictment in the Crown Court, offenders can be sentenced to an unlimited fine or two years' imprisonment. Where a corporate crime is committed, the offender can only be fined and not imprisoned. The claims regulator also covers the processing and evaluation of complaints against claims management companies.

Claims Management Services Regulator

The Claims Management Services Regulator was created by section 11 of the Compensation Act 2006. The post of Regulator if occupied by the Secretary of State for Justice to authorise and regulate claims management companies and:

  • Set and monitor standards of competence and professional conduct;
  • Promote good practice, in particular as to the provision of information about charges and other matters to users;
  • Promote practices likely to facilitate competition;
  • Ensure that arrangements are made for the protection of users, including complaints handling.

The rules and procedure for authorisation are defined in the Compensation (Claims Management Services) Regulations 2006.[16] The Regulator may investigate unauthorised trading and seek an injunction to prevent it or bring a criminal prosecution.[17] It is a crime to obstruct the Regulator, punishable on summary conviction by a fine of up to level 5 on the standard scale.

A person may appeal a decision of the Regulator about authorisation to the Claims Management Services Tribunal and there is a further route of appeal to the Court of Appeal.

When section 161 of the Legal Services Act 2007 comes into force, claims management services and the Regulator will fall under the supervision of the Office for Legal Complaints and its ombudsman scheme. It has been suggested that the first complaints will not be handled until 2010.

Claims management regulation - Ministry of Justice
http://www.justice.gov.uk/claims-regulation

Claims management regulation authorisation - Ministry of Justice
http://www.justice.gov.uk/claims-regulation/information-for-businesses/authorisation

Ministry of Justice Claims Management Regulation
http://www.claimsregulation.gov.uk

Financial Ombudsman Service (FOS)

The Financial Ombudsman Service is who you go to if your complaint to the bank is not resolved to your satisfaction. If the bank issue a 'final response letter' this means they will not enter into further discussion or correspondence about your complaint as the case is closed and the matter concluded in their opinion. This leaves you with the single option which is to take your complaint to the FOS for them to adjudicate and pass final judgement in terms of your complaint being upheld or not.

Funding for the Financial Ombudsman Service comes from the financial services sector. Companies that are authorised by the Financial Conduct Authority (FCA) which was formally the Financial Services Authority (FSA) or those that are licensed by the Office of Fair Trading (OFT) automatically fall under the law of the FOS. The FOS is free to consumers.

In 2012 the FOS took on 1,000 new staff to cope with the influx of complaints relating to mis-sold PPI and that hiring process shows no sign of easing up with further hiring to continue through 2013.

Financial Ombudsman Service
http://www.financial-ombudsman.org.uk/

FOS online PPI resource
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

Financial Conduct Authority (FCA) formally the Financial Services Authority (FSA)

The purpose of the FCA is to regulate financial firms providing services to consumers. The objectives of the FCA are:

  • Helping to promote efficient, orderly and fair markets
  • Helping retail consumers get a fair deal
  • Improving business capability and effectiveness

Financial organisations such as banks have to answer to the FCA. They must do as the FCA say and if they don't the FCA has the power to impose sanctions such as fines on those organisations that are failing to comply with the rules and regulations imposed.

Financial Conduct Authority (FCA) website
http://www.fca.org.uk

Payment Protection Insurance (PPI)
http://www.fca.org.uk/consumers/financial-services-products/insurance/payment-protection-insurance

Monthly PPI refund and compensation figures
http://www.fca.org.uk/consumers/financial-services-products/insurance/payment-protection-insurance/refunds

Income & Payment Protection
http://www.fca.org.uk/consumers/financial-services-products/insurance/income-and-payment-protection

News from the FCA
http://www.fca.org.uk/news/

Ongoing fines being imposed on major highstreet banks
http://www.fca.org.uk/news/press-releases/lloyds-banking-group-fined

Firms on the FCA register
http://www.fca.org.uk/register/

The Financial Services Compensation Scheme (FSCS)

The FSCS exists so that should a firm regulated by the FCA need to pay consumer compensation but either can't or will be unlikely to be able to, then the FSCS will pay the compensation instead so that the consumer is always protected.

http://www.fscs.org.uk/

Other websites and webpages of potential use and interest in relation to mis-sold payment protection insurance (PPI)

Which? Money
http://www.which.co.uk/money/

Which? PPI information
http://www.which.co.uk/campaigns/personal-finance/the-ppi-campaign/frequently-asked-questions/

Which? Claims management company checklist
http://www.which.co.uk/money/insurance/guides/claims-management-companies/claims-management-company-checklist/

The Guardian Money
http://www.guardian.co.uk/money

Money Saving Expert
http://www.moneysavingexpert.com/

The Association of Professional Claims Managers
http://www.apcm.org.uk/

The Claims Standards Council (CSC)
http://claimscouncil.org/

Office of Fair Trading (OFT)
http://www.oft.gov.uk/

Citizens Advice (CAB)
http://www.citizensadvice.org.uk/

National Debtline
http://www.nationaldebtline.co.uk/

The British Bankers Association
http://www.bba.org.uk/

 

 

The first step is to find out if you have a claim and how much it could be worth. To do this simply fill in your details in the boxes to the right.

We will send you our no-obligation claims pack which will be sent at no cost and which has all you need in it to get your money back. If you decide you want us to reclaim what you are owed you return this to us then we proceed to get you back your money.

There are two kinds of people who have been mis-sold payment protection insurance (PPI).

  1. People who know they had PPI with a loan, credit card or mortgage.
  2.  
  3. People who are completely unaware that PPI was added to their loan, credit card or mortgage; PPI was added without them knowing anything about it.

If you've ever had a loan, credit card or mortgage you could well be one of these two kinds of people. We can help you either reclaim the PPI that you know was mis-sold to you or find out if PPI was added to any loan, credit card or mortgage that you have taken without you knowing about it. If you didn't know you had PPI then you can definitely reclaim this.

We have been helping people reclaim their mis-sold PPI for over 3 years and have made thousands of successful claims. If you are thinking about reclaiming PPI, or if you want to find out if you can reclaim, or if you want to know if you have PPI at all, then we will help you do this.

Making a claim or finding out what you have and how much you are owed by a bank is easy with us. Simply enter your details in the boxes on the right and we'll send you out a very simple claims pack to fill in. You then return this to us and we will then do everything that needs to be done to get the information you need from your bank and reclaim what you are owed.

Enter your details in the boxes below then click on the 'Submit' button. We specialise in reclaiming mis-sold PPI and can find out if you can claim and how much you could be owed.

Name
Email address
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Address 1
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Post Code
I've had
Please include all loans, credit cards and mortgages you have taken in the last 15 years including those you've paid off as well as any you still have now.
 

 

Do you think you've never had anything with PPI?

Are you sure? You might want to think again...

If you take into account the fact that PPI was mis-sold to consumers in many ways, but a common way of wrongly selling PPI was to put PPI onto loans, credit cards and mortgages without the consumer even knowing.

You may think you don't have anything with PPI, but if you had a loan, credit card or mortgage at any point over the last 15 years or so there's a chance it had PPI added to it. There's a further chance you never even knew, because they believed that a payment protection insurance (PPI) premium would have been evident to consumers where one was being charged. We can find out if this is the case then pursue your rightful compensation in a speedy and professional manner.

If you've had a loan, credit card or mortgage at any point over the last 15 years or so then get a claims pack. We can then find out if you did have PPI and if so, how much you can reclaim. Simply fill in the no-obligation enquiry form to find out if you have a claim.

Elham Rizi, BBC Watchdog

The end result is that consumers ended up with a PPI policy that they often did not want, could not use or didn't even realise existed at all.

Payment protection insurance or PPI has been mis-sold in a number of ways.

Sellers of PPI have a responsibility to explain the product and ensure you fully understand it and that it is appropriate for you. PPI policies have exclusions and you should have been taken through these. You also need to know that PPI is not compulsory.

If any of the following apply to you in then this would constitute a mis-sell and the chances are you have a strong case for reclaiming the PPI premiums or payments towards PPI.

With successful claims you also receive compensation in the form of interest on the money you have paid out.

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Harwood Claims Management Limited trading as reclaimppiguide.co.uk is regulated by the Claims Management Regulator in respect of regulated management activities; that registration is recorded on the Claims Regulation website www.gov.uk/moj/cmr. (CRM 30053). Harwood Claims Management Limited company registration 08006917.

Fill in the no-obligation enquiry form today. We specialise in reclaiming mis-sold PPI and can find out if you can claim and how much you could be owed. Page keywords are PPI Misselling Refunds, Wrongly Sold PPI Insurance Reclaim, Claim PPI Refunds, Mis Sold PPI PPI Refund, Wrongly Sold PPI Compensation Reclaim.

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