Putting Consumers First

Delivering Access to Justice through

Ethical and Professional Standards

Mis-sold Payment Protection Insurance

What is Payment Protection Insurance (PPI)?

Payment Protection Insurance (PPI) is a financial insurance product that is designed to cover mortgage, credit card, loans or other debt repayments if the policy holder is unable to make repayments in certain circumstances, i.e. redundancy, sickness, accident. PPI is also known by other names: Accident, Sickness & Unemployment (ASU), Loan Protection, Account Cover, Credit Insurance and Loan Repayment Insurance. It was generally sold at the same time the type of credit was taken out; it can also be purchased as a “stand alone” policy. Each different policy can vary significantly in the benefits it supplies.

Obligations of the Adviser or Sales Person for mis-sold PPI

How was this service mis-sold?

Compensation

Single Premium Policy with a Loan

Regular Premium PPI policies (i.e. Mortgage PPI)

Additional Information

Useful Links & PDF’s

Redress for mis-sold single-premium PPI attached to a loan

Provided by the Financial Ombudsman Service

The assessment and redress of payment protection insurance complaints – Consultation Paper

Provided by the Financial Services Authority

The assessment and redress of payment protection insurance complaints – Policy Statement

Provided by the Financial Services Authority

Membership Benefits & Services

The Benefits and Services of the Professional Financial Claims Association are intended to extend beyond its own membership. The Financial Claims Management sector needs a credible ‘voice’ at a time of change and increased scrutiny within the sector.

PFCA Code of Practice

The members of the Professional Financial Claims Association wish to set professional standards for member firms...

Download the PDF
Visit the Code of Practice page