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14 November 2018

On the 7th November 2018 the FCA published finalised guidance to clarify its expectations about the handling of certain regular and, in limited circumstances, single premium PPI complaints.

The FCA clarified that consumers who previously had their Plevin complaints rejected on the grounds that they did not involve an unfair credit relationship or were out of jurisdiction would be able to make a new complaint in light of recurring non-disclosure(s) of the existence of, or level of, commission and/or profit share (‘RND’).

The FCA estimates that there are perhaps between 210,000 and 280,000 previously rejected regular premium PPI complainants who can make a new complaint in light of RND.

The FCA also clarified that previously rejected single premium PPI complaints can be resubmitted in light of RND in circumstances where:

  1.  For restricted credit agreements (e.g. loans taken in-store to buy specific goods, store cards), the credit agreement was entered and the PPI sold before 1 December 2001 and the seller was not in a relevant Ombudsman predecessor scheme, but the lender was and the credit agreement remained in force at 6 April 2008 and so is in scope of s140A CCA; and
  2.  For non-restricted credit agreements (e.g. personal loans), the credit agreement was entered and the PPI sold before 1 December 2001 and the seller was not in a relevant Ombudsman predecessor scheme, but the lender was (or credit agreement was entered and the PPI sold between 1 December 2001 and 14 January 2005, and the seller was not in a relevant Ombudsman predecessor scheme) and the credit agreement remained in force at 6 April 2008 and so is in scope of s140A CCA.

For more information on this, please contact Jourdain, at Jourdain.Tambo@consumercreditcompliance.co.uk or call 01423 522599.

By David Petty

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