02 May 2007
Which? Money publishes the results of a mystery shop exercise. Of 41 enquiries for quotes for a loan, 24 lenders automatically included payment protection insurance.
12 April 2007
The Competition Commission publishes an issues statement as part of its investigation into the market for the sale of loan payment protection insurance and credit card payment protection insurance. It will be used as the basis for collecting evidence from payment protection insurance providers between May and July 2007. The deadline for implementation of remedial measures is set for February 2009.
Consumers are encouraged to claim compensation for being mis-sold single premium payment protection insurance policies. Media speculation reports that claims could exceed £10 billion.
29 March 2007
The FSA and the payment protection insurance industry agree on a series of measures to improve fairness and transparency of refunds for customers who have bought single premium loan payment protection insurance policies. The agreement, secured in collaboration with a number of trade associations, means that on single premium loan payment protection insurance policies, firms should not include nil refund terms in contracts with new customers nor apply nil refund terms in contracts with existing customers.
29 March 2007
The Association of British Insurers agrees that the FSA's measures to address the issue of nil refunds on loan payment protection insurance will benefit customers.
14 March 2007
Stuart King, Head of Retail Intelligence and Regulatory Themes for the Financial Services Authority, publishes a speech on The Way Forward for MPPI and PPI. He said that the FSA's work in the payment protection insurance market has demonstrated that it has not been sold correctly and remains a top priority for the FSA.
26 February 2007
Cathedral Motors, a chain of car dealerships in the Midlands, receives a public censure from the Financial Services Authority for failing to treat customers fairly when selling loan payment protection insurance.
15 February 2007
The Financial Services Authority fines Capital One Bank (Europe) Plc (Capital One) £175,000 for failing to have adequate systems and controls for selling payment protection insurance and for failing to treat its customers fairly.
07 February 2007
The Office of Fair Trading (OFT) refers the market for the supply of loan payment protection insurance, credit card payment protection insurance and mortgage payment protection insurance in the UK to the Competition Commission.
07 February 2007
The Council of Mortgage Lenders is disappointed by the Office of Fair Trading's decision to include mortgage payment protection insurance in its referral of the payment protection insurance market to the Competition Commission. The OFT recognises that mortgage payment protection insurance differs from the wider payment protection insurance industry market, and acknowledges that there is less concern about it.
30 January 2007
The Financial Services Authority fines GE Capital Bank Ltd (GECB) £610,000 for failing to have adequate systems and controls for selling insurance which includes store card and credit card payment protection insurance and for failing to treat its customers fairly.
