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Payment Protection Insurance News

  • 11 January 2007

    The Financial Services Authority announces details of a new phase of its work designed to improve sales standards in the loan payment protection insurance market, one of the largest programmes of thematic work the FSA has undertaken. An extensive programme of mystery shops and follow-up visit to firms identified as deficient is due for completion by the end of June 2007.

  • 12 January 2007

    ITV's Tonight: Loanbuster television programme reveals the current extent of the mis-selling of loan payment protection insurance by banks.

  • 25 January 2007

    Financial consumer websites and media commentators back the move for people to claim back their payment protection insurance premiums if they have been mis-sold loan payment protection insurance or credit card payment protection insurance policies.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 20 April 2005

    A report by investment bank Credit Suisse First Boston into the sale of payment protection insurance by high street banks is published.

  • 10 May 2005

    BBC1's Real Story television programme highlights the unscrupulous way some lenders are selling payment protection insurance with unsecured personal loans.

  • 23 July 2005

    BBC Radio 4's Inside Story programme highlights the unacceptable practices of bank and building society staff when selling loan payment protection insurance policies to customers.

  • 13 September 2005

    Citizens Advice makes a super-complaint to the Office of Fair Trading concerning the payment protection insurance market. The OFT will fast track this complaint and announce within 90 days what action it proposes to take.

  • 13 September 2005

    Credit Suisse publishes a sector review of the payment protection insurance market. The report publishes research showing the massive profits made by some UK banks on the sale of loan payment protection insurance and credit card payment protection insurance.

  • 04 November 2005

    The Financial Services Authority publishes findings of thematic work on the payment protection insurance market based on a programme of visits and mystery shopping involving 45 firms. The exercise uncovered poor selling practices and a lack of proper compliance controls among a sample of firms selling loan payment protection insurance and credit card payment protection insurance. The FSA calls on firms to take urgent action to ensure that their selling practices for payment protection insurance are in line with regulatory requirements. The announcement comes in response to a Citizens Advice super complaint to the OFT calling for such an investigation. The payment protection insurance business has an estimated 20 million policies in force and produces annual revenue in excess of £5 billion.

  • 08 December 2005

    The Office of Fair Trading announces it is to carry out a market study to look in depth at the payment protection insurance sector. The market study, which is the outcome of the OFT's consideration of a super-complaint from Citizens Advice, will be launched early in 2006.

  • 08 December 2005

    Citizens Advice says it is delighted by the announcement by the Office of Fair Trading that it is launching an investigation into the payment protection insurance market.

  • 08 December 2005

    The Association of British Insurers announces that it will be co-operating fully with the Office of Fair Trading in their study of the payment protection insurance sales market.