Payment protection insurance (PPI) was usually sold with products that you need to make repayments on, like a loan, credit card or mortgage. Find out more about PPI and how to check if you had a policy.
What is PPI?
PPI was designed to cover repayments in certain circumstances where you couldn’t make them yourself. These include if you were made redundant or couldn’t work due to an accident, illness, disability or death.
As many as 64 million PPI policies have been sold in the UK, mostly between 1990 and 2010, some as far back as the 1970s.
But we found that PPI was often mis-sold. More than £29bn has already been paid back to people who complained about the sale of PPI.
There is also a new reason to complain, about commission earned by a provider, following a court case known as ‘Plevin’.
If you had PPI you can complain yourself – for free – and claim back money you’ve paid for the policy or policies.
Products sold with PPI
You might have had PPI if you’ve taken out or used loan or credit products, such as:
- loan – this includes personal loans and business loans
- credit card
- store card – this is usually from a high street store (find out more about store cards below)
- catalogue credit
- mortgage (find out more about mortgages below)
- loan secured on your home in addition to your mortgage
- car finance or something else bought on credit, such as a sofa – this may have been called a ‘finance agreement’ or ‘hire purchase’
- home shopping account – this includes a catalogue account
What you can do next
If you’ve had one or more of the products listed above but are not sure whether you also had PPI with them, there are steps you can take to find out.
The following pages will help you to:
- check your paperwork for PPI policy details or other information
- contact a bank or other provider to ask if you had PPI
By ‘provider’ we mean the financial business that sold you PPI, which was usually the same bank or other provider of your loan or credit product (though sometimes the financial business that sold PPI, and the provider of the loan or credit product, were different).
Can I complain about more than one PPI policy?
You can complain about each PPI policy you had.
If you want to complain about more than one PPI policy from the same financial business, you should make this clear in your complaint.
How can I complain about PPI sold with a store card?
To complain about PPI sold with a store card you should check your store card agreement and other relevant paperwork, to try to find the name of the financial business that provided the store card.
It will usually be quicker to complain to the financial business directly rather than contacting the store.
If you don’t have or can’t find any relevant paperwork you can also contact the relevant store to ask:
- which financial business provided the store card
- whether the store can forward your complaint to that financial business
You should then be able to follow the steps explained on the following pages.
A store card is similar to a credit card but can only be used in a particular store, such as a high street shop or department store, or multiple stores in the same retail group.
How can I complain about PPI on a mortgage?
To complain about PPI sold on a mortgage product, you should start by checking your paperwork from your mortgage provider for any mention of PPI or ‘payment protection insurance’.
PPI on mortgages were designed to cover repayments in certain circumstances where you couldn’t make them yourself. These include if you were made redundant or couldn’t work due to an accident, illness, disability or death.
The FCA and PPI
The FCA regulates financial businesses in the UK, including banks, lenders and other financial service providers.
We found that PPI was often mis-sold.
We have introduced new rules around the commission a bank or other provider earned from the sale of PPI, following a court case often called ‘Plevin’.
The new rules mean you can also:
- complain even if PPI was not mis-sold to you
- complain even if you had a previous complaint about mis-selling of PPI rejected
Find out more about the FCA and PPI.
Deadline for PPI complaints
We have set a deadline of 29 August 2019 to complain about PPI.
You need to refer your complaint to your provider or to the Financial Ombudsman Service on or before the 29 August 2019 deadline (by 11.59pm) or else lose your right to have your complaint assessed.
You shouldn’t wait until 29 August 2019 - act sooner rather than later to check if you had PPI and decide whether to complain.
29 August 2019 is the last possible deadline for consumers to make PPI complaints, but for some consumers time will run out sooner than 29 August 2019:
- you will generally run out of time to complain about mis-selling 3 years after you received a letter from your provider warning you about it
- or 3 years after you made an insurance claim on your PPI policy that was rejected by the insurer
You will need to obtain an acknowledgement that your complaint was received by your provider or the Financial Ombudsman Service. We suggest you do this before the deadline.
Remember if you complain via:
- post - allow enough time for the complaint to reach your provider before the 29 August 2019
- telephone - be aware that phone lines will close before midnight
- online - please submit your complaint in advance to avoid any delays because of an increase of submissions close to the deadline
Find out more about the PPI complaint deadline.
Should I buy a new payment or income protection policy?
PPI is now rarely sold but it may be a suitable product in certain circumstances.
There are also other products that can protect you against loss of income, such as income protection products or other types of short-term protection insurance.
Before you buy a policy, you should carefully consider your circumstances and look closely at its features, and terms and conditions.