Plevin PPI Timeline
The awareness of the unfair commission payments on PPI policies first came about in 2014 in the Plevin v Paragon Personal Finance Ltd. In 2017 the FCA issued guidance enabling consumers to claim back any commission paid above 50% of the price of the PPI policy as part of any PPI redress and this became known as the Plevin rule.
But the FCA guidance meant that redress was restricted to commission that was in excess of 50% and successful claimants would only received part of the commission that had been paid to the banks. However, since the original Plevin ruling, a series of other landmark court cases has seen this position change, as claimants have been awarded full amount of commission where the bank failed to disclose large commission payments to the customer. With the average commission rates earned by lenders on PPI policies at 67% these court rulings have made a significant impact opening the floodgates to new claims.
Customers who received a partial payment, have had their claims rejected or have not claimed can now claim, citing the unfair compensation. Even customers who were not mis-sold PPI and were happy with their policy can potentially claim where high commission payments were hidden from them.
Below we have a created a timeline of the key developments that have taken place with regard to high commission PPI claims since the Susan Plevin's case against Paragon Finance Ltd.
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