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Frequently asked questions about wrongly sold PPI. Find out about lost PPI documents, multiple claims, success rates, average PPI claims and costs...

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Interested Parties in Wrongly Sold PPI Claims Management

Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of authorised financial services firms. This means the FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on authorised financial services firms. For claims relating to the selling or arranging of general insurance, including PPI, the FSCS will compensate 90% of the value of the claim, with no upper limit.

Financial Services Compensation Scheme deal with the PPI compensation of those firms that have gone out of business. The vast majority of consumers making claims for missold PPI from failed firms do so through claims management companies, figures from the FSCS reveal.


FSA (Financial Services Authority)

FSA data received from 18 major sellers of PPI shows that on average, firms reject almost half of the PPI complaints they receive, but some reject nearly all. Around 30% of rejected complaints go on to the Financial Ombudsman Service, where more than 80% are overturned in the consumer’s favour.

The FSA regulates the financial services industry and has five objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.

The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness. Financial Services Authority (FSA)

FSA confirms measures to reform PPI market and protect consumers

FSA update on PPI reforms

FSA unveils tough measures to protect PPI consumers

FSA: The assessment and redress of PPI complaints

FSA: Common point of sale failings for PPI sales

MoJ (Ministry of Justice)

An effective regulatory regime is now in place to handle PPI claims - claims business which may by its nature not lend itself to the blatant malpractice that was seen in respect of unfair terms in consumer credit agreements.

The Compensation Act 2006 provided for the regulation of claims management activities. The regulatory regime was quickly put into place by April 2007 using an innovative structure with day-to-day monitoring and compliance functions being effectively outsourced to a dedicated unit provided by a local authority. The objectives of regulation are to provide better safeguards to consumers of claims management services and to promote access to justice.

Claims management companies have played a significant role in increasing access to justice in respect of mis-sold PPI. Without their activities, many people would not have obtained the compensation to which they are properly entitled. Regulation has played a modest role in increasing access to justice, largely by increasing the credibility of companies in the sector and also by limiting the scope for malpractice.

There has been one consequence of the focus on consumer credit loans. Many such loans have been accompanied by payment protection insurance (PPI), a product that many argue is of questionable value. Many customers do not realise they have bought it and those that have purchased it often find that they can never claim.

Reports by the Office of Fair Trading (OFT), the Competition Commission and the Financial Services Authority (FSA) demonstrated that there had been substantial mis-selling in this area, therefore offering the prospect of a market for claims management companies. However, it is difficult to find customers who have been mis-sold a product where they do not know that they have the product. Often, it was the pursuit of a consumer credit claim that led claims companies to the PPI policy that they have then pursued as a separate issue. The volume of personal PPI business has dramatically increased over the past year, the vast majority of it handled through claims management companies.

Generally, customers who buy PPI are less sophisticated and many do not realise they have bought it at all. There has been a huge increase in PPI cases going to the FOS, the best indicator of the total volume of business. It is unlikely that the majority of these cases would have been initiated without the activities of claims management companies. The number of PPI complaints received by the FOS has increased from 1,832 in 2006/07 to 10,652 in 2007/08, 31,066 in 2008/09 and 49,196 in 2009/10. The proportion where a claims management company was involved has increased steadily to 74%. And it should be noted that the proportion of PPI complaints upheld by the FOS in the year to 31 March 2010 was 94%. (CrownCopyright) - Claims Management Regulation

Ministry of Justice

Ministry of Justice Claims Management Regulation Conduct of Business

Financial Ombudsman Service (FOS)

It is the Financial Ombudsman Service job to settle individual complaints between consumers and businesses providing financial services. They look at complaints about a wide range of financial matters including PPI claims.

A factsheet that looks at the issues that most frequently crop up when consumers bring disputes to the Financial Ombudsman Service about payment protection insurance (sometimes called "PPI" or loan protection) - Consumer factsheet on PPI

Financial Ombudsman Service (FOS)

The Competition Commission

On 7 February 2007, the Office of Fair Trading (OFT) referred the UK supply of payment protection insurance (PPI) to non-business customers to the Competition Commission (CC) for investigation. The reference followed an initial OFT study into the sector, which was undertaken in response to a super-complaint from Citizens Advice. Competition Commission PPI Misselling Issue Statement

The Competition Commission findings in regard to the very low average PPI payout ratios in comparison to other insurance types:

Personal Loan PPI: 15%
Credit Card PPI: 11%

The Competition Commission

Other Interested Parties in PPI Claims Management

Law Society

Solicitors Regulation Authority (SRA)

Financial Leasing Association (FLA)

Claims Standards Council (CSC)

Office of Fair Trading (OFT)

Council of Mortgage Lenders (CML)

Forum of Insurance Lawyers (FOIL)

British Insurance Brokers Association (BIBA)

Advertising Standards Association (ASA)

Association of British Insurers (ABI)

British Bankers Association (BBA)

The Association of Independent Financial Advisors (AIFA)

Association of Mortgage Intermediaries (AMI)

British Retail Consortium

Citizens Advice Bureau (CAB)

National Debtline

Consumer Credit Counselling Service

UK Cards Association

What's the Official Stance on PPI Claims?

Reports by the Office of Fair Trading, the Competition Commission and the Financial Services Authority (FSA) demonstrated that there had been substantial wrongly sold PPI and actively encourage people to reclaim. They acknowledge it's difficult to find customers who have been wrongly sold PPI where the customer often does not actually know that they have the product.

According to the Banking Times "lenders selling PPI can expect to earn £1,200 from a policy that costs £20 to provide". Is it any wonder that PPI companies cut corners?

The UK Government's Ministry of Justice say that the PPI which often accompany loans and credit cards, "is a product that many argue is of questionable value".

They state "Many customers do not realise they have bought it and those that have purchased it often find that they can never claim." On top of that, the FSA say that "It is vital that firms deal with these complaints fairly. Unfortunately, we do not currently have confidence that firms are doing this. On average, firms have rejected around 60% of the PPI complaints they have received, but some firms have rejected nearly all."

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Was I Wrongly Sold PPI?

PPI (Payment Protection Insurance) is sold to borrowers alongside many credit arrangements including loans, ire purchase and car insurance...

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