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A short PPI timeline of major events

PPI, or Payment Protection Insurance was mis-sold to millions of people around the UK if they were taking out a loan, credit card, store card, car finance or a mortgage to name just a few.

The media have covered the story in some depth over the last few years, but the build up to where we are today has gone on much longer.

Here, we highlight some of the major points in time that have seen the unfolding of the biggest financial scandal ever to hit the UK.

PPI was mis-sold to millions of people. There are many reasons for a mis-sale, with a significant proportion not even realising they’ve been sold the insurance in the first instance.

The aim of PPI was to cover your loan repayments in case you weren’t able to make the payment yourself, if you lost your job, for example.

However, most of the policies proved to be completely worthless, and sold for the sole intention of generating gigantic profits for the lender.

Such was the profit margins for lenders that they actively encouraged their sales and bank staff to sell PPI by offering financial incentives if targets were met.

Unfortunately it is also becoming apparent that the same may soon be said for Packaged Bank Accounts, or Paid For Bank Accounts as they are sometimes referred to.

Your Money Claim prides itself on providing a personal service, with the commitment to leaving no stone unturned in order to recover maximum compensation for our customers.

Our customer testimonials are something we thrive upon, as is our exemplary and staggering success rate.

We can safely state that if you’ve been mis-sold PPI we will get you back the compensation you deserve.

PPI has been sold for decades, but let’s start our timeline in 1998 when the issue first came to light…

1998: Back in 1998, the mis-selling of PPI was highlighted by Which? magazine due to it being a poor value product due to the expense and exclusions that were a part of the policy. It was only 7 years later when things started to move with PPI.

2005: This was when the Citizens Advice Bureau (CAB) issued a number of complaints about the mis-selling of PPI and went on to claim that the PPI industry was a ‘financial racket’.

In November of 2005, the FSA, or Financial Services Authority issued a provisional report regarding the selling of PPI and in this report, they disclosed their concern regarding the deception that had been committed by the number of lending institutions who had been selling off the PPI insurance policies.

2006: During September and October of 2006, the FSA imposed fines on a few small lending companies. These companies were found guilty of committing the crime of mis-selling PPI. Any borrowers who had had PPI policies soon began to file their claims for compensation.

October of 2006 is when the Office of Fair Trading (OFT) announced their recommendation on PPI mis-selling to the Competition Commission.

2007: In both January and February of 2007 the FSA fined a number of larger financial institutions who were also guilty of mis-selling PPI. The amount of money that was involved was millions of pounds.

2008: The Competition Commission continued issuing the report on the sale of PPI and the followed that up in April with another report which highlighted the issue. Later on in 2008, in the May edition of Which? Magazine, they published yet more research on PPI and then in September of the same year, “Which?” also made a report on the credit card transactions that were linked to the mis-selling of PPI.

2009: In May of 2009 the FSA banned the sale of single premium PPI policies and in September they also announced very strict steps that had been put in place in order to protect the affected borrowers.

2010: Banks begin to seek judicial review of the new measures by arguing that they impose standards retrospectively. The Competition Commission also confirms that PPI can’t be sold at point of sale any longer.

2011: High Court case begins in January of this month and later in the year it leads to the High Court judge ruling against the banks which led to Lloyds banking group to withdraw from the legal challenge by saying that they want to draw a line underneath the whole affair and the British Banker’s Association also decides not to appeal against the High Court ruling.

2011 – Present: Since the rulings in 2011, there have been millions of people who have successfully claimed back the money that they were owed.

If you’ve had a loan, store card, credit card, mortgage or car finance, why not let us check whether you’ve had PPI, and whether it was mis-sold, we’ll do all the hard work for you.

 

 

 

PPI timeline

PPI timeline

About the author

Daniel Lee

Company Director

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