What is PPI misselling?
Not all PPI was mis-sold. But, based on our experience, you might have been mis-sold PPI if: you didn’t agree to take out PPI, but it was sold to you anyway. it wasn’t made clear to you that you were taking out PPI – and you didn’t actually want it.
Can I claim for an endowment shortfall?
You could claim compensation from FSCS if you’ve received bad mortgage advice that caused you to lose money or if you were mis-sold a mortgage endowment. In all cases, the firm, broker or adviser you dealt with must have failed for us to be able to help.
Should I cash my endowment policy?
Selling your endowment could make you enough money to pay off your mortgage balance. If not, you could use the lump sum to pay off part of your mortgage and then switch to a repayment mortgage. This would replace your interest-only mortgage and means your balance is paid off by the end of the mortgage term.
Why would banks want to sell PPI?
Payment Protection Insurance is designed to cover loan or credit card payments if you cannot work, for example, if you become ill or lose your job. Banks and other lenders sold PPI to their customers without fully explaining what it covered.
Was there ppi on my endowment policy?
Short version: no, there was no PPI on your endowment, and nothing more you can claim for in respect of the endowment policy. Slightly longer version: don’t bother with any of the PPI claim companies – if you do have a PPI claim, you can deal with it yourself for free.
What is the root cause of PPI mis-selling?
The root cause of this mis-selling was seen to be a culture within distributors that failed to protect customers in various ways – allowing aggressive sales targets for staff to sell PPI and confusing information about the product. So, how does FCA and European regulatory policy reflect lessons learned through PPI mis-selling?
Should I bother with the PPI claim companies?
Slightly longer version: don’t bother with any of the PPI claim companies-if you do have a PPI claim, you can deal with it yourself for free.
What is the Financial Services Authority doing about mis-selling of PPI?
The scale of PPI mis-selling became evident as the Financial Services Authority (FSA) took over responsibility for the regulation of sales of general insurance products in 2005 – sales of insurance had been self-regulated before that time. The extent of mis-selling unfolded during the FSA’s tenure, but proved difficult to fix.