Payment Protection Insurance

News & Analysis as of

FCA issues statement on PPI

FCA has published a statement on payment protection insurance (PPI). FCA will consult by the end of 2015 on introducing a deadline by which consumers would need to make their PPI complaints or else lose their right to have...more

UK FCA to Consult on Introducing PPI Complaints Deadline

On October 2, 2015 the UK Financial Conduct Authority (FCA) published an announcement that it has decided to consult, by the end of the year, on the introduction of a deadline by which consumers would need to make their PPI...more

High Court Holds That Liability For Series Of FOS Complaints Did Not Transfer By Way Of Part VII FSMA Business Transfer Scheme

The court considered whether liability for a series of Financial Ombudsman Service (FOS) complaints had been transferred by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act...more

Insurance and Reinsurance Newsletter - Italy: July 2015

1. Solvency II - Insurance Code Amended - Legislative Decree No. 74 of 12 May 2015 was published in the Official Gazette on 15 June 2015, which has made all necessary amendments to the Insurance Code in order to...more

U.K. FSA Fines Banks For Slow Response To Payment Protection Insurance Customer Complaints

On February 19, the U.K.’s Financial Services Authority announced a fine against three related banks for failing to promptly redress customers lodging complaints about the banks’ payment protection insurance (PPI) product. ...more

FSA Fines Lloyds Banking Group for Delayed PPI Payments

On February 19, the FSA published a final notice announcing that it had fined Lloyds Banking Group (LBG) a total of £4,315,000 for failing to make payment protection insurance (PPI) redress payments promptly. Between May 2011...more

Joint Finalized Guidance from the FSA and OFT on Payment Protection Products

On January 24, the FSA and the Office of Fair Trading (the OFT) published their joint finalized guidance on payment protection products....more

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