Regulatory Alerts2018-09-04
Added · Updated
CP18/18: Guidance on regular premium PPI complaints and recurring non-disclosure of commission
The Financial Conduct Authority proposes that firms assess recurring non-disclosure of commission when handling regular premium payment protection insurance complaints, treating such omissions as potentially creating unfair credit relationships under section 140A of the Consumer Credit Act. Firms are required to evaluate these issues under the general complaint handling rule DISP 1.4.1R rather than PPI-specific rules, applying this assessment to both restricted and non-restricted credit agreements. Any recurring non-disclosure occurring on or after 6 April 2007 brings complaints within the scope of complaint-handling rules, even if the policy was sold before that date. The document requests comments on these proposals by 4 September 2018.
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