Regulatory Alerts2018-11-06
Added · Updated
Previously rejected PPI complaints and further mailing requirements – Feedback on CP18/33 and final rules and guidance
The Financial Conduct Authority publishes final rules requiring firms that sold regular or single premium payment protection insurance to mail specific previously rejected complainants. Lenders must write to approximately 10,000 regular premium PPI complainants rejected on jurisdictional or merits grounds to inform them they can make a new complaint regarding recurring non-disclosure of commission. Sellers, including brokers, must write to between 50,000 and 120,000 regular premium and 10,000 to 20,000 single premium complainants previously rejected as out of jurisdiction to notify them of their ability to complain about non-disclosure of commission. Firms must complete these mailings as soon as reasonably practicable and no later than 29 April 2019.