FCA to consider additional PPI rules
The FCA is collecting evidence on current trends in complaints on payment protection insurance and could consider implementing additional rules and guidance following a Supreme Court case.
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The FCA will assess whether the current approach is continuing to meet its objectives of securing appropriate protection for consumers and enhancing the integrity of the UK’s financial system.
In November 2014, the Supreme Court ruled in Plevin v Paragon Personal Finance Ltd that a failure to disclose to a client a large commission payment on a single premium PPI policy made the relationship between a lender and the borrower unfair under section 140A of the Consumer Credit Act 1974.
As a result, the FCA is considering whether additional rules and/or guidance are required to deal with the impact of the Plevin decision on complaints about PPI. The FCA will be engaging with relevant stakeholders in the coming months and expects to give its view on the evidence collected in the summer.
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