The Payment Protection Insurance (PPI) industry faces both a challenge and an opportunity as changes are brought in following the Payment Protection mis-selling scandal.
On October 1, some of the changes to the PPI industry prescribed by the Competition Commission will come into force. These include the need for firms to provide clearer information in their marketing material, such as the cost of PPI and the fact that PPI is optional and available from other providers.
Firms will also have to send customers an annual review or statement that sets out the cost of their PPI contract and reminds them that they have a right to cancel. Other changes, including a ban on selling PPI at the point of sale and the total ban on the sale of single premium PPI, are due to take effect from April 2012.
Sally Bowyer, Managing Director of leading claims firm, BrunelFranklin.com said: “So few people know that they were ever sold PPI that some commentators believe there may be 30-35 million policies in existence, the majority of which could have been mis-sold. If you have genuinely been mis-sold a policy, you should be looking to get back your full premium plus interest, by way of fair redress.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51