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From 2005 onwards the sale of Payment Protection Insurance (PPI) has been regulated by the Financial Services Authority (FSA). The FSA created a set of rules that are very clear and dictate what firms and advisers selling payment protection should do and say at the time of sale. Misold or miselling a police can occur if the advisor fails to adhere to these rules.
From 2005 onwards the sale of Payment Protection Insurance (PPI) has been regulated by the Financial Services Authority (FSA). The FSA created a set of rules that are very clear and dictate what firms and advisers selling payment protection should do and say at the time of sale. Misold or miselling a police can occur if the advisor fails to adhere to these rules.
Your advisor should have made you aware of the following information:
If the policy expires before you finish paying for the loan or finance agreement, then the advisor should make you aware that this was the case.
The advisor should also make you aware of any policy exclusions and then check whether any of these exclusions apply to you.
The advisor should make it clear whether the PPI is optional or not
If the policy was a single premium policy, then the advisor should have made you aware that the cost of the policy would then be added to the loan or finance agreement and that interest would then be applicable on the policy.
The advisor should make it clear whether the PPI is optional or not
The FSA set out their rules so that they are they clear and concise. The FSA state that you must be given enough information to allow you to make an informed decision at the time you sign up and agree to your PPI. You will need to be armed with this information so that you can fully understand and calculate the costs of the PPI including interest rates and rates of repayments.
You will also need to know the exclusion and exemptions associated with the agreement so that you arein a position to fully understand what you are agreeing to. If at any point the advisor has failed to mention any of these points than you have a case of mis-selling a policy.
There are many experts out there to help you Reclaim PPI contact Donns LLP to Claimback PPI.
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Tags: bank, claims, credit, insurance, loan, mortgage, payment protection, PPI