About Payment Protection Insurance

Mis-sold Payment Protection Insurance

PPI was not in itself a bad product. Designed to cover essential payments such as mortgages and other financial credit when the policyholder could no longer afford them, it was the way these PPI policies were sold that caused millions to be complained about. Banks and providers would sell them to customers who did not want or need them, and in some cases without their knowledge.

The Fair Trade Practice became one of the UK’s leading Claims Management Companies on mis-sold PPI, carrying out more than 4.3m checks for our customers. We worked on a recommendation basis which saw satisfied customers refer us to their friends and family, and we never used the cold-calling tactics or high-profile media advertising campaigns used by some firms.

PPI Claims After The Deadline

In August 2019, the industry regulator the Financial Conduct Authority decided to stop new PPI complaints. As such mis-selling cases can now only be made in very exceptional circumstances or through the courts. But there are two ways in which consumers may still be owed, and The Fair Trade Practice can help with both…

Undisclosed Commission Tax Reclaim

Could You Still Be Owed After The PPI Deadline?

Even after the FCA’s deadline on mis-sold PPI complaints, consumers might still be owed compensation due to Undisclosed Commission. This is where the majority of the premiums paid for the PPI policy did not go to upkeeping the insurance itself, but in fact went to the provider(s) as profit.

Research by the Financial Conduct Authority found that on average this commission made up 67% of PPI premiums, and following a landmark court case new rules came into force which entitled many more consumers to make a claim.

Am I Affected By Undisclosed Commission?

  • Did you take out the finance the PPI was attached to (credit card, loan, store card etc.) after 5th April 2007?
  • If the product was taken out before then, was it still active on or after 6th April 2008?
  • Were you informed of the commission levels involved?
  • If you’ve had a successful claim for mis-sold PPI then that claim will not pay out again for undisclosed commission, as your compensation would have included the commission payments

Think You Have An Undisclosed Commission Claim? Find Out Today

Make An Enquiry

Did You Pay Too Much Tax On Your Compensation?

The statutory 8% interest that is added to successful claims for mis-sold PPI and mis-sold Packaged Bank Accounts is automatically taxed. But thanks to the Personal Savings Allowance, many do not need to pay this and can claim it back from HMRC. Don’t leave your claim too long though, as you can only claim within four years of receiving your offer.

Am I Affected By Tax Reclaim?

  • Did you receive an offer of compensation for mis-sold PPI or a mis-sold PBA?
  • Was the offer made after 5th April 2017?
  • Were you a non-taxpayer at the time of the offer?
  • If you were a basic rate taxpayer, did you earn less than £1,000 in interest in the same tax year that the offer was received? (less than £500 for higher rate taxpayers)

Think You Have A Tax Claim? Contact Us Today

Make An Enquiry
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Frequently Asked Questions

What is PPI Undisclosed Commission?

How much could I get back from a PPI Undisclosed Commission claim?

How does the process work for Undisclosed Commission claims?

How long does an Undisclosed Commission claim take?

How much does it cost to make a claim for PPI Undisclosed Commission?

Why is tax automatically taken from offers of PPI compensation?

Why was tax often taken from PPI offers unnecessarily?

What if I’m a higher rate taxpayer – could I still have paid too much tax on my PPI compensation?

What if I’m a non-taxpayer – can I still make a PPI Tax Claim?

Why are PPI Tax claims time limited?

How much could I get back from a PPI Tax Claim?

How does the process work for PPI Tax Reclaim?

How long does it take for a PPI Tax Claim?

How much do you charge for PPI Tax Reclaim services?

Why work with The Fair Trade Practice?

How do I get started?