If you've already received a partial PPI commission refund or have previously had a PPI claim rejected, you could still have an opportunity to receive further redress!
The PPI deadline does not apply to Plevin PPI claims. Read more below.
Despite the FCA PPI deadline of 29th August 2019 Rowan Rose Solicitors are still successfully making claims for PPI customers who missed the deadline and also for those with previously rejected claims by claiming for the commission paid to the broker plus the statutory interest, which in most cases amounts to a refund of more than the entire amount paid for the PPI. Because the claim is for the commission that was ruled as a bribe by the Supreme Court this applies to nearly all PPI customers whether mis-sold or not and regardless of the FCA PPI deadline.
The law relating to PPI type claims shifted dramatically in 2014 with the landmark Supreme Court decision in Plevin v Paragon Personal Finance Ltd  All ER 128 (Nov) (a copy of the judgement can be found here). In Plevin, the Court was not concerned with whether or not Ms Plevin had been ‘mis-sold’ the policy, rather they looked at the commissions the lender had received from its insurer, Norwich Union, in respect of the PPI.
The Payment Protection Insurance premium of £5780 was provided to Paragon by Norwich Union. Of that sum, a staggering 71.8% was
commission, meaning the true cost of the policy was just £1629.96. The £4150.04 in profit was split between the lender and broker, £2,280 and £1870 respectively. Paragon did not inform Ms Plevin that a commission was to be retained, nor did they disclose the amount received.
The Court used the Unfair Relationship Provisions and found that the failure to disclose the commission rendered the relationship unfair pursuant to The Act.
Since the Supreme Court ruling in 2014 many companies have been in touch offering to refund any commission over 50% which the FCA deemed unfair. However, the Plevin ruling went further than this.
If you have received an offer for a proportion of your claim (commission over 50%) you may be entitled to a further pay-out. Our team can discuss this further with you and confirm what the next steps are.
Get in touch here or call us on 0161 50 50 150
Previously Rejected PPI Claims
One in four PPI claims have been rejected by either the Banks or the Financial Ombudsman Service (‘FOS’), leaving millions of consumers without the redress they deserve.
If you have previously pursued a PPI claim and this was either rejected by the Bank or FOS, you may still have a valid claim. Get in touch to find out more.