In 2017, the FCA imposed a deadline of August 2019 for PPI claims that could be taken to the Financial Ombudsman.
That deadline has now passed and you now can’t start a new PPI complaint with a lender and take it to the Ombudsman.
But there are still some court cases being brought to get PPI refunds.
These are being brought following a Supreme Court judgment in 2014 on the Plevin v Paragon Personal Finance case – you may hear this referred to as just Plevin.
A very brief summary is that the sales of PPI often involved the insurance companies paying the lenders astonishingly high levels of commission, some over 80%, without the borrower being aware of this when they signed up to the insurance. The court decided that this was so high that it gave rise to an unfair relationship between the consumer and the lender.
In autumn 2023, a legal firm called Harcus Parker has over 300,000 people signed up to make a group claim on a no win, no fee basis. Martin Lewis says “This lawsuit may well be re-opening the door to PPI“.
Should you sign up to this group claim? You won’t be able to get any more money back if you have already had a “full” PPI refund.
But if you missed the deadline to make a claim OR your claim was rejected OR you received a ‘tipping point’ offer (partial compensation on the basis of having not been told about high levels of PPI commission) then you may be able to get a refund.
See MSE’s article New PPI legal action: Could you reclaim £1,000s? which looks at this in detail.
It also explains that also this is a no win, no fee group claim, there is still some possible risk if you join it. Read the MSE article and make your own mind up as you may decide that risk is very small.