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Payment Protection Insurance (PPI) was the biggest financial mis-selling scandal in UK history. More than 64 million policies were potentially mis-sold to people who didn’t want, need or fully understand them.
At Resolver, we helped people raise more than 2.5 million PPI claims for free. However, after a decade of court cases, claims, and billions in compensation, the Financial Conduct Authority introduced a deadline of the 29th of August 2019 for any final claims to be made.
But there were still billions of pounds worth of PPI premiums that hadn’t been claimed back.
Since the PPI deadline passed, the banks have been blocking a whole new cluster of claims from going to court. The only way to recover these PPI premiums is by bringing a court claim against the bank, which are often time-consuming, extremely complex and costly to initiate.
This year, we have partnered with Harcus Parker, a specialist consumer litigation firm, who are bringing a no-win, no-fee group claim against the major banks to recover what is due to customers, and we are encouraging people who may still be owed to make a claim with them for the undisclosed commission with a Plevin claim.
As well as mis-sold PPI claims, another kind of claim emerged from the PPI scandal.
Back in 2014, Sue Plevin went to the Supreme Court to obtain redress for the undisclosed commission taken by the broker of her PPI policy, Paragon Finance – which was as high as 78%!
Unlike previous PPI claims, which centred on the mis-selling of the policies, the Plevin case targeted the hidden commission which, if it had been disclosed, would have led the customer to question what she was being sold.
Mrs Plevin’s lawyers argued that, if she had known how much commission was taken by Paragon, she would never have taken out the policy.
Ruling in her favour, the Supreme Court ordered Paragon to refund the commission paid – as well as compensatory interest. This set an important legal precedent. Guidance was also issued to all financial institutions by the Financial Conduct Authority which meant they were required to notify their customers where they had been unknowingly charged high levels of commission. In some instances, some customers received a portion of this commission back – but not all of it. Others received nothing at all.
The Plevin ruling means that anyone who was charged excessive commission that was both unreasonably high and not disclosed to them can claim for a repayment of all premiums and interest.
A successful Plevin claim would mean a full refund of PPI premiums paid or, at the very least, the amount of undisclosed commissions plus interest.
If one of the following applies to you, you may be eligible to make a claim:
To help as many people submit their PPI Plevin claim as efficiently as possible we have partnered with a specialist firm of litigation solicitors, Harcus Parker.
Harcus Parker is a well-known and reputable law firm that specialises in group litigation claims on behalf of consumers. This year they are launching a ‘no win, no fee’ group action to help millions of customers reclaim thousands of pounds of concealed PPI commission.
While Resolver has previously offered a way for consumers to submit their own PPI claims for free, Plevin demands a new approach to get adequate redress for consumers.
To hold the banks to account and recover the commission that has yet to be repaid, consumers must unite as a group to obtain fair treatment.
The Group Litigation Order (or, ‘GLO’) that Harcus Parker is seeking from the court will allow everyday consumers to overcome the odds stacked against them – unlocking potentially £18 billion of PPI commission claims that the banks have so far successfully blocked.
Our partnership with Harcus Parker offers an easy and efficient way to claim for those who missed out on PPI the first time.
With their legal expertise and immense experience in group litigation, they have secured millions of pounds in funding to take action against the big banks and other financial institutions involved in the PPI scandal to get a fair outcome for consumers.
Strength in numbers is the only thing that can get around the banks’ ability to outspend ordinary claimants or infinitely delay smaller legal actions. By connecting as many people as we can to legal specialists we hope to get as much concealed commission back into the pockets of everyday people.
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