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Payment Protection Insurance (PPI)

Undisclosed commission (Plevin)

October 2017 - update

We’re busy processing the complaints that were put on hold pending new rules and guidance from the Financial Conduct Authority (FCA) - we’d like to complete this as soon as possible, so affected customers don’t have to wait any longer than necessary.

If you've previously had a PPI mis-sale complaint rejected, and may be impacted by undisclosed commission (Plevin), we’re in the process of sending out information letters and forms to complete if you'd like to make a further complaint. Again, we’re aiming to complete this as soon as possible.

If you’ve received a form, complete it in full, then return it to:
MBNA Plevin Proactive
PO Box 12542
Sandringham House
Sandringham Avenue
HARLOW
CM20 9PT

We’ll confirm in writing when we’ve received a form, and let you know what happens next.

 

March 2017 - update

On 2 March 2017, the Financial Conduct Authority (FCA) released a policy statement (PS17/3) announcing new rules and guidance about the handling of Payment Protection Insurance (PPI) complaints.

The new rules will be in effect from 29 August 2017. You can now complain if you believe your financial provider earned a high level of commission from the sale of PPI, but didn’t tell you about that at the time. Typically, a high level of commission is considered to be at least 50% of the total premium paid.

If you’ve previously had a PPI mis-sale complaint upheld in your favour, the refund you received will have included any commission, which means you’re not due any further compensation and there’s no further action to take.

If you’ve previously had a PPI mis-sale complaint rejected and you’re impacted by undisclosed commission (Plevin), we’ll contact you by the end of 2017. That also goes for undisclosed commission complaints that were put on hold while we’ve been waiting for rules and guidance from the FCA.

If you want to check if you’re impacted visit our dedicated PPI page and submit a PPI enquiry form.

 

Loans.co.uk brokered loans

If Loans.co.uk acted on your behalf as a broker, it’s important to know that the unfair relationship provisions of the Consumer Credit Act do not apply to Loans.co.uk. That’s because those provisions only exist between the borrower (you), and the lender (the company who lent you the money).

You can still make a complaint about unfair relationships caused by undisclosed commissions (Plevin), however your lender will need to look into that for you.

If you’ve previously had a PPI mis-sale complaint with Loans.co.uk upheld in your favour, the refund you received will have included any commission, which means you’re not due any further compensation and there’s no further action to take.