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PPI complaint handling update

12 November 2014 – under section 140A of the Consumer Credit Act 1974, the Supreme Court ruled in Plevin vs. Paragon Personal Finance Ltd. (Plevin), that failure to disclose to a client a large commission payment on a single premium Payment Protection Insurance (PPI) policy, made the relationship between lender and borrower unfair.

 

May 2015 – the Financial Conduct Authority (FCA) published a statement confirming they may enforce further rules and/or guidance to providers, helping them manage the impact of the Plevin ruling on certain PPI complaints.

Read their statement

 

October 2015 – the Financial Conduct Authority (FCA) confirmed their decision to consult on a PPI complaints deadline, and on proposed rules and guidance for handling them following the Plevin ruling.

Read their announcement

 

November 2015 – the Financial Conduct Authority (FCA) produced their consultation paper on PPI complaints, setting out proposed rules and guidance and requesting interested party responses by 26 February 2016.

Read their consultation paper

 

December 2015 – MBNA is waiting for guidance from the FCA detailing how we should handle any PPI complaints impacted by the Plevin ruling.

 

March 2016 – all responses to the consultation paper due to have been received by the FCA.

 

July 2016 – There’s still no firm date for final guidance from the FCA.

 

Update – September 2016

The FCA has produced a second consultation paper on PPI complaints setting out a few changes to the proposed rules and guidance and requesting interested party responses by 11 October 2016.

Read their consultation paper

We’ll add information to this page when it’s available. Thank you for your continued patience.

Timeline of events

12 November 2014

Supreme Court ruling.

27 May 2015

Statement released by FCA.

2 October 2015

Statement released by FCA.

26 November 2015

Consultation paper produced by FCA.

26 February 2016

Interested parties response to consultation paper to be completed.

02 September 2016

Second Consultation Paper released by FCA.

11 October 2016

Interested parties response to second consultation paper to be completed.

Next steps

FCA to publish final rules and guidance for PPI complaint handling.
MBNA to implement rules and consider any impacted complaints.