Although the PPI deadline passed on 29th August, many people who have already received PPI refunds could be due up to three times the amount they have received. Given that the FCA has said that as many as 64 million PPI policies were sold in the UK, these new precedents could be massively significant.
This is partly because of the ‘Plevin Ruling’. Mrs Susan Plevin was given a full refund on her PPI based on the high undisclosed commission fee (71% in this case). Thus, the court deemed it unfair that a product was sold with such a high commission rate. Commission rates have been known to be as high as 90%.
This case set a new precedent regarding PPI refunds. However, the FCA’s guidelines of a 50% tipping point meant that people who followed the Plevin complaint would only receive a refund on the commission amount over the 50%.
Yet, since then the ‘Doran Decision’ has conflicted these guidelines. People may now be able to receive a refund on the whole commission with interest, rather than just the commission over 50%. This ruling given to Mr & Mrs Doran is massively significant and means that banks may be required to pay out a further £30b in PPI refunds as a result.
If you’ve received a PPI pay-out based on commission, the chances are that you’ve only received around a third of what you should have. Use our quick Plevin Calculator to find out what you should be owed.
To discuss your PPI case with us, please call on 0800 862 0605 or email firstname.lastname@example.org