You could still be owed £1,000s from your PPI policy

Plevin claims refer to claims made under the Plevin rule, which is a provision of the Financial Conduct Authority's (FCA) rules for financial products and services in the United Kingdom. The Plevin rule was introduced in 2014 as part of the FCA's regulatory framework for financial services, and it requires firms to disclose any commission or other payments they receive in connection with the sale of financial products to consumers.

The Plevin rule is named after Mrs. Susan Plevin, who brought a case against Paragon Personal Finance Limited (PPFL) in 2013. Mrs. Plevin claimed that PPFL had not properly disclosed the level of commission it received when it sold her a single premium payment protection insurance (PPI) policy in 2001. Mrs. Plevin argued that the high level of commission received by PPFL, which was over 50% of the premium she paid, had an impact on the policy's suitability for her and that she had not been made aware of this at the time of the sale.

Mrs. Plevin's case was successful, and the court ruled in her favor. As a result of this case, the FCA introduced the Plevin rule, which requires firms to disclose any commission or other payments they receive in connection with the sale of financial products to consumers. The rule applies to a wide range of financial products, including insurance, investments, and mortgages.

In recent years, there has been a significant increase in the number of Plevin claims being made in the UK, as many consumers have become aware of their rights under the Plevin rule and have sought compensation for mis-sold financial products. If a firm is found to have breached the Plevin rule, it may be required to pay compensation to the affected consumers.

The amount of compensation you may be entitled to in a Plevin claim depends on several factors, including the amount of commission that was received by the firm selling you the financial product, the impact this had on the suitability of the product for you, and the specific circumstances of your case.

Under the Plevin rule, if it is found that a firm received more than 50% commission in connection with the sale of a financial product to you, and you were not made aware of this at the time of the sale, you may be entitled to compensation. The amount of compensation will be based on the difference between the amount of commission received and 50%.

For example, if a firm received 60% commission on the sale of a financial product to you, and you were not made aware of this at the time of the sale, you may be entitled to compensation equal to 10% of the value of the financial product.

It is important to note that the amount of compensation you may be entitled to in a Plevin claim will depend on the specific circumstances of your case and may vary from case to case. It is recommended that you seek the advice of a financial claims specialist or a qualified legal professional to determine the potential value of your claim.

We will refer you to an panel of expert solicitors who have helped thousands of claimants recover funds from Plevin claims.

If your claim is successful, the solicitor will charge an industry standard of 35% of the amount claimed.

If your claim is not successful, you do not have to pay anything.

The definition of large commissions payment has been provided by the FCA.:

"The sale of a PPI policy entailed lenders being paid a commission by the insurance provider. Commission was taken from the PPI premiums that were paid by customers, however, whilst consumers thought that their premiums were for their cover, a percentage of it was simply commission paid to the lenders for selling PPI. The lenders were paid more than half of what customers had paid for their PPI policy, with the average commission being 67% (1) of a PPI policy."

Source: fca.org.uk