'Plevin' is named after a 2014 court case brought by Susan Plevin. The court ruled that she had been treated unfairly as she hadn't been told about the huge amount of commission taken from her PPI payment (71%).
When your bank sold you PPI, they often failed to disclose the commission that they received. The FCA’s Plevin rule says that if more than 50 per cent of your PPI’s cost went as commission to the lender, and this wasn’t explained to you, you are owed the extra money above that cost.
The average commission that banks were paid was 67 per cent! This means that millions of people who have had PPI, even if it was otherwise sold correctly, are due something back.
Previously, to reclaim money on a policy, you had to have been mis-sold Payment Protection Insurance (PPI). However, following the Plevin ruling , if you have had PPI with a bank on a product that has been active since 2008, you are almost certainly owed some money.
Check Now