Research by leading PPI claims company Canary Claims revealed that 83.9% of people have no idea what the “Plevin rule” is. The survey, which was conducted on Google, asked over 800 participants if they knew what the Plevin rule was in reference to PPI claims. Only 16.1% answered “yes”.
Lack of Knowledge
Despite a vigorous promotion campaign from the Financial Conduct Authority (FCA) to promote the PPI deadline, it seems that many people don’t know everything about the different types of PPI claims.
The Plevin rule means people can submit PPI claims due to high levels of commission on their PPI policies. The survey results indicate that not many people are aware of this and could be missing the opportunity to claim before the PPI deadline in August.
Thousands of people were mis-sold PPI policies, and the Plevin rule means that even more could be eligible to submit claims.
Kamran Mirshahi, director of Canary Claims, says, “The Plevin rule applies even to those who knowingly bought policies. Many PPI policies were sold with 67% commission, and many customers were not aware of this at the time, meaning they should be due a refund.”
The Plevin Rule
The Plevin rule came into existence when Mrs Susan Plevin brought a PPI case to Paragon Personal Finance. During the case, it was revealed that the lender made 71% commission on the PPI policy. Mrs Plevin was not aware of this when she bought the policy and argued that this constituted another form of mis-selling. The case went to the Supreme Court, which ruled the case in her favour. This set a precedent for others to make the same types of claims in regards to PPI.
More PPI Plevin Awareness
Canary Claims is working hard to promote the deadline and remind individuals that they have just a few months left to submit claims — whether claiming about regular mis-sold PPI policies or high levels of commission.
Mirshahi continues, “The deadline is so close now and spreading the message about Plevin is essential. We urge everyone to start claims as soon as possible — either on their own or by using a reputable PPI claims company.”
The statistics indicate that more awareness needs to be raised surrounding Plevin. Individuals should check if over 50% of their PPI policies were a commission — these customers will be eligible for a refund from their bank or lender.
For more information about the survey, visit the Canary Claims website.