PPI has been sold for years, but how does
the time-line breakdown?
1998: Mis-selling scandal was highlighted
by several consumer magazines, due to it being a very poor quality product, due
to the return from the costs.
2005: The Citizens Advice Bureau issues a
number of complaints about the mis-selling of the financial product known as
Payment Protection Insurance.
Nov 2005: The Financial Services Authority
issues a provisional report regarding the selling of PPI and this report
outlined the concern regarding the deception that had been committed by the
number of lending institutions who had been selling PPI.
2006: September and October of 2006, saw
the FCA slap fines on a few small lending companies. Borrowers who had been
wrongly sold PPI began claiming back.
2007: In both January and February of 2007
the FSA again fined companies, but this time they were larger and the money
involved was millions of pounds.
2008: The Competition Commission continues
issuing the report about PPI sales and then followed up in April with another
report which highlighted the issue.
2009: In May the FSA banned the sale of
single premium PPI policies and in September they also announced very strict
steps in order to protect the affected borrowers.
2010: Banks begin to seek a judicial review
of the new measures by claiming that they imposed standards retrospectively. Sales
of PPI banned.
2011: High court begins in January and it
then leads to the High Court judge ruling against the banks.
