Hundreds of thousands of PPI complaints were reopened after Susan Plevin won her case against Paragon Personal Finance, establishing the clause that all products sold by a financial advisor or bank employee who had received more than half its price is invalid and due for refund. Here are three things to know if you believe you have a “Plevin PPI.”
A Very High Commission
As mentioned earlier, if the bank employee received substantial commission from selling you the insurance policy, you are due a refund from the insurance policy. Make a claim against your bank and have an independent body investigate your complaint to verify whether your insurance seller received a very high amount after selling the insurance to you.
If you had already claimed your PPI refunds successfully, you cannot make another complaint because of Plevin’s clause. It is fair that you had received substantial compensation, and you will not be refunded anything else other than the original price and repayments you had made for the policy.
You Can Still Work With the Financial Ombudsman
The Financial Ombudsman is also informed of these events and will still investigate on behalf of customers free. However, the Ombudsman’s decision is final and if your policy’s circumstances are not compatible with Plevin, it is likely your insurance was mis-sold in another way or not at all.