25 January 2007
Financial consumer websites and media commentators back the move for people to claim back their payment protection insurance premiums if they have been mis-sold loan payment protection insurance or credit card payment protection insurance policies.
12 January 2007
ITV's Tonight: Loanbuster television programme reveals the current extent of the mis-selling of loan payment protection insurance by banks.
11 January 2007
The Financial Services Authority announces details of a new phase of its work designed to improve sales standards in the loan payment protection insurance market, one of the largest programmes of thematic work the FSA has undertaken. An extensive programme of mystery shops and follow-up visit to firms identified as deficient is due for completion by the end of June 2007.
20 December 2006
Home shopping group Redcats is fined £270,000 for breaching FSA principles when selling loan payment protection insurance.
30 November 2006
The Council of Mortgage Lenders submits its response to the Office of Fair Trading's consultation on its proposal to refer the payment protection insurance market to the Competition Commission. The CML argues that mortgage payment protection insurance should be excluded from the referral.
21 November 2006
Capital Mortgage Connections is fined £17,500 by the FSA for cold calling potential customers and mis-selling payment protection insurance.
26 September 2006
Loans.co.uk Limited is fined £455,000 by the FSA for failing to treat its customers fairly when selling loan payment protection insurance.
19 September 2006
Results of Office of Fair Trading's follow up to its thematic work on the mis-selling of payment protection insurance is published. It finds that some firms selling payment protection insurance are still failing to treat their customers fairly.
The OFT proposes to refer the loan payment protection insurance, credit card payment protection insurance and mortgage payment protection insurance markets to the Competition Commission.
19 September 2006
The Council of Mortgage Lenders expresses surprise at the OFT decision to include mortgage payment protection insurance in the Competition Commission referral. The second phase of the OFT's investigation did not include prime mortgage payment protection insurance, as the FSA uncovered few compliance failures in this sector during the first phase of its investigation.
19 September 2006
Improvements to payment protection insurance, such as premium refunds on early loan repayment or cancellation, are giving customers a better deal says the Association of British Insurers.
