17 July 2006
The Financial Services Authority scores an early victory in its battle against insurers that refuse to hand consumers a refund when they cancel a payment protection insurance policy. The FSA secures undertakings from three insurers, including Norwich Union, that they will remove 'nil refund' clauses from their policies.
26 June 2006
The Financial Services Authority announces it wants all lenders to offer some form of rebate when a payment protection insurance policy is cancelled.
03 April 2006
The Office of Fair Trading launches a market study to look in depth at the payment protection insurance sector following a super-complaint from Citizens Advice made in September 2005.
08 December 2005
The Office of Fair Trading announces it is to carry out a market study to look in depth at the payment protection insurance sector. The market study, which is the outcome of the OFT's consideration of a super-complaint from Citizens Advice, will be launched early in 2006.
08 December 2005
Citizens Advice says it is delighted by the announcement by the Office of Fair Trading that it is launching an investigation into the payment protection insurance market.
08 December 2005
The Association of British Insurers announces that it will be co-operating fully with the Office of Fair Trading in their study of the payment protection insurance sales market.
04 November 2005
The Financial Services Authority publishes findings of thematic work on the payment protection insurance market based on a programme of visits and mystery shopping involving 45 firms.
The exercise uncovered poor selling practices and a lack of proper compliance controls among a sample of firms selling loan payment protection insurance and credit card payment protection insurance.
The FSA calls on firms to take urgent action to ensure that their selling practices for payment protection insurance are in line with regulatory requirements.
The announcement comes in response to a Citizens Advice super complaint to the OFT calling for such an investigation. The payment protection insurance business has an estimated 20 million policies in force and produces annual revenue in excess of £5 billion.
13 September 2005
Citizens Advice makes a super-complaint to the Office of Fair Trading concerning the payment protection insurance market. The OFT will fast track this complaint and announce within 90 days what action it proposes to take.
13 September 2005
Credit Suisse publishes a sector review of the payment protection insurance market. The report publishes research showing the massive profits made by some UK banks on the sale of loan payment protection insurance and credit card payment protection insurance.
23 July 2005
BBC Radio 4's Inside Story programme highlights the unacceptable practices of bank and building society staff when selling loan payment protection insurance policies to customers.
