In January 2005 the sale of PPI (Payment Protection Insurance) policies have been regulated by the FSA (Financial Services Authority). The rules set by the FSA are very clear about what firms and advisers selling PPI policies should do at the time the policy is sold to the consumer. Any breach of these rules can see the policy labeled as what is now commonly known as ‘mis sold’ or ‘mis selling’ a policy.

From 2005 onwards the sale of Payment Protection Insurance (PPI) has been regulated by the Financial Services Authority (FSA). The FSA created a set of rules that are very clear and dictate what firms and advisers selling payment protection should do and say at the time of sale. Misold or miselling a police can occur if the advisor fails to adhere to these rules.

Your advisor should have made you aware of the following information:

The advisor should also make you aware of any policy exclusions and then check whether any of these exclusions apply to you.

The advisor should also make you aware of any policy exclusions and then check whether any of these exclusions apply to you.

The advisor should make the costs of the agreement clear, and whether the PPI would then be paid by one single payment, or by regular installments.

If the policy was a single premium policy, then the advisor should have made you aware that the cost of the policy would then be added to the loan or finance agreement and that interest would then be applicable on the policy.

The advisor should make it clear whether the PPI is optional or not

The FSA set out their rules so that they are they clear and concise. The FSA state that you must be given enough information to allow you to make an informed decision at the time you sign up and agree to your PPI. You will need to be armed with this information so that you can fully understand and calculate the costs of the PPI including interest rates and rates of repayments.

You will also need to know the exclusion and exemptions associated with the agreement so that you arein a position to fully understand what you are agreeing to. If at any point the advisor has failed to mention any of these points than you have a case of mis-selling a policy.

There are many experts out there to help you Reclaim PPI contact Donns LLP to Claimback PPI.

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