Mortgage Payment Protection Insurance
New complaints deadline of 29 August 2019
MPPI was originally designed to cover debt or credit repayments if a person couldn’t work due to an accident or illness, it was sometimes offered to people who took out mortgages. It’s rarely now sold but the Financial Conduct Authority (FCA) found that in the past it was often mis-sold. You can complain about the way MPPI was sold and you can also make a complaint about the level of commission that your mortgage provider earned from a MPPI sale, if this wasn't made clear to you. You may be able to claim back some or all of the money you've paid for your policy.
On 29 August 2017, the FCA introduced a deadline, after which new MPPI sales complaints will not be accepted. The deadline means that if you want to make a complaint about MPPI mis-selling, or commission, you must do so before 29 August 2019. After this date, you will not be able to make a complaint in relation to mis-selling or commission paid on MPPI policies sold by Principality Building Society (PBS). For more information about MPPI, how and when to claim, and to find out why the FCA have set this deadline, visit the FCA's homepage.
Please check to see whether you've got or had MPPI with PBS before you make a complaint. There are two easy ways to check: If you chose to buy MPPI when you took out your PBS mortgage, it would have been provided by an insurance company. This company would have sent you a letter explaining the policy you had bought when you took out your mortgage. Secondly, if you still have a mortgage, you may be paying a monthly payment to a separate insurance company.
There are a number of things you may want to consider when you’re deciding whether to complain.
You may feel that MPPI was mis-sold to you – for example if you felt pressured into buying it, it was added without your knowledge, or it was not suitable for your circumstances. Perhaps you felt the details of MPPI were not made clear to you when you took out your mortgage. This is a complaint about mis-selling.
You may also decide to complain if you think your mortgage provider earned a high level of commission from your MPPI and/or that this wasn’t made clear to you when you bought it. This is a complaint about undisclosed commission.
The FCA detail the reasons you may want to complain on their website.
If you do decide to complain, we will consider all of these factors before we respond to your complaint, so there’s no need to worry about which kind of complaint you should make.
If you've already made a complaint about MPPI mis-selling and not received a rebate, then you may be eligible to make a complaint about the level of undisclosed commission associated with MPPI.
There are circumstances where an undisclosed commission complaint will not be accepted. The three main reasons are:
- If your mortgage was always FCA/FSA regulated, or became FCA/FSA regulated.
- You received a full rebate in respect of a MPPI mis-selling complaint
- If you repaid your mortgage (i.e. settled your mortgage) prior to 6 April 2008, unless you entered into your Agreement after 6 April 2007.
You do not need to use a Claims Management Company (CMC) to pursue a complaint on your behalf. If you do want to use a CMC, please be aware that they will charge a fee for their services, and you should check the CMC you use is properly authorised by the Claims Management Regulator.
MPPI Enquiries & Complaints
If you'd like to enquire about MPPI
You can enquire by post: FREEPOST PRINCIPALITY BUILDING SOCIETY
No stamp needed
Click here to enquire by email
If you've already decided to make an MPPI complaint
You can complain by post: FREEPOST PRINCIPALITY BUILDING SOCIETY
No stamp needed
Click here to complain by email
It's quickest to complain by email. If you decide to complain, make sure you have the following to hand:
- Your current address
- Your mortgaged address (if different to your current address)
- The dates of your mortgage
- The names of the people on the mortgage.
For more information about our complaints process, please visit our how to complain page.
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