0141 844 0017 (Glasgow)

01698 440 820 (Lanarkshire)

0131 224 0094 (Edinburgh)

01224 510 086 (Aberdeen)

01382 270 065 (Dundee)

Key PPI Milestones from 1998 to 2019

The thing with PPI is that not everyone is aware of how the drama of this mis-sold product came to light, nor how it gathered pace to become the never-ending soap opera that it is today.

PPI Milestones

So while you wonder IF YOU COULD BE AFFECTED, here is the timeline of events…


The respected, but equally as ferocious ‘Which?’ organisation through its magazine highlighted what it called a ‘poor value product’ – they were, of course, referring to payment protection insurance also known as PPI.


But, it was sometime later – and only really once the heavyweights of the industry started to take notice and become involved – that the PPI mis-selling saga started to really raise its head. The Office of Fair Trading announced it was launching an investigation into the selling of PPI…


Only a few months later at the start of 2007 did the Financial Services Authority (now known as the Financial Conduct Authority) become involved, by fining major banking providers with whopping fines for the mis-sale of PPI. It was widely recognised after the mis-selling debacle came to light that the industry regulator needed more teeth – hence the FCA, with more power, was created to replace the FSA.


The first half of the year, Which? announces that they estimate 2 million customers are affected by the mis-selling of PPI…

…5 months later, the Alliance and Leicester are fined £7million for the mis-selling of PPI, a staggering fine that shows how serious and far-reaching the problem was (and still is!)


In the first half of the year, the Financial Services Authority banned the sale of single-premium policies. This type of PPI policy added a huge amount of debt onto a loan at the very start of the term, meaning that customers paid interest on it making it an expensive, poor value for money product.


The High Court case into the mis-selling of PPI starts and this is the effective start of the compensation process through which customers are now being compensated.  Within 12 weeks of the case starting, the High Court rules against the banks – it is now time they started to pay customers back.  Within a few weeks, Lloyds Banking Group and the British Association of Bankers decide not to appeal against the ruling and the PPI floodgates open.


A customer, Susan Plevin took a lender and broker to court to fight for the commission payment she made. She argued that if she had known it equalled nearly 67% of the cost of her loan, she would not have paid for it. The court agreed and the lender had to return the money.


The Financial Conduct Authority finally interpreted the Supreme Court ruling in commission payments for arranging PPI. If commission payments were more than 50% of the cost of the loan and customers were not made aware, they could claim their money back whether they had been mis-sold the PPI policy or not.


11.59pm 29th August 2019 is the cutoff date for launching PPI compensation claims for mis-sold PPI. Have you made your claim yet?

> Back to blog


In Debt?we provide
debt services
Need to Talk?contact us
FAQs?get ppi advice
and information
Payment Protection Scotland

Scotland's Most Successful PPI Claims Company:
With Offices in Glasgow, Edinburgh, Aberdeen, Dundee & Bellshill