The FCA has released a statement following the November 2014 Supreme Court decision in Plevin v Paragon Personal Finance Ltd. It was decided in Plevin that the non-disclosure of a substantial commission on a single premium PPI policy led to the relationship between the borrower and lender being unfair pursuant to section 140A of the Consumer Credit Act 1974.
Following the decision, the FCA has announced that it will be “considering whether additional rules and/or guidance are required to deal with the impact of the Plevin decision on complaints about PPI”. It will engage with relevant stakeholders in the coming months and expects to announce its view in the summer.
To view the statement, click here.