The FCA has published a research document that reports on the results of a quantitative study into PPI from a consumer perspective, and more specifically the trends in PPI complaints. The FCA has published this alongside CP15/39: Rules and guidance on payment protection insurance complaints.
In particular the study aims to:
- Understand the market in terms of PPI holders, PPI complainants and potentially eligible future PPI complainants
- Explore understanding and perceptions of PPI and the complaints process
- Discover prompts, barriers and motivations to making a PPI complaint
- Assess intended future behaviour regarding complaining about PPI
- Analyse the potential impact of the Plevin vs Paragon Personal Finance case on complaining behaviour regarding PPI
- Understand the potential protection gap following PPI
The quantitate survey forms part of a wider programme aimed at assessing whether the current FCA approach to PPI redress is continuing to meet the objectives of securing appropriate protection for consumers and enhancing the integrity of the UK’s financial system.