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|Statement by the Financial Conduct Authority on Plevin v Paragon Personal Finance Ltd|
|Wednesday, 27 May 2015|
In January, the Financial Conduct Authority (FCA) announced that it would be collecting evidence on current trends in complaints on payment protection insurance (PPI). The FCA will use this evidence to assess whether the current approach is continuing to meet its objectives of securing appropriate protection for consumers and enhancing the integrity of the UK’s financial system. The FCA expects to give its view on the evidence collected in the summer and make clear any next steps.
In November 2014, the Supreme Court ruled in Plevin v Paragon Personal Finance Ltd (Plevin) that a failure to disclose to a client a large commission payment on a single premium PPI policy made the relationship between a lender and the borrower unfair under section 140A of the Consumer Credit Act 1974.
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