In April 2011, the UK’s banks lost an attempt to prevent new regulations on how they should sell PPI which also covered how they were sold over the last 6 years.
Whilst not all PPI policies were mis-sold some Banks and other lenders sold PPI to their customers without fully explaining what it covered. In some cases the banks and lenders lied to customers telling them that it was a compulsory part of a loan or credit card, or they simply added it without the customer's knowledge or consent.
The British Bankers Association (BBA) announced in May 2011 that it will not be appealing against a High Court ruling that the Financial Services Authority (FSA) sought to impose tougher rules on the past, present and future mis-selling of PPI policies. It is estimated that the banks could be liable for a combined sum of approximately £9 billion in compensation as a result. Obviously this figure depends on how many people come forward with a complaint.
So, if you've had a PPI policy in the last six years and believe it was mis-sold to you then you could very well be entitled to a refund.
