PPI Claims Regulation
Claiming back mis-sold PPI is a growing industry. An estimated 20 million payment protection ppi claims insurance policies have been sold in the United Kingdom, and with many sold to customers who did not want or need the cover, increasing numbers of people have been making a PPI complaint and, in many cases, subsequently receiving a PPI refund letter.
As more and more people make use of claims management companies for support in how to claim back PPI, the industry's own standards are coming under closer scrutiny. It is estimated there are 800 such companies engaged in PPI reclaim.
Claims management companies in the UK are regulated by the Ministry of Justice (MoJ). The MoJ's Conduct of Authorized Persons Rules 2007 begin with a list of five high-level principles, the first of which is 'A business shall conduct itself with honesty and integrity.'