Payment Protection Insurance, first began mis-selling in the 1990’s, but despite protestations at the time, it didn’t reach mainstream attention until the mid to late 2000’s.
The banks and lenders, made sizeable commissions from selling PPI to unsuspecting customers. Some were unaware that they even held a policy, others were pushed into it after falling victim to aggressive sales techniques and in some extreme cases the borrower’s circumstances meant that any policy they had was void anyway.
The major banks and lenders have been forced to pay back billions in compensation claims for misleading their customers and many have also had to deal with large fines from the Financial Conduct Authority for their mis-deeds.
So long as you have all the relevant paper work and proof of mis-selling then you should be able to claim back, there are many cases that stretch back twenty-plus years and people have still managed to claim back from the lender what they’re owed.
In 2005 the FCA, claimed that fixing PPI was amongst its top priorities, and then the full extent of the PPI scandal came to light. Compensation was initially expected to be around £4.5bn and it has nearly hit 20bn. The increasing compensation can decrease what are owned by many financial institutions.