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The OFT closed on 31 March 2014 and this website is no longer being updated. The OFT's work and responsibilities have passed to a number of different bodies. Read more.

Payment Protection Insurance

On 24 March 2011 the Competition Commission (CC) published the Payment Protection Insurance Market Investigation Order 2011. For more information please see:

If you have any questions relating to this order please contact natalie.lam@oft.gsi.gov.uk.

The OFT has a statutory duty to implement, enforce and monitor the PPI Order and alleged breaches of any part of the PPI Order should be reported to the OFT.

If you are a consumer with queries on mis-sold PPI policies or PPI claims please refer to the OFT warns of PPI compensation scam consumer alert. You should seek advice from the Financial Ombudsman Service on PPI claims and mis-sold PPI policies rather than the OFT.

To be notified of updates to this page, subscribe to the PPI RSS feed.

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Update February 2014

The OFT closes on 31 March and the Market Remedies Team function will move to the Competition and Markets Authority. Natalie Lam will continue to be the point of contact for PPI queries. From the 1 April 2014, please email compliance reports and any PPI queries to: natalie.lam@cma.gsi.gov.uk.

Article 12 of the Order sets out the requirements for compliance reporting. The due date for this reporting round in April will be Monday 7 April 2014 (given that 6 April falls on a Sunday). The obligation on PPI Providers to submit a Compliance Report will be satisfied if it is submitted within one week of the due date in each case, that is Monday 14 April 2014. 

Should you have problems in meeting the deadline please email Natalie Lam natalie.lam@oft.gsi.gov.uk immediately with a request for an extension and state the reason(s) for the delay in submission.

We advise PPI Providers to re-check compliance reporting thresholds set out in Article 12 for category A, B or C Provider status.

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Update September 2013

Article 12 of the Order sets out the requirements for compliance reporting. The due date for this reporting round will be Tuesday 1 October 2013. The obligation on PPI Providers to submit a Compliance Report will be satisfied if it is submitted within 1 week of the due date in each case, that is Tuesday 8 October. We advise PPI Providers to re-check compliance reporting thresholds set out in Article 12 for category A, B or C Provider status.

Should you have problems in meeting that deadline please immediately send an email to Natalie Lam natalie.lam@oft.gsi.gov.uk with a request for an extension and state the reason(s) for the delay in submission.

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Update March 2013

We shall be shortly publishing our revised Q&As document containing new entries. An accompanying table of the changes will be included.

Article 12 of the Order states that the due date for Compliance Reports is 6 April 2013. The due date for this reporting round will be 8 April 2013 (given that the due date of 6 April 2013 falls on a Saturday). The obligation on PPI Providers to submit a Compliance Report will be satisfied if it is submitted within one week of the due date in each case, that is Monday 15 April 2013.

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Update January 2013

As many firms will have realised, the Money Advice Service is the successor to the Consumer Financial Education Body and no longer uses the brand name 'moneymadeclear'. In addition, there are currently no PPI price comparison tables on Money Advice Service's website. New material about income-protection insurance is under development by the Money Advice Service and we will advise as and when there is further news on this. 

Consequently, pending further advice and having discussed this with the Money Advice Service, we recommend the following approach to communication of the 'key messages' in Schedules 3 and 4 to the Payment Protection Market Investigation Order 2011, particularly in relation to the references to the moneymadeclear website. The third sentence under the heading 'Things you should know about your optional Payment Protection Insurance' beginning, 'You can compare....' should be deleted. The link in the last sentence should be replaced with https://www.moneyadviceservice.org.uk/en/articles/do-you-need-payment-protection-insurance-ppi. This link will take readers through to information about PPI.

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Update October 2012

Relevant PPI Providers are required to comply with Article 12 of the Order (Obligation to submit a Compliance Report to the OFT). Please refer to the Order and check whether your business is required to fulfil this obligation.

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Update April 2012

In the light of the OFT's compliance and monitoring duties this year, the OFT will in due course review all material and procedures in relation to compliance with the PPI Order.

The following came into force on 6 April 2012:

  • Article 4 (Obligation to provide an Annual Review or Annual Reminder)
  • Article 7 (Obligation to provide a Personal PPI Quote)
  • Article 8 (Prohibition on the sale of PPI after the sale of a Credit Sale)
  • Article 9 (Prohibition on the sale of PPI before the start of a Credit Sale)
  • Article 10 (Prohibition of payment by Single Premium and requirement to pay a rebate)
  • Article 11 (Obligation to provide Retail PPI separately when sold in a package of insurance).

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Update March 2012

For all relevant PPI Providers required to comply with Article 12 (Obligation to submit a Compliance Report) which came into force on 6 April 2011, please see the PPI compliance notice (pdf 44kb). This notice can affect the timeframe in which you submit your compliance reports.

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Update October 2011

Article 3 (Obligation to provide information about PPI), Article 5 (Obligation to provide information to the Money Advice Service) and Article 6 (Obligation to disclose Claims Ratio) came into force on 1 October 2011.

The Order came into force on 6 April 2011 with Articles 1, 2 (Interpretation), 12 (Obligation to submit a Compliance Report), 13 (Obligation to conduct a mystery shopping exercise), 14 (Obligation to report on clarity of Marketing Communication), 15 (Obligation to appoint a Compliance Office) and 16 (Directions by the CC as to compliance) having effect from that date.

Please check that your firm is compliant to the relevant Articles above.

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Obligations for companies selling PPI

If you are a PPI provider there are a number of things you need to do to comply with the order, summarised in the table below.

If you have not already done so, you must register your compliance officer with the OFT immediately. You can do this by sending an email to natalie.lam@oft.gsi.gov.uk setting out:

Company Name
Company Address
Name of the Compliance Officer
Contact telephone number
Contact email address

Your data will be kept in accordance with the Data Protection Act.

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Summary table of obligations

  
Things you need to do
When you need to comply by 
Provide information on PPI marketing material  1 October 2011
Provide data to the Money Advice Service  1 October 2011
Disclose claims ratios to the OFT  1 October 2011 (and annually)
Provide an annual review to policyholders  6 April 2012 (and annually)
Personal PPI quotes given to customers  6 April 2012
PPI must not be sold at the same time credit is sold  6 April 2012
PPI providers must not sell single premium policies and must pay rebates  6 April 2012
PPI Providers with £60m or more Gross Written Premium (GWP) in a preceding year must carry out an annual independent mystery shopping exercise  6 April 2013 (and annually)
PPI Providers achieving a Corporate Group total GWP of £30m or more or £10m GWP or more in relation to any PPI product type, stand alone PPI or short term IP, in the preceding year must submit compliance reports to the OFT Reports must be submitted on:

6 April 2012
1 October 2012
6 April 2013
1 October 2013
6 April 2014

and then annually thereafter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Report template and guidance notes

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Consultation on the compliance report template

The consultation is now closed.

View the consultation page.




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