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.
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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:
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.
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.
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.
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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