Supreme Court rules PPI claim was in time to challenge hidden 95% fees

A litigant has won the remaining reimbursement of the payment protection insurance she paid and interest, after she discovered that the cost of the insurance itself was only five per cent of the premium. The Court ruled the claim was in time because the limitation period began when she found out about the commission, in 2018. A further 26,000 similar cases are waiting in the wings, reports Denis O'Connor.

Denis O'Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers' Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group's board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

A retail customer, Beverley Potter, has won a recent Supreme Court case against the former Egg Banking plc (now Canada Square Operations Ltd) for the return of the £4,545 that she paid to Canada Square for payment protection insurance. [1] She argued that had she been aware that 95 per cent of the PPI premium would be retained by Canada Square as commission, which the firm had deliberately concealed from her, she would have not bought the policy.