Payment protection insurance

If you bought a PPI policy and the information you were given was misleading or insufficient, and the firm that gave you that advice has since failed, you may be eligible to claim compensation with FSCS. We can help you claim - there’s no deadline for this - but we can only accept a PPI claim if the advice was received on or after 14 January 2005.


Payment protection insurance (PPI)

If the firm failed after 1 January 2010

You could claim compensation if you bought a PPI policy and the information you were given was misleading or insufficient, and that firm has since failed. 

  • 90% of the total claim.

You would claim against the firm that advised you to take out the policy, not the firm you had the policy with.

If the firm failed before 1 January 2010

  • 100% of the first £2,000, per eligible person per firm, then 90% of the remainder.

Does the August 2019 PPI deadline apply to FSCS claims?

Payment protection insurance (PPI) is an insurance policy that lets you keep making loan repayments if life changes mean that’s no longer possible. Examples might be if you became ill, were made redundant, or had a serious accident.

PPI can be taken out against almost any type of loan, but it’s usually bought to ensure credit card or mortgage repayments can continue. In some cases, people were mis-sold PPI and have tried to get a PPI refund.

You could also get compensation if the firm earned commission for the sale of PPI and didn’t tell you about it. This is called a Plevin claim, named after the court case about this issue. If you’ve already made a successful PPI claim and received compensation from us, you can’t make a Plevin claim against the same firm.

Yes. The deadline for PPI claims was 29 August 2019, but this does not apply to FSCS. This is because the deadline applies to claims against companies that are still trading, while FSCS compensates when financial firms have failed.

Find out how long PPI claims take to resolve on our How long does it take? page.