Payment protection insurance

What is PPI?

Payment protection insurance (PPI) is an insurance policy that’s sold when you choose certain financial products, like a credit card, loan or mortgage. The idea is that it will protect your repayments if you can’t pay yourself for various reasons, including if you’re ill, have an accident or are made redundant.
You could be eligible to claim compensation if you bought a PPI policy and the information you were given was misleading or insufficient.
Your claim would be against the company that advised you to take out the PPI policy, not the company you had the policy with. The advising firm will need to have failed for you to claim with us. We can only accept PPI claims for negligent advice received on or after 14 January 2005.
You may also be eligible for compensation if the company you had the policy with earned commission for the sale of PPI and didn’t tell you about it. This is often called a 'Plevin' claim, named after the court case about this issue. If you have already made a successful PPI claim for mis-selling and received compensation from us, however, then you won’t be eligible to make a Plevin claim against that same firm.

PPI compensation limits


90% of the total claim.
100% of the first £2,000, per person per firm then 90% of the remainder.
The above dates relate to when the firm failed, not when you received your advice.

How long will the PPI claim process take?

3 months

FSCS aims to make a decision on your claim within 3 months of receiving your completed application and required evidence. Complex claims may take longer.