Plevin rule: How to determine if you are eligible for compensation

Under the Plevin rule, consumers can claim compensation if the commission on their PPI (Payment Protection Insurance) policy exceeded 50% of the policy’s total cost. This means that if someone sold you PPI and the financial institution received a commission exceeding half of the policy’s cost, you may qualify for a refund.

To determine if you are eligible for compensation under the Plevin rule, you should first check if you have a PPI policy. You can do this by checking your financial records or contacting your financial institution. If you hold a PPI policy, check the commission paid on it and determine whether it exceeded 50% of the total cost.

It’s important to note that even if the commission paid on your PPI policy was less than 50%, you may still be able to claim compensation if you were mis-sold the policy. For example, if someone sold you PPI that you didn’t need or want, or if they didn’t explain it to you properly, you may be entitled to a refund.

If you believe you might qualify for compensation, you must act quickly because the deadline for PPI claims was August 29th, 2019. You can make a claim directly to the financial institution that sold you the policy or through a claims management company.

Plevin Rule - My Claims Centre