CMA letter to Paymentshield Ltd on PPI annual review statements
Letter to Paymentshield about its non-compliance with the Payment Protection Insurance Market Investigation Order 2011.
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One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the PPI Order) was that all customers should receive an annual review statement from their provider setting out the cost of payment protection insurance (PPI) and a reminder of their right to cancel. However some PPI customers of Paymentshield Ltd had not received their annual review statements.
This letter sets out the action agreed between the Competition and Markets Authority (CMA) and Paymentshield to remedy the breach of the PPI Order. Paymentshield will send apology letters to affected customers and in some cases provide refunds of premiums.