CMA letter to Santander on PPI annual review statements
Letter to Santander UK plc about its non-compliance with the Payment Protection Insurance Market Investigation Order 2011.
Documents
Details
One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the PPI Order) was that all customers would 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 Santander had not received their annual review statements.
This letter sets out the action agreed between the Competition and Markets Authority (CMA) and Santander to remedy the breach of the PPI Order. Remediation includes apology letters and refunds of PPI premiums for affected customers.