Correspondence
CMA takes action against 3XD Limited for charging an administration fee under the CMA’s PPI Order
CMA finds that 3XD Limited breached Article 10 of the Payment Protection Insurance Market Investigation Order 2011 by charging an administration fee to policyholders. 3XD Limited has refunded all policyholders.
Documents
Details
Between 19 October 2022 and 10 March 2023 3XD Limited charged 3,142 Mortgage Payment Protection Insurance policyholders a £2 per month administration fee. The total value of administration fees taken from policyholders was £31,256. The charging of such fees is prohibited by Article 10 of the Payment Protection Insurance Market Investigation Order 2011.
3XD Limited refunded all affected policyholders and has taken actions to prevent a recurrence.