Payment Protection Insurance Market Investigation Order 2011: Directions to Santander
Directions issued by the CMA to Santander, to ensure it complies 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 Order) was that all customers would receive an annual reminder from their provider setting out the cost of their payment protection insurance (PPI), a reminder of their right to cancel and other important information. Santander provided incorrect data in annual reminders to 3,433 customers with mortgage PPI policies. The CMA has issued Santander with Directions designed to ensure compliance with the Order.
The CMA published a breach letter to Santander in December 2016 in relation to previous breaches of this Order.
29 April 2021: The CMA has approved Santander’s request for a permanent extension to the deadline to submit its Assurance Audit reports to 14 May. Pursuant to paragraph 3.13 of the CMA’s directions to Santander, Santander has submitted an amended Action Plan to reflect this change and the CMA has published an updated non-confidential version.
Directions released
15 September 2023: The CMA has today revoked the Directions given to Santander as Santander has completed all the actions in the Directions and has exited the PPI market.
Updates to this page
Last updated 15 September 2023 + show all updates
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Directions released
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Santander updated action plan of April 2021 published.
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First published.