PPI Market Investigation Order 2011: Directions to Paymentshield
Directions issued by the CMA to Paymentshield, to ensure it complies with the Payment Protection Insurance Market Investigation Order 2011.
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One of the measures in the Payment Protection Insurance Market Investigation Order 2011 (the Order) is that customers must receive an annual reminder from their provider setting out the cost of their payment protection insurance and a reminder of their right to cancel.
Paymentshield failed to send annual reminders to 626 customers. The CMA has issued Paymentshield with Directions designed to ensure compliance with the Order. Paymentshield will offer refunds of premiums to affected customers. In 2017, the CMA sent a letter to Paymentshield for failing to send annual reminders to over 3,000 customers.
Press release: Paymentshield refunds customers over £380K for PPI breaches (19.3.20)