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Learn the Lingo

To help you learn more about payment protection insurance and reclaiming, here are a few commonly used terms and their definitions.

PPI

Stands for Payment protection insurance and it is designed to protect consumers in the event that they are unable to work due to illness, injury or redundancy ensuring that their loan repayments are kept up to date.

FOS


Stands for the Financial Ombudsman Service, it is the official independent service for settling disputes between businesses providing financial services and their customers.

FSA


The financial Services Authority, The FSA is the independent body that regulates the financial services industry in the UK. It is responsible for setting the standards that financial organisations must meet and they can take action against firms that fail to meet these requirements. The FSA has five specific objectives, these are: maintaining market confidence, promoting public understanding of the financial system, contributing to the protection and enhancement of the stability of the UK financial system, securing the appropriate degree of protection for consumers, and fighting financial crime.

FSCS

The FSCS (Financial Services Compensation Scheme) is the compensation fund and last resort for customers of authorised financial services firms. If a firm becomes insolvent or ceases trading they may be able to pay compensation to its customers.

BBA

Stands for the "British Bankers Association". The BBA is the leading trade association for the UK banking and financial services sector. They promote a legislative and regulatory system for banking and financial services - in the UK, Europe and internationally as well as promoting and defending the industry.

No win, no fee*

Meaning, you have no financial commitment to the company unless your claim is won. At the Claims Advisory group we charge a fee of 39% (including VAT where applicable) of the value of the settlement if your claim is successful. Please note: If during the course of your claim you decide to cancel the agreement a fee will be payable to reflect the work carried out up to point of cancellation. Details can be found in our terms and conditions.

Mis-sold PPI


There are a number of reasons your policy could have been mis-sold to you. This normally refers to occasions where the policy has been sold without the lender assessing the suitability of the insurance, PPI being added to the loan without your knowledge or simply not being told that the policy is a optional extra. There are more examples of mis-selling here.

Single premium policy




A PPI policy where the full cost of the insurance is added to the amount borrowed, meaning the customer will pay interest on both the loan and the insurance premium.

Premiums


This is the amount charged by the insurance provider (normally each month) for payment protection insurance.

Loan Protection Insurance


An alternative name that is sometimes given to PPI.