Insurer Ordered To Repay Customers Over Misselling Failures
Law360, London (March 19, 2020, 3:05 PM GMT) -- A British insurance firm will be forced to refund customers additional compensation after it failed to give out important information about controversial payment protection insurance, the U.K.’s competition watchdog said Thursday.
Paymentshield has already paid out £380,000 ($435,000) in refunds and is expected to pay an additional £170,000, the CMA said.
The Competition and Markets Authority found that U.K. insurer Paymentshield failed to send annual reminders to customers about their payment protection insurance, or PPI — a form of credit protection insurance that was the subject of a widespread scandal that spawned more than £30 billion ($34.9 billion) worth of claims....
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