Payment Protection Insurance – Latest news

M&S Money stopped selling payment protection insurance (PPI) during 2008.

Regulatory and media interest has been focused on PPI products for the last few years due to concerns that some of these products may have been mis-sold when customers took out loans, credit cards or mortgages.

Following a legal ruling in April 2011, rules set out by the Financial Services Authority (FSA) regarding how firms, including M&S Money, should deal with PPI complaints have been adopted.

Making a claim

We’re sorry that you have a concern about payment protection insurance and we promise to do our best to investigate your complaint as swiftly as we can.

If you want to contact us regarding payment protection insurance, please write to us at:

Customer Relations Team
M&S Money
Kings Meadow
Chester
CH99 9FB

Please provide full details of why you believe you were mis-sold PPI. You may find it helpful to complete and send us the questionnaire available on the Financial Ombudsman Service website. Please note, this will not be shared by us with the Financial Ombudsman Service nor will it prevent you from being able to refer your complaint to them should you wish to.

How long will I have to wait before I receive a response?

On the 15 June 2011, M&S Money was granted a temporary extension by the FSA for handling of some PPI complaints.

The FSA agreed that for PPI complaints received between 21 April and 31 August 2011 the time limit within which we must respond in writing to complaints would be extended to a maximum of 16 weeks from the normal 8 week period. For complaints we receive between 1 September and 31 December 2011 the period is a maximum of 12 weeks.

If you made a complaint before 21 April 2011, you will already have been issued with a letter confirming our final decision to you and received a letter detailing a full breakdown of the redress offer.

If you have not received our redress offer letter or have any further questions, please contact us on the telephone number quoted on your acknowledgement letter.

We are also working closely with the Financial Ombudsman Service (FOS) to ensure that any PPI complaints that have been referred to them are resolved as quickly as possible.

The FSA has published details of the timescales for the handling of complaints relating to PPI, these are available on the FSA’s website.

If you have already made a complaint, there's no need to do anything further. We will review it as soon as possible and then write to you confirming the outcome of our investigation.

Claims management companies

If you have a complaint, there is no need to use a claims management company (CMC). While you are of course free to do so, the claims management companies usually take a fee or percentage of any compensation you are paid. If you contact us direct we will assess your complaint in exactly the same way that we treat complaints sent in via a CMC and you won’t have to pay them a fee or any percentage if we do end up compensating you. For independent guidance on how CMCs work visit the Which? website.

More information

If you need more information you might find it helpful to consult the Financial Ombudsman Service (FOS), which provides an independent source of information. Visit it at www.financial-ombudsman.org.uk.