In 2006, Mrs Plevin was sold a PPI policy for £5,780 to cover her loan from Paragon. From the £5,780 premium, 71.8% (£4,150) was taken in commissions. Paragon did not disclose the commissions to Mrs Plevin. In November 2014, The Supreme Court ruled that the failure by Paragon to disclose to Mrs Plevin the large commissions created an unfair relationship, between her and Paragon. Mrs Plevin was awarded the full undisclosed commissions as compensation, together with interest.
The Financial Conduct Authority and Plevin
In March 2017, the FCA issued its final rules and guidance as to how Plevin-related claims should be dealt with going forward. The key rules were as follows;
- 29 August 2019 PPI Deadline – a time bar was introduced for consumers to complain about the way they were sold PPI
- Level of Redress – an automatic assumption that where commission levels were 50% or more of the PPI premium, this would generate compensation based on the difference between 50% and the actual commission level, plus interest. This is known as the FCA’s ‘tipping point’ redress
“I have known Zafar Afsar since 2009, when I commenced my claim against Paragon Personal Finance Limited.
During the trial of my claim in October 2012, which was my first ever experience of a court case, I was very nervous and uncertain as to what was going to happen. Zafar straight away put my mind at ease and explained the legal process to me in simple language, which I could easily understand. His knowledge is a credit to him.
Throughout the proceedings, he ensured that I was comfortable and understood what was going on. Overall, I did not like the Court experience but the only person who understood my discomfort and supported me was Zafar.
When I was unsuccessful at the trial, he continued to reassure me that I still had a chance to obtain redress and his regular telephone communication kept me believing that one day I might be successful. It wasn’t until November 2014 that the Supreme Court of the United Kingdom declared that the non-disclosure by Paragon of the PPI commissions paid did make the relationship between Paragon and me unfair.
I wish Zafar well for his future career as he continues to assist claimants in recovering compensation in respect of Payment Protection Insurance. I understand this further compensation is known by my surname, as ‘Plevin redress’.
I have no hesitation in recommending My Plevin Solicitor, Zafar, in helping you recover your redress. He is an extremely talented Solicitor.” – Mrs Plevin
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