It was in 2009 when the former City watchdog the Financial Services Authority discovered almost every UK consumer was mis-sold payment protection insurance.

But the insurance mis-selling itself began decades ago.


During the 90s economic boom, insurers sold ASU or payment protection insurance to borrowers alongside their loans.

It wasn’t just recently you could have been mis-sold PPI.

Could you claim for it? Yes you can. But…

Breaking The Six Year Limit

According to the Financial Ombudsman Service, there’s a six-year time limit for claims.

This means any financial product records of financing finished six years ago are potentially inaccessible.

This means your bank only keeps your records on file for six years from the date of completion or termination.

Some banks allow the access to archives by using a Data Access Request, which can cost about £10.

However, with different practices in place, banks may or may not agree to a DAR.

Different Is Somehow Better

It’s a different version of systems for every bank.

However, it’s a far more different story with smaller banks and lenders that weren’t regulated until 2005.

Without the FOS and FCA’s hold on these banks’ policies before 2005, some representatives can use loopholes that could guarantee your refunds in full.

The government had the insurance underwriter for smaller firms regulated.

These underwriters have a duty to make sure the policy sold to you by any bank employee was suitable to your situation.

Hence, representatives can use this loophole and give you your full refunds.