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Loan repayment insurance announcement
Important information for customers who took out a Payment Protection Insurance (PPI) policy to protect an unsecured personal loan between 14 January 2005 and 31 December 2007 following advice given over the telephone.
Alliance & Leicester today confirms that it has agreed a settlement with the Financial Services Authority (FSA) in relation to the way in which it handled phone advice prior to the sale of Payment Protection Insurance with unsecured Personal Loans between 14 January 2005 and 31 December 2007.
This does not affect any other products or PPI sales made without telephone contact.
As part of their investigation the FSA reviewed processes and a sample of phone calls and concluded that there was a risk that customers may have taken out an unsuitable insurance policy.
We have co-operated fully with the FSA’s investigation and have improved our systems and processes for telephone contact, and have also made changes to our training and monitoring from December 2007.
We apologise sincerely for our shortcomings. Customers can be assured that we are taking this matter very seriously and that we have reviewed and tightened up all our processes from December 2007 to ensure that all customers get the right information and advice.
Over the coming months we will be writing to all the customers concerned and will put right any disadvantage identified.
Questions & Answers
What should I do if I took out a PPI policy between 14 January 2005 and 31 December 2007 following telephone contact?
You need do nothing now as we will be writing to you in due course.
What if I have previously raised a concern about my PPI policy?
Again, customers need do nothing now. We will be reviewing any relevant complaints or rejected claims, and will be writing to customers with more details.
What should I do if I have a concern about the PPI policy I took out over the telephone before 14 January 2005 or after 31 December 2007?
This matter only relates to customers who took out a PPI policy to protect an unsecured personal loan between 14 January 2005 and 31 December 2007 following telephone contact.
If you took out a policy outside this period and have a concern over your PPI policy, the way it was sold, or its suitability, then you should contact us in the normal way through the normal channels, and your case will be looked into. Ways that you can get in touch:
What about a PPI policy I took out at a branch or over the Internet during this period?
This matter only relates to customers who took out a PPI policy to protect an unsecured personal loan between 14 January 2005 and 31 December 2007 following telephone contact.
If you have a concern over your PPI policy, the way it was sold, or its suitability, you should contact us in the normal way through the normal channels, and your case will be looked into. Ways that you can get in touch:
Source: Loan Repayment Insurance announcement
Important information for customers who took out a Payment Protection Insurance (PPI) policy to protect an unsecured personal loan between 14 January 2005 and 31 December 2007 following advice given over the telephone.
Alliance & Leicester today confirms that it has agreed a settlement with the Financial Services Authority (FSA) in relation to the way in which it handled phone advice prior to the sale of Payment Protection Insurance with unsecured Personal Loans between 14 January 2005 and 31 December 2007.
This does not affect any other products or PPI sales made without telephone contact.
As part of their investigation the FSA reviewed processes and a sample of phone calls and concluded that there was a risk that customers may have taken out an unsuitable insurance policy.
We have co-operated fully with the FSA’s investigation and have improved our systems and processes for telephone contact, and have also made changes to our training and monitoring from December 2007.
We apologise sincerely for our shortcomings. Customers can be assured that we are taking this matter very seriously and that we have reviewed and tightened up all our processes from December 2007 to ensure that all customers get the right information and advice.
Over the coming months we will be writing to all the customers concerned and will put right any disadvantage identified.
Questions & Answers
What should I do if I took out a PPI policy between 14 January 2005 and 31 December 2007 following telephone contact?
You need do nothing now as we will be writing to you in due course.
What if I have previously raised a concern about my PPI policy?
Again, customers need do nothing now. We will be reviewing any relevant complaints or rejected claims, and will be writing to customers with more details.
What should I do if I have a concern about the PPI policy I took out over the telephone before 14 January 2005 or after 31 December 2007?
This matter only relates to customers who took out a PPI policy to protect an unsecured personal loan between 14 January 2005 and 31 December 2007 following telephone contact.
If you took out a policy outside this period and have a concern over your PPI policy, the way it was sold, or its suitability, then you should contact us in the normal way through the normal channels, and your case will be looked into. Ways that you can get in touch:
- Call into any of our branches
- Phone – 0844 5619790 - 24 hours a day, 7 days a week
- Write to us at Let’s Work it Out, Alliance & Leicester plc, Carlton Park, Narborough, Leicestershire, LE19 0AL
What about a PPI policy I took out at a branch or over the Internet during this period?
This matter only relates to customers who took out a PPI policy to protect an unsecured personal loan between 14 January 2005 and 31 December 2007 following telephone contact.
If you have a concern over your PPI policy, the way it was sold, or its suitability, you should contact us in the normal way through the normal channels, and your case will be looked into. Ways that you can get in touch:
- Call into any of our branches
- Phone – 0844 5619790 - 24 hours a day, 7 days a week
- Write to us at Let’s Work it Out, Alliance & Leicester plc, Carlton Park, Narborough, Leicestershire, LE19 0AL
Source: Loan Repayment Insurance announcement
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