Payment Protection Insurance

What is Payment Protection Insurance (PPI)?

PPI was designed to cover loan repayments in certain circumstances where you couldn't make them yourself. These include if you were unable to work because of an accident, illness or unemployment.

The Society did sell PPI in the past under the name ‘Loan Protection Scheme’ (LPS) insurance. Please note that the Society started to sell LPS insurance in 1984 and did not provide it with any Buy to Let mortgages.

Complaints about the mis-selling of PPI

If you had PPI there are two reasons you might be eligible to claim back money you’ve paid for the policy:

  • PPI was mis-sold to you
  • an unfair level of commission was earned from the sale of your PPI, but this wasn't disclosed when you bought it.

How to check if you held PPI with the Society

If you are thinking of making a complaint about PPI and you want to know whether you ever held this insurance with the Society, please complete the form below and we will let you know.

Email us form - PPI Enquiry

  1. From the 'What would you like to discuss' options, select 'PPI Enquiry'
  2. Fill in the 'Your details' fields on the right hand side
  3. In the 'Your query' box, include the following information:
    • Your mortgage account number
    • The start date of your mortgage
    • If your name has changed since we last heard from you tell us your old and new names
    • The address your mortgage was held on and your current address if this is different
  4. Click 'Submit'

How to make a complaint

If you already know that you held PPI with the West Brom and you want to make a complaint about it, please complete the questionnaire from the link provided below, print it off and send it to:

Customer Relations,
Head Office,
the West Brom,
2 Providence Place,
West Bromwich,
B70 8AF

Download PPI Questionnaire

Once we have received your completed questionnaire, we will start to look into your complaint and if there is anything else that we need to help us to do this, we’ll let you know.

Handling your complaint

We handle all enquiries and complaints about PPI in the same way, regardless of whether you contact us directly or choose to use a Complaint Management Company (CMC). A CMC will usually charge a fee for their service so you may want to contact us directly. Alternatively, free help is also available from the Financial Ombudsman Service or the Citizens Advice Bureau.

For further information please read our Frequently Asked Questions below or alternatively you can visit the FCA’s PPI website - Everything you need to know about PPI and how to claim back money you’ve paid.

Frequently Asked Questions

What to expect if you make a complaint

We will write to you to confirm we have received your complaint and if we need any information from you we'll let you know. We will assess your complaint to see whether there was any evidence of mis-selling and where there wasn't, we will also review whether the new rules and guidance regarding the disclosure of unfair commission apply to you. Once we have done this, we will aim to send you our final response within 28 days; however, on occasion it may take longer to in investigate and, if this is the case, we will update you to let you know.

What is commission?

Commission is an amount paid, as part of the insurance premium which does not pay for the insurance cover but is instead, kept by the company selling the insurance. This was usually to cover expenses and as a reward for selling the insurance to you.

How much am I likely to receive?

Commission rates vary widely, including between different types of PPI and, where a refund is due, this will depend on whether the commission was more than 50%, by how much and the length of time you held the insurance for.

Will I pay any tax if I receive some money back?

You may have to pay tax on some of the additional interest paid to you, but this will be only a small part of any payment made to you. You do not have to pay tax on most of the payment.

What is the PPI deadline?

Our regulator, the Financial Conduct Authority, has set a deadline of 29 August 2019 to complain about PPI. We must have received your PPI complaint by this date otherwise you will lose your right to have your complaint considered.

Where else can I get help?

Help and support is available from the sites below:

Alternatively, you can also call the FCA'S PPI helpline 0800 101 8800.

If you remain dissatisfied

It is important that you feel your complaint has been dealt with satisfactorily. If this is not the case and you still feel dissatisfied, you can refer your complaint to the Financial Ombudsman Service which is a free, independent service for resolving complaints or disputes with financial firms. You can contact the Financial Ombudsman Service at:

The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Phone: 0800 023 4567
Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

Following our complaint procedure does not affect your legal rights.