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What is payment protection insurance?

Payment protection insurance (PPI) provides cover for the monthly repayments of your card(s) and loan(s) if you are made unemployed, have an accident, become sick or die.

M&S Bank (previously trading as M&S Money) stopped selling PPI during 2008. Prior to that time, mortgage payment protection (MPP) was sold, and PPI was available with five products:

  • M&S Credit Card
  • M&S Personal Loan
  • M&S Car Buying Plan
  • M&S Chargecard
  • M&S Budgetcard

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 Bank, should deal with PPI complaints have been adopted.

Should you have a concern about PPI, we promise to do our best to investigate your complaint as swiftly as we can.

If you feel you need to make a complaint, we would like to stress that there is no need to use a claims management company (CMC). While you are of course free to do so, they usually take a fee or percentage of any compensation you are paid.

If you contact us directly we will assess your complaint in exactly the same way that we treat complaints sent in by a CMC and you won’t have to pay them a fee or any percentage of any compensation should that situation arise. For independent guidance on how CMCs work visit the Which? website.

You can write to us at:

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

To help us assess your complaint, 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’s website. Sending us this form will ensure we have all the information we need to process your complaint efficiently and as quickly as possible, however you don’t have to use this form.

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

We want to be able to resolve any concerns that you raise with us directly and would expect to resolve any complaint within eight weeks. In any event, we will be in touch within eight weeks to update you on our investigation. If you have not received a reply from us within eight weeks, you have the right to refer your case to the Financial Ombudsman Service.

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

Information is available on the FCA website about the timescales for the handling of PPI complaints.

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.

M&S Bank’s PPI complaints process

A PPI complaint can take up to eight weeks to fully investigate and unfortunately we are not able to comment on the progress of the investigation during this time, however please be assured that we will send you a detailed response as soon as we can.

To make the whole process as straightforward as we can, we’ve listed our complaint process from the time we receive your complaint until the complaint has been closed.

  • The PPI complaint is received, reviewed and logged
  • A letter acknowledging the complaint is sent to the customer/3rd party
  • Background information regarding the complaint is gathered
  • A decision is made

If the complaint is rejected:

  • A letter is sent to inform customer/3rd party of the decision
  • The complaint is closed

If the complaint is upheld:

  • An appropriate offer is calculated
  • An offer letter is sent to the customer/3rd party
  • The offer is accepted
  • Payment of the accepted offer is made to the customer
  • The complaint is closed

Frequently asked questions

To help you further, we've listed below some frequently asked questions about PPI and further independent sources of information for you if you have any further questions.

A claims management company (CMC) has offered to handle my complaint for me. What should I do?

We will assess complaints sent directly to us in exactly the same way and in the same timescales as complaints sent in by a CMC, so there is no need to use their services. While you are of course free to do so, they usually take a fee or percentage of any compensation you are paid. For independent guidance on how CMCs work visit the Which? website.

What else do I need to know about the process?

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.

I would like to complain about a PPI policy that was sold to me in the past, what do I need to do?

You can write to us at:

Customer Relations team
M&S Bank
Kings Meadow
Chester
CH99 9FB

In your letter, 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.

Sending us this form will ensure we have the information we need to process your complaint efficiently and as quickly as possible.

I cancelled my policy early, can I still make a complaint about PPI?

Although you may have cancelled your PPI policy early, you can still make a complaint by following the process outlined above.

My circumstances have changed, can I still make a complaint about PPI?

Although your circumstances may have changed, you can still make a complaint by following the process outlined above.

What can I do if I am dissatisfied with your decision?

After receiving our decision if you remain dissatisfied you have the right to refer your complaint to:

Financial Ombudsman Service
South Quay Plaza,
183 Marsh Wall,
London
E14 9SR

You can telephone them on 0845 080 1800 or visit www.financial-ombudsman.org.uk for further information.

What was the outcome of the Judicial Review?

In April 2011 the High Court announced that it had dismissed the British Bankers Association's (BBA) Judicial Review application, which challenged the way the Financial Ombudsman Service and Financial Services Authority said banks should handle complaints about the sale of Payment Protection Insurance (PPI). The Court dismissed the Judicial Review application in its entirety.

What is M&S Bank's position with the High Court judgment?

M&S Bank accepted the High Court's decision and we are working with the Financial Ombudsman Service and the Financial Conduct Authority to ensure we handle all payment protection insurance (PPI) complaints in accordance with the new FCA Dispute Resolution (DISP) rules.