PPI policy with aqua

  • What is the FCA's role within the process?

    The Financial Conduct Authority (FCA) regulates the financial services industry in the UK, including banks, lenders and other providers. The FCA found that PPI was often mis-sold and have also introduced rules that mean customers can complain that a bank or other provider earned a high level of commission from the sale of PPI, but didn’t tell the customer when they bought it.
    The FCA  provide information about PPI and can help you understand it, but they cannot give you advice about your individual circumstances or complaint, nor can they check if you had PPI.

  • Will making a complaint affect my account?

    Checking whether you had PPI on your account or complaining about PPI will not affect your relationship with us, nor will your credit score be negatively affected.

  • What is Payment Protection Insurance (PPI)?

    PPI is a type of insurance sold alongside financial products such as credit cards, loans and other finance agreements so that payments are made if the borrower is unable to make them due to sickness or unemployment.

  • How do I find out if I have a PPI policy on my aqua credit card account?

    The quickest way to find out is to give us a call, even if you no longer have an opus credit card. Discussing the details of your complaint with you directly means we can answer your questions as quickly as possible. 
    The number to call is 0333 220 2691*. Alternatively, you can write to us at:
       aqua customer services
       PO Box 173
       Sheffield
       S98 1JW 
    *Calls may be recorded and monitored for training and security purposes and to help us manage your account. Calls to 0333 numbers will be charged at a standard national rate. Call costs from mobile companies and operators may vary so please check before calling.

  • Questions about Payment Protection Insurance (PPI)?

    We are here to help.

    It is easy for you to contact us directly about PPI, so you do not need to use a Claims Management Company (CMC). In fact, we suggest you do not, as they may charge you a fee. 
    We treat all complaints the same way – whether we receive them directly from our customers or through a CMC.

  • When can I make a claim?

    You can make a claim if you think that the PPI was mis-sold. This may be because, for example :

    • You thought that you had to buy the PPI
    • You bought PPI even though you would not be able to make a claim under the 
      Policy or your ability to claim would have been unreasonably low, for example because you had a pre-existing condition or you were the sole director in a company.

    You may also be able to claim if the amount of commission and profit share that you were paying was more than 50% of the PPI premium that you were paying and you did not know about this.

  • I want to make a complaint about my PPI policy. How do I do this?

    If you already know you have, or have had, a PPI policy with us and you want to make a complaint: 

    1. Download the PPI questionnaire here and fill in the details. This helps us process your complaint as quickly as we can.
    2. Send your completed PPI questionnaire to us at: 
         PPI Customer Services
         PO Box 816
         Leeds
         LS1 9NY
  • What is Commission on PPI?

    Commission is the amount of the PPI premium you pay that does not go towards your insurance cover, but is kept by other firm(s) involved, such as the firm that sold the PPI or the lender. This is usually to cover expenses and the selling of the policy to you.

  • What is Profit Share on PPI?

    When additional profits were made from the provision of PPI, these were shared between the insurer and the seller and/or lender and this is known as “profit share”. 

  • What are the new FCA rules in relation to Commission and Profit Share?

    In November 2014, the Supreme Court ruled, in the case of Plevin v Paragon Personal Finance Limited, that the failure to tell the customer  about the  high level of  commission payable created an unfair  relationship between the lender and customer under the Consumer Credit Act 1974 (CCA). In that case, the commission payable was 72% of the premium.

    As a result of the Supreme Court’s decision, the FCA has now made rules that where the commission and profit share payable by the customer is more than 50% of the premium and this was not disclosed to the customer, the amount of the commission and profit share above 50% should be repaid to the customer, whether the PPI was mis-sold or not. 

  • Why should I complain about Commission and Profit Share?

    Some customers feel that they would not have purchased a policy had they known how much commission and profit was being made from the policy. You should complain if you feel that knowing the amount of commission and profit share you were paying as part of the PPI premium, would have changed your decision to purchase the policy.

  • When should I complain about PPI?

    The FCA’s new rules came into force on 29 August 2017 and you have until 29 August 2019 to bring your complaint.

  • How much am I likely to receive if my complaint is successful?

    When complaints are upheld because the PPI was mis-sold, premiums are refunded in full including any interest paid on the premiums. 

    When complaints are upheld because of the level of commission and profit share you were paying, you will receive the amount of commission and profit share that is more than 50% of the premium.

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

    If you receive some money back, this will include interest. You may have to pay tax on the interest paid to you. If you are eligible for a refund, we will give you more information about this at the time.

  • How do I find out if I qualify for a claim based on commission or profit share that may have been added to my premium?

    The new rules apply to customers who paid (or might have paid) premiums on or after April 2008. 

    • If you’ve already submitted a mis-selling complaint to us and it was unsuccessful, we’ll write to you between September and November 2017 to let you know if you qualify to make a second complaint under the new rules. Our letter will also explain how to make your complaint. 
    • If you’ve already submitted a mis-selling complaint to us, and it was successful, and you received a compensation payment, you won’t be able to make a second complaint for redress on the same policy. 
    • If you haven’t submitted a complaint to us before, you can submit your complaint to us at any time after 29 August 2017 and before 29 August 2019. Here’s what you need to do:
      1. Download the PPI questionnaire here, and fill in the details of your case. This helps us process your complaint as quickly as we can.
      2. Send your completed PPI questionnaire to us at: 

           PPI Customer Services
           PO Box 816
           Leeds
           LS1 9NY
  • Is there a deadline for submitting a complaint about PPI?

    You can submit your complaint at any time before 29 August 2019. We will look into all complaints received by us on or before this date. 

  • What happens when I complain?

    When you contact us, we will write to you to confirm receipt and will consider your complaint.  

    We will aim to review your complaint within 8 weeks and then write to you to explaining our decision, including offering some money back if that is due.

    If you disagree with our decision, you have the right to ask the Financial Ombudsman Service to review your complaint free of charge. 

  • How do I check if a Claims Management Company or a solicitor is authorised?

    You can check if they are authorised by visiting the Ministry of Justice's Authorised Business Register, the Solicitors’ Regulatory Authority website or, for Scottish Solicitors, The Law Society of Scotland’s website

  • What if I have been declared bankrupt or subject to an IVA?

    If you are or have been subject to a Bankruptcy Order or Sequestration (in Scotland) or an Individual Voluntary Arrangement, you may be under an obligation to pay any refund you receive to your Official Receiver, Insolvency Practitioner or Trustee (in Scotland).

  • Do I have to submit a subject access request before I can submit my complaint?

    No, subject access requests cost £10 and are not necessary for filing a PPI complaint.