Related information

Payment Protection Insurance ('PPI')

Reporting form

 

Guidance notes for completion of the Monthly Data Form.

Ref Terms Definitions / Comments
  Please add columns as necessary to create separate columns for distance and non-distance contracts. Distributors must also include each underwriter used. For example, you are a distributor that sells a choice of two Payment Protection Insurance (PPI) policies, underwritten by different underwriters, to cover personal loans sold over the phone and in branch. You would need a column for each underwriter. You would then need to split each column between distance (phone) and non-distance (branch).
  Markets
1 PPI Product category

Types of PPI product associated with difference types of credit product. We have identified the following categories:

  • mortgage
  • second charge mortgage
  • personal loan
  • credit card
  • retail credit
  • motor finance
  • personal overdraft; and
  • other (please state) e.g. business loans
  Credit card Please include credit cards and storecards.
  Retail credit Please include non-car Hire Purchase and catalogue purchases. Please do not include storecards.
  Distance Contract Contract is not completed face-to-face with customer (e.g. internet, telephone).
  Non-distance contract Contract is completed face to face with customer (e.g. branch).
A Volume and penetration rate
3 Number of PPI policies sold during the month Please include any renewals and products sold by intermediaries on your behalf, including any policies issued that are later cancelled. Please count a monthly renewable policy as one policy (i.e. not 12 if 12 monthly renewals in one year).

For underwriters: please give the number of PPI policies you issued during the month.
4/5 Credit product The product with repayments that the PPI policy is sold to protect.
5 Number of PPI products issued related to credit products Number of PPI products issued in conjunction with the credit product, whether or not it is issued at the point of sale.
6 Gross Written Premium ('GWP')

The definition used should be in accordance with the ABI SORP On Accounting for Insurance Business or in accordance with IFRS.

In short: GWP = total premium paid by customer less Insurance Premium Tax (IPT).

B Cancellations/ Terminations
7 Cooling off period The number of days a firm gives its customers to make a no obligation cancellation. For PPI, ICOB sets this at 14 days unless the policy contains a life element, in which case it is 30 days.
8 PPI cancelled within cooling off period The PPI policy is cancelled within the cooling off period.
9 Customer settled loan to term The customer has stopped using the credit product as it has come to the end of its term. Credit card and storecard terminations during the month should be recorded here.
10 Customer settled loan early The customer has stopped using the credit product before it has come to the end of its term. For example, paying off a five-year personal loan after two years.
11 Customer retained loan but stopped using PPI The customer has terminated the PPI agreement but not the underlying credit arrangement.
12 Customer defaulted on loan The distributor has terminated the contract due to the customer defaulting on its terms.
13 Other Any other reason not covered in B8-B12. Please explain in the 'Free Text Comments' box.
C Claims
  Registered The point where the customer has first indicated they wish to make a claim (via telephone or other means).
  Pending decision A registered claim which has not been accepted, closed or rejected.
14 Number of claims registered and pending decision at start of month The number of claims that are registered and are pending decision at the beginning of the month.
15 New claims registered A claim which the customer first notified to the claims handler (generally through teleregistration) during the reporting month.
16 Claims accepted

A registered claim which the firm has accepted and will pay out under the policy.
17 Claims closed

A registered claim which is no longer being pursued by the customer.
18 Claims rejected

A registered claim which the firm has rejected and will not pay out under the policy.
D PPI Complaints
  DISP Dispute Resolution: Complaints as detailed in the FSA Handbook
19 £ redress paid to consumers during the month Actual amounts paid in cash terms during the month as the result of complaints. See DISP 1.5.4(4)R.
20 Complaints outstanding at the beginning of the month See DISP 1.5.4(3)(c)R but for each month.
21 Received The total number of complaints subject to DISP 1.4 to DISP 1.6 received by the firm per month (see DISP 1.5.4(1)R). A complaint resolved on the business day after its receipt does not need to be reported (see DISP 1.3.3(2)R).
22 Rejected Where the firm rejects the complaint.
23 Upheld by firm See DISP 1.5.4(3)(a)R but for each month.
24 Referred to another firm For example, a complaint received by a distributor regarding a claim which is referred to the underwriter to be resolved.
25 Closed The number of complaints subject to DISP 1.4 - DISP 1.6 closed during the reporting period within the timescales shown. See DISP 1.5.7R for the rules governing when a complaint is considered to be closed. Fields D22-24 will be a subset of D25.
  Outstanding at the end of the month See DISP 1.5.4(3)(d)R but for each month.
26 Referred to and accepted by FOS See DISP 1.5.4(3)(b)R but for each month.
27 Number of complaints closed after more than 8 weeks See DISP 1.5.4(2)(c)R but for each month.
  Free Text Comments Please use this text box to provide explanations to the figures you are giving if you feel this is appropriate. You can continue on a separate sheet if necessary.