Tracking the growing PPI problem every step of the way
How the problem unfolded
November 2009
FSA agrees to carry out a review of the FSCS levy.
February 2010
FSA raises the minimum fee for insurance brokers from £450 to £1,000.
March 2010
FSCS increases the levy on insurance intermediaries’ budget from £8.5m to £61.4m in its 2010/11 budget.
June 2010
FSA bills are sent out to brokers itemising a massive leap in FSCS levies, sparking widespread outrage in the sector.
15 July 2010
Insurance Times launches its Fair Fees campaign. insurancetimes.co.uk/backfairfees
Fair Fees - the past year
November 2010
FSA announces delay to the FSCS review and unveils proposed new fee for client money handling.
November 2010
FSCS launches a £4m publicity campaign encouraging members of the public to complain if they have been mis-sold financial services products.
2 February 2011
FSCS announces an increase in the FSCS levy from £61m to £95m.
1 March 2011
House of Commons all-party parliamentary group on insurance and financial services launches an inquiry into the future of the FSCS.
2 March 2011
PPI provider Welcome Financial Services goes into administration – the biggest single new hit on the SBO2 sub-class in the current year.
5 April 2011
MP Alan Meale puts down an early-day motion in the House of Commons calling on the government to accelerate FSCS review.
6 April 2011
FSCS announces final budget for 2010/11, scaling back insurance broker levy rise from £95m to £63m.
April 2011
British Bankers Association abandons its judicial review of the FSA’s PPI claims handling, triggering mass payouts by high-street banks.
25 May 2011
PPI provider Wilmslow Financial Services becomes latest mortgage broker to go bust.
13 June 2011
Biba presents a 7,000-signature petition to the House of Commons calling for FSCS review to be speeded up.
1 July 2011
FSCS annual report shows a more than threefold increase in the number of insurance claims received over the past year.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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