Correspondence

CMA takes action against Nationwide for providing incorrect information to PPI customers

CMA finds that Nationwide Building Society breached Article 4 of the Payment Protection Insurance Market Investigation Order 2011 by providing incorrect information to PPI customers.

Documents

Details

Between April 2012 and December 2023, 131 customers holding mortgage PPI policies with Nationwide were given incorrect information in one field of their annual review statements. The field, which provided the amount of monthly payment covered by the policy, only contained the mortgage element of cover. Any additional cover the customer held was not included in that field. Providing customers with incorrect information on what a policy covers could have led them to make different decisions about keeping their policy compared to if they received the correct information.  

Nationwide has since withdrawn all of its PPI products, and has written to each of its former policyholders who may have taken a decision to end their PPI policy on the basis of the incorrect information.

Published 16 May 2024