Correspondence

CMA letter to Aviva on PPI annual review statements

Letters to Aviva and its distributor partners about their non-compliance with the Payment Protection Insurance Market Investigation Order 2011.

Documents

Details

One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the PPI Order) was that all customers would receive an annual review statement from their provider setting out the cost of payment protection insurance (PPI) and a reminder of their right to cancel. However some PPI customers of Aviva’s distributor partners (Cheltenham & Gloucester, National Australia Group, Coventry Building Society, Danske Bank, Leeds BS, Norwich & Peterborough BS) received annual review statements with incorrect calculations for ‘the amount paid in the previous 12 months’.

This letter sets out the action agreed between the Competition and Markets Authority (CMA) and Aviva to remedy the breach of the PPI Order. Remediation includes apology letters.

Published 25 January 2017