One of the measures introduced in the Payment Protection Insurance Market Investigation Order 2011 (the Order) was that all customers would receive an annual reminder from their provider setting out the cost of their payment protection insurance and a reminder of their right to cancel. Nationwide failed to send annual reminders to 15,442 customers. Also, 6530 customers received annual reminders containing incorrect information relating to the annual cost of PPI. The CMA has issued Nationwide with Directions designed to ensure compliance with the Order.
News story: Nationwide to pay up to £2m in refunds for PPI breaches