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Scottish Provident to pay out over payment protection claim

Scottish Provident has been ordered to pay compensation to one of its clients by the Financial Ombudsman Service thanks to a successful income protection claim.

The firm had initially refused a claim made by the individual, claiming that the client had simply misunderstood the terms of the policy, reports the Financial Times.

However, after a two-and-a-half year legal battle, Chris Hargreaves will finally receive payment for the periods 21 July 2009 to 19 September 2009 and 20 September 2009 to 31 January 2010.

Scottish Provident said that it would "abide by the decision of the Ombudsman" and claimed that the payment protection problem was an "industry-wide issue" that revolved around customer understanding.

The firm said the misunderstanding was only applicable to certain products.

A spokesperson for the firm added that the company would work with the Ombudsman and Mr Hargreaves to ensure that the full amount awarded is received.

"We wish Mr Hargreaves well for the future," they concluded.

A recent ABI report showed that the understanding of payment protection insurance (PPI) was low, with more than half of those questioned rating their knowledge as five out of ten or less.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801285871-ADNFCR

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