Regency mortgage corporation were a company based in Bournemouth which specialised in helping council tenants purchase their homes through the right to buy scheme.

The arranged mortgages throughout the whole of the uk, and more often than not they sold payment protection insurance alongside the mortgage.

It transpired in 2006 that Regency had not been treating their customers fairly and had in fact mis sold ppi on a regular basis.

The financial services authority said,

Regency’s information gathering processes failed to ensure that sufficient information about personal circumstances were obtained at the point of sale to ensure that MPPI recommendations met customers’ demands and needs.

Despite a visit from the FSA to their offices in 2005 they failed to amend its systems and controls which left customers exposed.  The majority of the customers target by them were classed as sub prime borrowers and were therefore at greater risk should they not be able to claim on their protection policy.

MPPI is sold in conjunction with mortgage products to provide protection in the event of accident, sickness and unemployment. Regency sells both regular premium and single premium policies, the latter having terms of between two and five years. However, Regency’s sales in the relevant period predominantly consisted of three year single premium policies. In the relevant period, MPPI was sold by 20 Field Sales Advisers (Advisers) in the home of its customers. The sales were made in conjunction with the administrative activities relating to the mortgage sale. Advice for the mortgage sale is given through telephone based advisers, and was therefore the subject of a separate sales process.

All of the field sales advisers were targeted to sell MPPI and were rewarded significantly if they did.  This was the route cause of the problem and led to a large number of mis sold ppi policies.

If you have been a customer and want to make regency ppi claims or see if you have a mis sold mortgage then please contact us today either by telephone or by completing our simple online claim form here.