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31 Mar 17

PPI Claims deadline is announced

The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019, for making new Payment Protection Insurance (PPI) complaints.

The deadline is aimed to prompt customers to make a decision on whether they want to make a complaint or not.

Andrew Bailey, Chief Executive of the FCA said:

“Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”

The FCA has announced that more than £26billion has been paid out in compensation and according to the BBC, the biggest five banks – Lloyds, Barclays, RBS, HSBC, and Santander – have collectively set aside more than £35billion to cover the cost overall.

 

Sources:

www.FCA.org: FCA finalise plans to place a deadline on PPI complaints – 02/03/17
https://www.fca.org.uk/news/press-releases/fca-finalise-plans-place-deadline-ppi-complaints

Financial Conduct Authority: PS17/3 Payment protection insurance complaints: feedback on CP16/20 and final rules and guidance (page 5) – March 2017
https://www.fca.org.uk/publication/policy/ps17-03.pdf

www.bbc.co.uk: PPI claims deadline is announced – 02/03/2017
http://www.bbc.co.uk/news/business-39138600

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