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18 Oct 17

Are you one of the 5.5 million who face an earlier PPI claim deadline?

The Financial Conduct Authority (FCA) has recently launched a £42million advertising campaign, warning consumers to make a Payment Protection Insurance (PPI) complaint before the August 2019 deadline. The advertisement is warning consumers not to delay in making a complaint if they believe they were mis-sold PPI.

PPI has grown to be one of the biggest financial scandals ever seen in the UK with over £27.9 billion already paid out by banks and building societies in compensation for the mis-sold insurance. Although this figure sounds a lot, according to This is Money:

“Just 24million of the 64million policies have been dealt with so far.”


According to The Telegraph, the campaign fails to mention that approximately 5.5 million people may have significantly less time to make a claim. This applies to policy holders who received letter warnings from their lenders advising that if they wished to make a PPI claim, they had to do so within three years of receiving the letter. These letters were issued between 2013 and 2015. The FCA has announced that the deadline set, does not apply to the approximated 5.5 million who were sent the three-year warning letters and that their three-year deadline still stands.

Last October the Financial Services Consumer Panel said:

“It was not clear that the deadline for some people would be earlier than 2019. The FCA do not believe consumers faced with an earlier deadline would be confused with the way they structured their awareness campaign.”


All future PPI claims are subject to the 29 August 2019 deadline, if a claim is not submitted by that date it will become time-barred.

However, consumers who have previously been warned by their bank that they may have been mis-sold PPI face a three-year deadline from the date their warning letter was received.


The FCA has made new rules and guidance relating to how firms should manage complaints in light of the Supreme Court Judgment in Plevin. The Plevin decision means that consumers may have new grounds to complain about PPI regarding payment of commission on the sale.

The FCA stated that:

“If a consumer is able to prove the commission paid on the sale of their PPI policy was more than the 50% commission tipping point they will be entitled to claim the difference between the two figures.”

Therefore, even if the consumers’ three-year deadline has already passed they may be able to reissue their claim based on the above regulations.

It is important to note that any new claim under the new regulations of Plevin, regarding payment of commission sale, will also be subject to the 29 August 2019 PPI deadline.


Sources: FCA finalise plans to place a deadline on PPI complaints – 18/08/2017 Monthly PPI refunds and compensation – 04/10/2017 Arnold Schwarzenegger back as the face of PPI claims deadline – 29/09/2017 Are you one of the 5.5 million who face an earlier PPI deadline than 26 August 2019? – 09/10/2017