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.
www.FCA.org: FCA finalise plans to place a deadline on PPI complaints – 02/03/17
Financial Conduct Authority: PS17/3 Payment protection insurance complaints: feedback on CP16/20 and final rules and guidance (page 5) – March 2017