Deadline of June 2019 for consumers to claim PPI compensation
SINCE we’ve all been receiving PPI phone calls for so long, surely they have found everyone who needs a refund now?
Whether they have or not, the Financial Conduct Authority (FCA) has set a deadline of June 2019 for consumers to claim compensation for mis-sold payment protection insurance.
The FCA confirmed plans to launch a marketing campaign from next June, which will be funded by the UK’s banks, to raise awareness of the 2019 deadline for claims to be submitted.
It will see a line drawn under the payment protection insurance (PPI) scandal, which has been the costliest yet for the financial services industry, with the total bill now running at a mammoth £24 billion.
FCA chief executive Andrew Bailey said: “Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity.”
It will consider further feedback on its proposals for the June 2019 deadline until October 11.
PPI is still the most complained-about financial product, with recent figures from the Financial Ombudsman Service (FOS) revealing that as many as 4,000 new complaints are received every week.
The FOS said it received 188,712 new PPI cases in 2015-16, making up just over half of its workload in the last financial year.
Around one in five PPI cases are resolved within three months.