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Archive for tag: Is there a 2018 PPI deadline

Is There a 2018 PPI Deadline?

When will we know if the deadline is fixed? When is the deadline likely to be? Will there be a deadline or not?

There are so many unanswered questions that it can seem like the proposed PPI deadline of 2018 is yet another twist in the saga that refuses to go away. But, is there a deadline and how will it be decided?

The deadline proposal is a thorny issue

Up until 2016, any discussion or suggesting of imposing a deadline for PPI compensation claims was shot down in flames by the regulators and other authorities. Still reeling from the wholescale mis-selling of a financial product, the banks were in no position with regulatory authorities such as the Financial Conduct Authority (FCA) to start calling any shots.

The attitude towards the banks was clear - get your own houses in order before you start demanding changes.

However, as time has gone on and there has been a more conciliatory tone from the banks, it seems that the attitude may have softened. The school of thought now is that a line may need to be drawn under the whole affair so that banks, some significantly weakened by the crisis, can start to rebuild their businesses - but along more ethical and fair lines.

May, could, possibly…

However, any mention of a PPI deadline is proceeded by is couched in soft terms - there is possible talk of a deadline, there may be a deadline…

The regulatory body, FCA, is cautious of a deadline. A criticism that was levelled at various agencies and organisations as the scandal broke was that they had little, limited power to make any changes or force banks to do anything.

This was an embarrassment and so they were afforded more powers to pull banks, lenders and financial companies back in to line. However, they are cautious of being criticised by customers, consumer organisations and so on. They want to be confident that everyone who is entitled to their money back has the means to make a claim.

Marketing issue too

The introduction of a PPI deadline will, say the FCA, be accompanied by an over reaching marketing campaign to make everyone aware that there is a deadline, and how to go about making a claim.

There are sceptics; there are those that believe the banks will delay looking at cases and then shrug their shoulders, saying nothing can be done because the deadline has passed.

Up in the air!

However, it is all still an issue that has not be resolved and no deadline proposed as yet. It may be announced that there is a deadline being imposed but, there again, the PPI saga could rumble on for some time yet…