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Archive for tag: PPI Compensation Ending

PPI Compensation to End SOON!

If you are yet to make a claim for PPI compensation then you need to make a decision and move fast. The PPI 2019 deadline is only a year away but there are still thousands of people yet to claim. Are you one of them?

The End

For so long, the issue of a PPI deadline was a sensitive one. But it now seems that the Financial Conduct Authority (FCA) want to take a more conciliatory tone with the banks and draw a line under the PPI mis-selling saga.

The case FOR a deadline

Larger banks and lenders have been hit hardest by the PPI mis-selling scandal.

With mis-sold policies being accountable for 80% of their annual profits for several years running, they have the most to lose, it would seem, when it comes to paying customers back.

They canvassed the Financial Conduct Authority and the Financial Ombudsman for some time for a PPI compensation deadline to be imposed.

But for many years, the FCA were having none of it. But its changed it mind. Why?

The case AGAINST a deadline

Not all banks and building societies were in favour of imposing a deadline. Smaller lenders said they needed more time to balance their books.

A sudden flurry of claims for PPI compensation, they said, could really sink their banking ship.

They preferred spreading out the claims. Some years on from this initial argument, smaller banks and lenders were confident that they had serviced the majority of PPI compensation claims. But have they?

Why has a PPI compensation deadline been imposed?

The FCA were concerned about a number of things but at the top of the list was what they termed as 'customer apathy'.

The longer the PPI mis-selling saga was allowed to linger, the more customers would become apathetic. Thus, they decided to draw a line under it.

Some would argue that this was the only favour they did the banks;

  • A longer deadline- banks wanted a short deadline imposing but from the time the FCA announced the dealing date - 29.08.2019 - it was nearly three years away.
  • Marketing campaign- to accompany the deadline the FCA has insisted on a marketing campaign. Costing £42 million, the big banks are footing the bill.

Making a claim with Payment Protection Scotland

Here at Payment Protection Scotland we have so far helped thousands of people to successfully claim PPI compensation.

With a high rate of success, we have claimed back thousands of pounds in PPI compensation - isn't it your turn?

If you think you have a claim or would like some more information, call us - you are under no obligation to continue with a case so you have nothing to lose…