The Financial Conduct Authority, the regulator of the banking
and financial industry in the UK, is cutting off compensation
claims for mis-sold PPI.
This means that after August 2019, you will not be able to make
a claim for PPI compensation for a PPI policy sold prior to spring
2017. If you felt you were mis-sold PPI recently, this is not
subject to the deadline.
There have been many changes over the years which now mean that
there are key points you need to bear in mind now that the deadline
for PPI compensation claims has been confirmed:
#1 Just having PPI means it was probably mis-sold
The outcome of the Plevin case - a customer who argued that by
not being told the vast amount of commission her broker was being
paid, meant she was duped into buying an overly expensive policy -
now means that most people were mis-sold PPI.
Staggeringly, 67% of loan PPI was paid in commission and
interest which means that you were paying for others to line their
pockets. And because the bank didn't tell you, the courts have now
ruled that this is another reason why PPI was mis-sold.
This effectively means that billions more is owed to customers
across the UK but with many people still struggling to make a PPI
compensation claim, it seems unlikely that everyone will get all
their money back.
#2 The deadline may seem a long way of but…
… get your complaint made now and beat the queue! The activity
around PPI compensation claims is likely to build as the deadline
approaches.
The FCA has also promised an all-encompassing promotional
campaign to make people aware of the impending PPI deadline and
what they can do to claim their money back.
#3 There are still concerns relating to vulnerable people and
their claims
From people with debt to people with learning difficulties as
well as the elderly, many consumer groups have raised concerns that
the deadline will adversely affect people who may not be able to
make a claim.
The FCA has promised it will look at the process and ensure that
everyone with a claim gets their money back and that it does not
come down to people who 'can' and people who 'cannot'.
#4 Don't assume 'it's not me'
People from all walks of life were mis-sold PPI on loans, credit
cards, catalogues, store cards and more. Sometimes, PPI was added
without your consent or your knowledge.
And when it was knowingly sold to you, there were many things
the bank or lender did not tell you about the policy. Although it
was not the policy at fault, the way in which it was sold and the
extortionate premiums made it a problem.
#5 A typical payout Is around £3,000
What are you waiting for? Start your claim today.