The PPI saga has been ongoing for some time. Just when you think
the flames of the situation have dulled to glowing embers,
something comes along and re-ignites the PPI fire.
This leaves many burning questions. Do you know the answers?
The latest issue to have hit the PPI compensation saga is the
introduction of a deadline. Set for June 2019, many people,
customers and PPI critics alike, have been left wondering why the
Financial Conduct Authority (FCA) always so set against a PPI
deadline has changed its mind. Have the banks and lenders finally
got their own way? Why the change in the FCA stance?
These are good questions and ones that need to be answered.
Critics of the deadline point out that as yet, there are 60% of PPI
compensation claims yet to be made which suggests that either
people don't know they have PPI or they don't know how to
claim.
Changes at the top
The FCA came into being after it became apparent that its
predecessor, the Financial Services Authority (FSA) was not
powerful enough to control the banks. The FSA could only suggest or
recommend changes; it had no enforcing powers.
When the FCA came into being a few years ago, its then head was
a staunch critic of the banks and their power, as well as their
attitude that they can and could do anything they wanted.
Martin Wheatley has a combative approach to the banks and
lenders, and was quite clear in what needed to happen.
But, as the PPI compensation saga ran on and on, with the rate
of PPI claims being submitted showing no signs of slowing, people
started to question when it was going to end.
Martin Wheatley was replaced as the head of the FCA and the mood
has been different. Although the FCA say that as a body, they are
not bowing to pressure from the banks and lenders, they recognise
that the PPI compensation saga is undermining the British banking
industry.
But, say critics, this situation was brought on by the banks
themselves and not the customer.
What it means for customers
For customers who have yet to make a claim for PPI compensation,
the PPI deadline signalled for June 2019 is a clear red flag: make
your claim by this time, or miss out on claiming your money
back.
The FCA has promised that they will mount a robust consumer
campaign so that customers are aware of the deadline, how to claim,
what to look for and so on.
There has been a report published recently that suggests
although people do know about PPI, they don't think they are
entitled to claim - and it is this group of people who need to be
reached with the campaign!
Do you have a claim for PPI compensation? Call Payment
Protection Scotland today for a no obligation chat.