THE PPI DEADLINE
The Financial Conduct Authority (FCA) has imposed a deadline for claiming back mis-sold PPI as the 29th August 2019. The FCA action is to draw a line under the “biggest mis-selling scandal in UK banking history” which is estimated to end up costing the banks over £44bn. Millions of customers have already come forward and reclaimed mis-sold PPI, Many millions more still left to make a PPI claim. The FCA is also running a two-year public awareness campaign, which started in August 2017, in an attempt to flush out the remaining complainants.
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Time is Running out
When was the PPI deadline set?
The decision to impose a deadline for reclaiming mis-sold PPI was announced by the FCA on 2 March 2017. They also announced that they would be launching a two-year consumer communications campaign, which began in August 2017, to help remind consumers about checking and making a complaint before the deadline.
Why is there a deadline?
Andrew Bailey, Chief Executive of the FCA said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.
“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”
The Financial Conduct Authority (FCA) has announced that the deadline for reclaiming mis-sold PPI is 29 August 2019. If you believe that you have been mis-sold PPI your complaint must be submitted to the relevant bank or lender by this date.
I want to make a PPI claim – what should I do next?
The FCA recommends that “consumers who intend to complain about PPI should do so as soon as possible”.
We offer a Free* PPI Check to start your PPI process to find out what PPI you could reclaim from banks or other finance providers.