After many months of consultation, the Financial Conduct Authority (FCA) has finally imposed a deadline for claiming back mis-sold PPI as the 29th August 2019. The FCA action is to draw a line under what is known as the “biggest mis-selling scandal in UK banking history” which is estimated to end up costing the banks over £44bn as millions of customers have already come forward and claimed mis-sold PPI, with many millions more still left to make a PPI claim. The FCA also announced that it would run a two-year public awareness campaign, starting in August 2017, in an attempt to flush out the remaining complainants.
Time Remaining to Make your Claim!
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.
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 consumers decide whether they should make 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.”
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 your lenders.
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