25 March 2019
The Financial Conduct Authority (FCA) consulted on the possibility of introducing a blanket PPI deadline that affects all claims. Whilst some people were against it, some people welcomed the idea. And some people think that the date needs to be brought closer.
But is this the absolute date by which a claim must be made? And does it affect you?
There are many people in favour of a PPI deadline, including banks, some MPs, and financial analyst. The saga has been rolling on for some time, so much so that some financial experts believe that the vast sums of PPI compensation are financially undermining the whole of the banking sector.
Some would say the banks only have themselves to blame and that PPI premiums and sales were once bolstering the banking industry, providing in effect, a false platform.
Consumer organisations are mainly not in favour of a PPI deadline but with the attitude of the FCA changing in recent months, they realise that rather than fighting against it, they need to be instrumental in shaping it to the advantage of the consumer.
They say that less than half of consumers entitled to claim PPI compensation have done so. For everyone affected to have a chance to claim their money back, the consumer organisations and banking critics want a comprehensive promotional campaign.
The FCA is working with a creative agency and advertising company to create a campaign that reaches everyone.
There was a surprise from all quarters of the speculative deadline date - June 2019 - that the FCA muted as the possible deadline date. Most people assumed it would be the year before. But the FCA had one more surprise up its sleeve…
Banks want the date to be closer as allowing the process to carry on for another two and a half years is not what they wanted. PPI compensation is costing them billions of pounds, with banks adding millions more to their compensation funds on a regular basis - they want this outpouring from their profits to stop as soon as possible.
It means that if you have yet to make a claim, August 2019 is the deadline by which you must make a PPI compensation claim for a policy you believed was mis-sold to you before summer 2017.
Whilst it is easy to be sceptical about a PPI deadline and who or what is the driving force behind it, the message is clear: THE PPI DEADLINE IS FIRMLY IN PLACE.
Don't let the PPI deadline creep up on you. Don't leave it too late. Contact Scottish PPI Claims today.