The Financial Conduct Authority’s PPI claims deadline would give banks the investor confidence it would need in the next few years by taking off the negativity associated with mis-sold PPI and providing “certainty” regarding the fiasco’s situation. The most expensive mis-selling scandal in the country, the UK mis-sold PPI scandal has the entire industry earmark and pay for half of £40 billion for consumers.
The Financial Conduct Authority is, by constitution, to come at the aid of consumers. The probability its deadline is to avoid unnecessary media attention for bank industry confidence to return is likely high. The FCA, along with the Financial Ombudsman, must mediate issues between consumers and banks effectively.
Given this theorem, the FCA and FOS would continue to vouch for consumers mis-sold PPI to make a claim and use all available bank resources to receive their refunds.
The only issues would be banks that would prove abusive and delaying in resolving customer issues. If banks continue to “drag their feet,” as per former FOS Chief Natalie Ceeney, the issue could once again return to the limelight.
The FCA’s move to introduce a PPI claim deadline is to ensure that banks resolve many of their ill-service by urging consumers to make a claim immediately as possible. While it might force many to make their claim, it does not mean the deadline is the end for claiming and complaining about payment protection insurance policies.