Mis-sold PPI is refundable still after the PPI claims deadline — but the banks and authorities will not recognise the support of claims management companies. CMCs — which have business relationships with banks to ease the management of mis-sold payment protection insurance policies — will find themselves out of business after the deadline. But for consumers, three ways to claim refunds still exist.
The Financial Ombudsman Service is dedicated to resolving all types of issues consumers might have with their bank. The PPI claims deadline can pass but the FOS is still required to defend consumers and align product parameters to consumer protection laws — which means the FOS would still decide on any payment protection insurance claim.
The Financial Conduct Authority made clear the PPI claims deadline only pertains to banks and not insurance companies themselves. Most banks work with third party insurers — which would honour PPI inquiries from a consumer’s legal representative. If the product is truly mis-sold, the insurance company is required to refund it by law.
By law, consumers are and will still be on the right side of protective law. To go beyond it would mean the law is bent or even broken deliberately. A bank complaint left unresolved by the bank could mean a grievance, which would mean the legal courts proceeding with the consumer’s action.