The City Watchdog’s Official Statement Regarding The PPI Direct Redress Deadline
It was what consumer champions feared; that the city watchdog give up and side with investors and state economic reasons instead of consumer sentiments to bring about the end of PPI direct redress. But the Financial Conduct Authority has yet to have their final say regarding a deadline. However, analysts expect them to talk about the deadline by the end of the year.
By spring 2018, we’re probably facing the end of submitting our PPI claim form, leaving behind those who couldn’t make a claim.
Consumer Communications Campaign
The FCA announced it would impose a deadline because consumers have become “quite lazy” in making their claims. The fluctuating numbers of PPI prove such.
Another reason is that rogue claims management companies pelt consumers with horrendous numbers of cold calls and text messages. We at HaveIGotPPI.org.uk condemn such practices.
According to FCA survey, about 74 per cent of their respondents have heard of PPI and they know about the problems surrounding it. Their official statement says a deadline and communications campaign will:
Prompt many consumers who want to complain, but have not yet done so, into action, resulting in them potentially getting redress sooner, and giving some of them the opportunity to pay off costly debt; and
Bring the PPI issue to an orderly conclusion, reducing uncertainty for firms about long-term PPI liabilities and helping rebuild public trust in the retail financial sector.
The Plevin Case
Analysts expect the Plevin v. Paragon Personal Finance case to spawn new PPI claims guidelines for brokers who mis-sold PPI. The FCA said it is consulting about the handling of cases similar to Susan Plevin’s case.
Meanwhile, the deadline also applies for similar cases.