Recently, Susan Plevin was awarded her PPI refund because her financial adviser had not disclosed the commissions involved when the insurance product was sold to her. The Supreme Court viewed this as a violation of the UK’s Consumer Act. Many analysts believed it would have serious repercussions as the FCA reviews its rules and regulations for payment protection insurance claims.
However, the FCA is conducting a survey to help establish a solid PPI claims deadline. Customers, claims management company representatives and financial institutions involved in the mis-selling of insurance policies the FCA expect to provide a prompt response.
On a paper it released by the end of November, the FCA said it would establish a deadline for payment protection insurance. Consumers will have to claim immediately within the two years the FCA intends to launch a massive advertisement campaign to inform consumers of payment protection insurance.
According to Lexology, the FCA had asked for views on the following
- The PPI Deadline
- The FCA-led communications/advertising campaign,
- New Fee rules to fund the communication campaign
- The Plevin v Paragon Personal Finance Ltd guidance
- The proposed deadline also to apply for PPI complaints falling within the scope of the proposed rules and guidance on Plevin.