The FCA’s proposed deadline for PPI during spring 2018 was not met with clapping hands, not unless it’s a financial institution or lender of course. In Petersborough, Ferguson Financial Solicitors of Flag Business Exchange said small firms are under duress with funding due to the deadline.
Maurice Power, managing director of Ferguson Financial Solicitors, said:
“PPI compensation has become a valuable channel to help individuals in financial difficulty.
“If an individual or business is facing financial distress, claiming redress for PPI can help repay creditors.
“Part of our work is to assess insolvent businesses and bankrupt individuals for the possibility of making PPI claims to generate much needed funds for their creditors and we are not yet seeing any slowdown.”
PPI Claims Numbers May Resurface
Meanwhile, TLW Solicitors from the north east said lenders should not anticipate lower numbers of mis-sold PPI as it should be the other way around.
The firm predicts a large number of claims for PPI refunds to swarm bank call centres as the FCA will include a deadline campaign to urge consumers to make their claim within the two-year period before the actual deadline.