Make Your Claim With A PPI Claim Company Before The 2016 Deadline!
The city watchdog may impose a PPI claims deadline by the spring of 2016, leaving customers mis-sold PPI to file a complaint until 2018.
The city watchdog justifies that customers are taking “too long” to make their PPI claims. The FCA said the deadline would end the PPI issue in an orderly fashion for good. It would also aid the financial industry in rebuilding public trust and reducing uncertainty for firms with legacy troubles regarding PPI in the next few years.
Two Years After Set Deadline
Should the FCA decide to impose the deadline by the spring of 2016, consumers can reclaim PPI refunds before the spring of 2018 as a window before the deadline is set
The UK banking and financial sectors can finally let out a sigh of relief. The Big Four, especially Lloyds, the bank with the biggest numbers of mis-sold PPI, said the FCA’s decision is justifiable considering many rogue firms and groups have tried to take advantage of the situation and had profited billions from the industry.
People Are Taking Too Long With Direct Redress
About 883,000 consumers in the first six months of 2015, a significant 16.6 per cent reduction from the same timeframe snapshot in 2014, have made a complaint on mis-sold PPI. Despite the fall, PPI still runs about hundreds of thousands per month.
The FCA said many people took too long to bring forward their payment protection insurance complaints. Along with the deadline, the FCA will allow an advertising campaign to encourage consumers to make a claim before the deadline.
However, consumer champion Which? said the FCA’s orders to write about mis-sold PPI to 12 million customers three years ago gives customers who received the letter today zero chance of reclaiming their PPI refunds. The receipt of the letter automatically indicates a three-year deadline to submit complaints.