According to Moneysavingexpert.com, despite the FCA not giving a final word about imposing a PPI deadline, individuals who are owed PPI refunds should file their claims today. This is upon speculation that the Financial Conduct Authority may decide on the inevitable.
With over £27 billion paid for by banks and financial institutions for mis selling payment protection insurance, the BBA is applying pressure on the city watchdog to consider imposing a payment protection insurance claim deadline.
It was in 2011 where the FCA’s predecessor — the Financial Services Authority — had imposed legal regulations against banks to allow consumer to successfully claim mis sold PPI. The banks have followed these regulations after losing to the Supreme Court’s decision. It has become since then the biggest mis selling scandal with the most expensive consequences of all time.
Lloyds had owed the biggest half of PPI refunds, setting aside more than £14 billion in compensation as the claims kept coming in. Claims management companies, according to banks, are to blame for the increased amounts of insurance repayments.
According to Martin Lewis, founder of MoneySavingExpert.com, the PPI claims may finally end in the next few years.