Mis-sold PPI is the biggest financial scandal by the banking industry for decades costing the latter more than £40bn for all the damages they caused customers. However, the FCA still sides with the banking industry by introducing a PPI claims deadline by 2019, much to the disappointment of consumer groups in the country.
The public’s concern over PPI is most consumers have over £3000 paid to banks for repaying their loans, mortgages and other financing in the standards of ASU (accident, sickness, unemployment). But because most consumers were ineligible for the PPI as they were urged to pay for it to ensure their loan applications, they had no use for it and it was a complete swindle from bank employees and banks.
The UK PPI claims deadline could be effective to alert all tech-savvy and TV-watching consumer in their own homes. Consumer groups are better concerned with the elderly, who may not have any avenue of information about claiming PPI except by having an alert from their bank that they possibly have a PPI mis-sold under their name.
Long lines and time-consuming claims processes also invade the public’s concern over payment protection insurance. By 2019, consumers could be struggling to make their claims successful against a backdrop of 3,000 complaints a week from the Financial Ombudsman and bank claims systems clogging with numerous mis-sold PPI claims evaluations.