PPI Deadline Finally Confirmed By City Watchdog

March 2, 2017
by admin in PPI News

On March 2, 2017 the City watchdog confirmed that mis-sold PPI claims would be final by August 29, 2019. The FCA confirmed that it would have M&C Saatchi and Gottlieb-Manning OMD to oversee a public service “consumer communications campaign” that would begin in August 2017. The advertisement would provide instructions on claiming PPI against one’s bank.

According to FCA Chief Andrew Bailey, the deadline would help mis-sold PPI victims to “take action” rather than delay their processing of complaints. He said that the FCA has considered all feedback from their public consultation and it believes that a PPI claims deadline would “greatly benefit consumers.”

Consumer groups including Which? are opposed to the deadline stating that the UK banking industry has yet to streamline its PPI claims process. According to Which? Campaigns Director Vickie Sheriff, the banks should be “working much harder” in proactively resolving consumers complaints — a task they had failed and left to claims management companies.

MoneySavingExpert founder Martin Lewis said the deadline is “flabbergasting.” He said that still a 50% uphold rate for consumers exist in the Financial Ombudsman for most banks. Lewis added that consumers could not give banks the trust to “deal with complaints fairly” because most of their rejected complaints are wrongly-judged.”