The Financial Conduct Authority has sent a clear message to the consuming public — the UK PPI claims is to end by June 2019 — and the advertising campaign would reinforce this message continuously until after two years. Consumers mis-sold PPI could receive more than £3000 on average for their banks’ misdeeds. However, not everyone is prioritizing payment protection insurance when they should be because:
This is Your Money
Banks — including high street banks — are involved in the biggest financial scandal of the United Kingdom. In fact, UK taxpayer-backed and biggest PPI mis-seller Lloyds is still committing errors in providing proper recompense for banks, along with almost every bank in the country. if they make an error on any consumer’s banking detail, that consumer will need to try once again — waiting another quarter for results.
The Longer Lines
The closer the deadline gets, the advertisement urges more people to make their PPI claim. It is true that after the PPI deadline, the FCA would not honour requests to re-assess certain insurance troubles. However, the public legal backing for PPI will not be honoured, making finding legal aid for the case once again difficult and expensive.
As banks are likely to “harden up” after the PPI claims deadline, they may also use unscrupulous methods to strip once again off a few amounts from your recompense. They can do this easier without legal probes from the Financial Conduct Authority and the Financial Ombudsman trailing their every move.