Huge PPI News – The deadline is upon us

PPI: Many People Still to claim
February 23, 2017
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It has been announced. The long awaited, expected, PPI deadline has been announced today by the Financial Conduct Authority (FCA). The claim deadline is 29th August 2019. This means that any claims for PPI need to be registered with your lender by this date or they will not have to consider your complaint.

The banks have already set aside £40 billion to cover potential pay-outs to customers but the deadline means that customers could lose up to as much as £23 billion if they do not make their claims in time. Now that the deadline has been announced the banks and the Financial Ombudsman Service will start to receive increased numbers of complaints and this could affect the processing times for your complaint to be handled.

The guidance for Plevin has also been announced. This is in relation as to whether or not the commission the banks collected from the sale of your PPI policy was fair or unfair. So if your PPI policy was not mis sold then you could still be entitled to a refund under this new guidance. The rules for how this will affect your claim do not come into force until August of this year but it does mean that if your claim for mis sold PPI was previously rejected you may be entitled to a refund under these new rules.

The Financial Conduct Authority has said it hopes that imposing a deadline will mean that people who have not made a PPI claim will now think about claiming and hopefully not miss out on their potential refund. So if you have put off claiming because you think you didn’t have PPI or if you haven’t claimed because you don’t have the time to, then let us help you.

We can take care of the hassle of the claims process; liaise with your bank, you and the Financial Ombudsman Service if needed. We will bring our expertise and experience in the PPI claims industry, offering you a professional and competent service to help you claim before the deadline so that you won’t miss out on your chance to claim.

What all of this means:

– Deadline for PPI complaints
– Complaints departments likely to take longer to resolve your PPI complaint
– Lots more people complaining to the Financial Ombudsman, making them take longer in resolving your complaint
– New rules about unfair commission means you could still be entitled to a refund even if you have previously been rejected