2019 PPI Deadline Proposed
The Financial Conduct Authority (FCA) have today suggested a 2019 PPI deadline following a review of opinion and guidance gathered during a consultation which closed in February of this year.
With a 2018 deadline widely expected previously it is our belief that the unpredictable economy may have played a part in this extension.
Expected rush of claims
In proposing this deadline to the FCA the British Bankers Association (BBA) have had to agree to fund a media campaign to encourage those who haven’t yet claimed to do so.
A media campaign would inevitably lead to a rush of claims and compensation payments which would clearly hurt the vulnerable banking sector further.
Possible legal challenge
Whilst we don’t necessarily believe a deadline is a bad idea, we do disagree with the timing schedule as it is a flagrant breach of FCA and Financial Ombudsman Service (FOS) rules.
FCA and FOS rules clearly state that a complaint must be brought within one of the following time-frames…
- Within six years from the date of the sale of the PPI policy, or….
- Within three years from the date you became aware you had reason to complain
Our focus is on the latter of the two rules in this instance.
Most people who are aware they were sold PPI have generally made their claims, with the majority receiving compensation.
However, we estimated that a potential 7 million people had yet to claim for the simple reason they are unaware banking staff put PPI on their credit agreements.
With the media campaign expected to begin in June 2017 and a deadline of June 2019, this only allows the customer two years to bring a complaint.
Have you had PPI?
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold PPI?
Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Our average successful customer award is £3,332**!
Want to know how much you may be owed? Why not try our PPI calculator.
Making a PPI Claim
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.