You are here: Home - Insurance - News -

FCA imposes final deadline on all PPI complaints

0
Written by: Adam Lewis
02/03/2017
Those wanting to make a complaint for mis-sold payment protection insurance (PPI) have until 29 August 2019, after the Financial Conduct Authority (FCA) today enforced a final deadline.

To encourage consumers to decide whether or not to act about PPI before the deadline, the city regulator will run a two-year consumer campaign launching in August this year.

Andrew Bailey, the chief executive of the FCA, said putting a deadline in place and running a campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than putting it off to another day

“We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint,” Bailey said.

“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”

Responding to the imposition of a deadline, Vickie Sheriff, director of campaigns and communications at Which? said: “It’s been clear for years that the banks should be working much harder to resolve PPI claims fairly. The current process has been wholly inadequate and driven too many consumers to use claims management companies.

“Now the regulator has confirmed a deadline for the victims of this mis-selling scandal to make a claim, it must ensure that banks are doing much more to help customers get back the money they are owed.”

While consumes have until 29 August 2019 at the latest to make their complaint, the FCA said some, including those who have previously been told by their firm that they may have been mis-sold, may run out of time sooner.

Meanwhile complaints regarding PPI policies sold after 29 August 2017 will not subject to the new deadline.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

After an award-winning health insurance provider?

Winner of best online health care provider in the YourMoney.com Awards 2015

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
engagementring
Is your contents insurance up-to-date? Many underestimating the value of home items

Homeowners and renters in the UK could be undervaluing the contents of their home by nearly £100bn according to new...

Close