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Deadline looms to claim PPI compensation

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
17/06/2019

The Financial Conduct Authority has urged consumers to act now as the deadline to reclaim mis-sold payment protection insurance (PPI) fast approaches.

People who think they were mis-sold the insurance have until 29 August 2019 to make a complaint to the relevant firm, and the regulator has launched new adverts to galvanise consumer action.

The ads feature the animatronic head of Arnold Schwarzenegger in a hydraulic press, urging people to take action on PPI before it’s too late. As the deadline approaches, the series of adverts will gradually reveal Arnie’s fate.

As part of this final leg of the campaign, the FCA has also recruited its own ‘Pressure’s on Panel’ of ambassadors including 90s icon Mr Motivator, personal finance expert Sarah Pennells, and blogger Skint Dad.

The campaign comes as FCA figures show the regulator has had more than 3.9 million users access its PPI website and more than 44,000 calls to its dedicated contact centre.

In April 2019 alone, a total of £334.3m was paid to customers who complained about the way they were sold PPI. This takes the amount paid since January 2011 to £35.3bn.

Emma Stranack, PPI deadline campaign lead at the FCA, said: “With just over 10 weeks to go, time is running out to claim back money for PPI. Simply put, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible. Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses. Search FCA PPI or call 0800 101 88 00 to find out how.”

Sarah Pennells, personal finance expert and consumer champion, said: “The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible. You can complain to them directly for free and you can use the FCA’s website for more information.  You don’t have to use a claims management company as providers are supposed to make sure that complaining about PPI is straightforward.”

Consumers who haven’t complained to their provider by 29 August 2019 won’t be able to claim money back for PPI. FCA support is available online at fca.org.uk/ppi or by calling the FCA helpline on 0800 101 8800.