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FCA embarks on final push for PPI claims

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Written by: Emma Lunn
29/07/2019
The regulator is urging consumers to jog their memories about payment protection insurance (PPI) policies mis-sold in the ‘90s and noughties.

With just a month to go until the 29 August 2019 PPI complaints deadline, the Financial Conduct Authority (FCA) is encouraging people to cast their minds back to the era of Britpop and the first mobile phones, when they may have bought financial products and been unknowingly sold PPI at the same time.

The latest ads from the FCA feature eight-time World Memory Champion Dominic O’Brien, as well as ‘Animatronic Arnie’, and ‘90s fitness icon Mr Motivator.

Research by the FCA shows the majority of UK adults (87 per cent) hit a significant milestone during the 1990s and 2000s – when many of the estimated 64 million PPI policies were sold. Almost half (49 per cent) bought a car, more than a third (35 per cent) purchased a house, and more than a quarter (27 per cent) got married.

The FCA found more than four in 10 people recall taking out credit to help fund these big-ticket items, including products that commonly had PPI attached such as loans, mortgages, credit cards or store cards.

The regulator is urging consumers to jog their memories by visiting its website which includes a comprehensive list of providers that have sold PPI. This includes high street stores, catalogue firms, building societies and supermarkets.

It is also extending its PPI contact centre opening hours from 5 August to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers.

Emma Stranack, who heads up the FCA’s PPI Deadline Campaign, said: “The PPI deadline is closing in. With just over four weeks to go until 29 August 2019, we’re asking people to cast their minds back to the nineties and noughties and what might have caused them to take out a loan, credit card or other finance agreement. Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with.

“If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider – you can search FCA’s list at fca.org.uk/ppi. Providers have online tools that make PPI claims simple and will help you through the process. It’s free to do yourself and you don’t need to worry about paperwork. You just need your date of birth and previous home addresses to get started.”

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.

How to claim a PPI refund

Banks and other lenders sold about 45 million PPI policies between 1990 and 2010, typically selling the insurance alongside loans, mortgages and credit cards. So if you took out a mortgage, credit card or loan during that two-decade window, there’s a strong possibility you were mis-sold PPI.

To make a claim, ideally you’d be able to locate the relevant documentation that shows a PPI policy was taken out in your name or that you made payments for it. Then send a letter to the providers stating that you believe you were mis-sold the policy, and the reasons why.

If you think you’ve had a loan or credit product but you can’t find any relevant paperwork or statements, you can call or write to a provider to ask if you had PPI. Some providers also have simple online forms for this.

You’ll need to provide information such as your full name, your address at the time you had the loan or credit product, and details of your loan or credit product, such as the approximate dates you had the product or PPI.

There is no need to use a PPI claims management firm. No professional expertise or specialist help is required to submit a claim – if you use one of these firms it will take a cut of any payout you receive.

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