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IS TIME RUNNING OUT TO CLAIM YOUR PPI?

The Financial Conduct Authority (FCA) is considering implementing a deadline for claims over mis-sold Payment Protection Insurance (PPI). It’s widely believed that the regulator will now launch a consultation on whether there should be a deadline for compensation claims.

To date, it’s been estimated that more than £20bn has been paid out for PPI mis-selling to more than 10m consumers nationwide.

PPI policies were sold between 1990 and 2010 to millions of customers who took out loans or credit cards. These policies were intended to act as a safety net for those customers who may struggle or who may later find themselves unable repay their loan, or credit card.

Nevertheless, millions of policies were mis-sold.  In some cases PPI was sold with loans without the customer even being made aware.

To date, it’s been estimated that more than £20bn has been paid out for PPI mis-selling to more than 10m consumers nationwide.

Complaints about PPI are decreasing, but the issue still remains as hundreds of thousands of complaints continue to be received every month. In the first half of 2015, close to 900,000 customers complained about mis-selling – a massive decrease from the same period in 2014.

The FCA decided that a window of at least two years should be made available after the deadline was set and consumers now have from spring 2016 until spring 2018 to make their long awaited claim.

Britain’s biggest banks are appreciative of the decision taken by the Financial Conduct Authority to consult on a final deadline for Payment Protection Insurance claims.

The decision is all about the normalisation of the relation between regulators and the City.

Consumers who wish to complain should do so as soon as possible in the hope that this will bring an orderly conclusion to one of the most complained about financial products ever introduced.

IS TIME RUNNING OUT TO CLAIM YOUR PPI? was last modified: February 2nd, 2016 by Phill Slater

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