FCA to set deadline for PPI claims!

Do you think you may have been mis-sold PPI? If so then now is definitely the time to act as the FCA is considering putting a deadline in place for you to claim.

Since 2011, banks have paid out over £20 billion in compensation to customers. The City watchdog has now said that a deadline could soon be imposed. It comes despite criticism of banks delaying tactics and failure to find those affected by the scandal.

Around 45 million PPI policies were sold between 1990 and 2010, worth £44billion in premiums. 

This is Money editor Simon Lambert said: ‘It is easy to understand the banks’ desire to call time on the continuing flood of PPI complaints and the hefty costs incurred in fielding them and repaying premiums with interest. However, banks only have themselves to blame, as they continued to push useless PPI onto customers for many years after the financial media sounded the alarm. There were plenty of high-profile warnings such as our Stop the Protection racket campaign.’

Around 45 million PPI policies were sold between 1990 and 2010, worth £44billion in premiums. Even if you think you refused the payment protection insurance, banks could still of sneakily added it on without you realising so It’s still worth double checking!

A common misconception of PPI reclaims is that it’s a long and complicated process but I spoke to Diane Croxall who has recently received her reclaim and she said: ‘I found the whole process extremely easy and straightforward, totally worthwhile. I was kept well informed throughout every stage of my claim and would definitely recommend anybody else take the opportunity while they can!’

If you think you may have been unfairly sold PPI then you should complain to the firm that sold you it and then to the Financial Ombudsman Service if you are not satisfied with the response.

ClICK HERE to use our PPI price comparison calculator. 

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