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Archive for tag: The End of PPI

How Close are we to a PPI Deadline Being Announced?

October 2015 and all press and media outlets carried a story that many thought we would never see - the financial industry regulator, the Financial Conduct Authority announced they were considering a deadline for compensation claims relating to mis-sold payment protection insurance (PPI).

Six months on and we are still waiting for an announcement. With many suggesting that late summer 2018 will be the deadline for PPI compensation claims, why are we still waiting for an announcement.

What the Financial Conduct Authority has the consider

The Financial Conduct Authority (FCA) has many people and agencies that it needs to consider if and when it introduces a PPI 2018 deadline.

It is important to note that at the time of publishing, there has been no announcement and that the PPI 2018 deadline is pure speculation - the FCA could decide on a different date.

The customer

At the heart of the PPI debate and controversy, is the customer. And it is not an insubstantial controversy.

The PPI mis-selling deadline affected thousands of people, resulting in billions of pounds being returned to customers in the form of compensation. Taking into accounts payments already made, and the money banks and lenders have set aside in their compensation funds, the final PPI compensation bill could stand at £26 billion.

However, the FCA have strongly hinted that the announcement of any campaign would be matched with a concerted promotional campaign so that anyone yet to make a PPI compensation claim will be encouraged to do so.

The consumer organisation

Some consumer organisations are not wholly in favour of the PPI deadline believing that the consumer should have a far bigger say if and when a deadline would be imposed.

They will be unable to stop a deadline being imposed but will ensure that the deadline is carried out in such a way that is fair and in favour of the consumer. They are likely to support the awareness-raising and promotional campaign.

They would like as much time as possible when it comes to imposing a final date by which time PPI complaints can be lodged.

The banks and lenders

It will come as no surprise that banks and lenders are in favour of a PPI compensation deadline and neither will it surprise people that they want a shorter timeframe between the announcement and the deadline itself.

They have asked previously for a deadline to be considered but were met with a stony silence. Various authorities along with Government are now looking to draw a line under the PPI mis-selling saga but not at the expense of the consumer.