With the Financial Conduct Authority all set to begin from August of this year (August 2017) a nationwide advertising campaign, which will highlight a deadline for PPI claims to be made by August 2019, it is important that people fully understand what this deadline means and what they must do.
The August 2019 deadline means that people have until that date to make a PPI claim. If they fail to do so and make a claim after that date, then their claim will be invalid and they will not be liable to receive any compensation whatsoever.
This means that people who wish to make a claim need to do so as quickly as possible.
Andrew Bailey, chief executive of the FCA, said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.
“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”
According to the FCA’s figures, a total of £26.2 billion has already been paid out since January 2011 as a result of the PPI scandal.
PPI was often tacked onto other financial agreements, such as store cards, without consumers wanting or needing it.
Consumer group Which? said the major banks alone have set aside more than £35 billion to pay PPI compensation.