Financial experts have recently speculated that mis-selling of payment protection insurance by the UK banks between 1990 and 2011 may increase to £100 in ppi claims compensation to consumers who were fraudulently mis-sold this financial product.
It is speculated that with the impending 2019 ppi claims deadline set to be announced by the Financial Conduct Authority, another nine million UK citizen may still be eligible to make a PPI claim, which when added onto the already £30 billion that has been paid out by banks for the mis-selling could see the final total for mis-sold ppi reach £100 billion.
Experts believe that because PPI was sold on a near industrial scale and the majority of those people who were sold PPI, were ineligible or did not want or need it, the possible number of ppi claims, which could be made in the future, cannot be estimated accurately.
A recent BBC article carried quotes from the FCA, about the complexity of PPI claims and the nature of it’s claims process.
From the bbc.co.uk
The reason is clear from consultation into a proposed deadline for PPI compensation claims.
“We remain of the view that not all PPI was mis-sold and that, properly sold, PPI could meet some consumers’ genuine credit protection needs,” the FCA says during the consultation.
So, the FCA says that, in effect, every case must be taken on its merits, and that requires people to make a complaint, despite consumer groups claiming that a huge number of mis-selling victims are missing out.
“We do not consider that there are strong grounds to significantly depart from this complaints-led approach now,” the FCA adds.