13 November 2017
PPI complaints have remained at a steady pace after the initial surge when the compensation process started. But the effect of the advertising campaign recently started by the Financial Conduct Authority has yet to be realised but before the campaign started, case numbers were starting to increase.
According to figures released by the FCA in late October 2017, just over 1.11 million people complained about payment protection Insurance (PPI), in the first half of the year, compared to 899,000 in the second half of 2016.
But what caused this upswing in cases? With the advertisements only just starting to be shown on TV and the poster campaign starting to filter through, the FCA believes that the discussion and debate of the upcoming 2019 PPI deadline is the catalyst.
The FCA announced back at the start of March that the deadline would be set for 11.59pm on Thursday 29th August 2019, a full two years away. But it, and other organisations and agencies are urging customers not to wait to make a claim for PPI compensation, but to do so now.
In terms of complaints, PPI is still the most complained about financial product of all time and unless we have another similar mis-selling situation in the future, it is hard to imagine another product trumping it to the title.
Of the 3.32 million complaints recorded against financial firms and banks at the start of 2017, a third were about PPI. And 80% of the compensation paid in the first half of 2017 - £1.63 billion - was PPI compensation.
The FCA, however, tempered the news that these statistics could be affected in a small part in the way that data is being collected. The 8% rise in the number of PPI complaints recorded by firms from the second half of 2016 onwards are now collected in a different way, meaning more cases are included that previously.
If you want to claim for money back after being mis-sold PPI, you don't need to wait to make a claim. You can start your claim anytime between now and 29th August 2019.
Even though it seems a long way off, there are genuine concerns at the volume of complaints that could swamp many of the banks and lenders. In effect, you need to be sure that your lender or bank has received your complaint before the cut off time and date.
But why wait? For more information on how we can help and our no win, no fee service, call our expert team today!