27 September 2016
With the announcement of a proposed June 2019 PPI deadline, many people believe that the Financial Conduct Authority (FCA) is caving in to pressure from banks to end the debacle - and that the customer will miss out.
This isn't the first time that the idea of a PPI deadline has been muted. However, in the past, the idea has come from the banks who clearly want to end to paying out billions of pounds in compensation. But, the idea has always been firmly rejected by the FCA.
A new attitude is prevailing within the FCA, which many people think has come about since Martin Wheatley departed over a year ago. He was known as a straight-talking head of the regulator, taking issue with the banks and lenders attempting to call the shots on the mess they created.
Whilst this attitude worked for some, it was unpopular with others. With his ousting came a new head and a more conciliatory tone.
The FCA are adamant that the discussion relating to the deadline, and the possibility of the axe falling on PPI claims in June 2019, is favourable to the customer.
Although the FCA say they want to bring an orderly conclusion to the PPI mis-selling crisis, some consumer groups think this is more for the banks than the customer.
However, the FCA say that the customer is now apathetic about PPI claims and by allowing it to rumble on, less and less people will make a claim. By imposing a deadline and having a robust marketing campaign, the FCA say that those people with a claim will be able to do so.
With the current collective compensation total across banks in the UK standing at just over £24 billion, you can be forgiven for thinking that everyone who has a PPI claim will have made it.
Plus, the fact the compensation process has been rolling on for some eight years or more. But, some experts suggest that just less than half of the people entitled to make a claim have done so. That means, nearly 60% of claims are yet to be made thus, the compensation bill, already eye-wateringly high, could climb even higher by the time the PPI deadline June 2019 rolls around.
Just because the possibility of a deadline is looming shouldn't mean that you leave making a claim for PPI compensation to the last minute. Find out how to get the ball rolling today by calling Scottish PPI Claims.