16 November 2015
The payment protection insurance (PPI) scandal burst onto the scene in 2007, with customers seeking compensation for being mis-sold the policies, some dating back to the mid-1990s.
Up until the last quarter of 2015, the Financial Conduct Authority (FCA) has also been reluctant to impose any kind of deadline but it seems that the time may now be right.
Eight years on from some of the first claims, 2012 was the year that had the largest number of PPI compensation claims made, but there are still fresh cases being submitted to banks and lenders every day.
But according to the FCA, we could be now facing customer apathy when it comes to PPI. In other words, the whole PPI mis-selling saga has now been around for so long that people are no longer enthused or excited by it.
Many people assume that these amazing stories of success - "I claimed £84,000 in PPI compensation!" - refer to other people.
Many of us will also have received the nonsensical texts from anonymous companies that tell us they know, for certain, that we are entitled to "£3.646.87p in PPI compensation". The vast majority of people realise that this is a text fishing for business.
But, it all adds to the sense that the PPI scandal is so big that it somehow passes us by. There is also perhaps a sense of people being rather bored of being told with every email or every text that they are entitled to claim and are effectively had enough of the whole thing. The deadline could change that.
The FCA has made it clear that the imposing of a deadline will be done with the consumer and their rights at the fore front of any decision they make.
They want people to claim the money back that they are entitled to but also realise that the continuing status quo cannot go on, either. It is now undermining the British banking system, a situation that the banks brought about and not the consumer.
Nobody knows as yet. The deadline has not been decided and is still being debated and discussed within the consumer organisations, FCA and the Financial Ombudsman Service.
The PPI saga has had so many twists and turns that it is sometimes difficult to know what will happen next. If the deadline is set, it may be around spring 2018. Up until this time, anyone who thinks they have a claim for compensation should make one. Have you?
Contact Scottish PPI Claims to make your claim today.