The deadline is set to fall before the end of June 2019
The Financial Conduct Authority (FCA) last year proposed a deadline of spring 2018, however today the watchdog said a deadline would fall before the end of June 2019.
Regulator Has Begun To Draw Up Guidelines
The regulator said the rule setting the PPI complaints deadline will come into force around six months after it’s made, by the end of June 2017. That six month period is to allow the FCA to prepare materials for a consumer communications campaign, aimed at raising awareness of PPI and the new deadline for claims.
While at the time of the statement there was a little media coverage regarding the claim being enforced as this wasn’t set in stone the however the regulator has recently clarified it’s stance. The regulator has now set the PPI complaints deadline as the 29th of August 2019. This means all claims need to have been submitted by this date in order to be processed.
According to the regulator this gives all claimants an adequate amount of time to submit their claims, for them to be processed and to bring the process to a conclusion. Naturally the banks had tried to make this much sooner but the regulator set the time frame to ensure a fair conclusion to PPI repayments claims.
“Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity,” said FCA chief executive Andrew Bailey.
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“We have listened to all the feedback we have received and believe that the steps we are taking are the right ones. We will ensure that our communications campaign will engage with all those who could be affected, particularly vulnerable consumers.”
The PPI mis-selling scandal, which involved millions of people claiming compensation for PPI policies they were sold alongside mortgages, loads and credit cards, has cost banks almost £30bn in recent years and PPI is still the most complained about financial product, according to recent data from the Financial Ombudsman Service.
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